Research Nester recently published a report titled “Global Appliances Rental Market: Outlook, Industry Analysis & Opportunity Evaluation – 2018-2025” that delivers detailed overview of the global appliances rental market in terms of market segmentation by appliances types, distribution channel, and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The appliances rental market serves consumers who rent or lease various items, including dishwashers, fridge freezers, cookers, automatic washing machine, built-in hobs & cooker hoods etc. Changing consumer behavior towards rental industry which includes getting good quality products at an economical price which gives good consumer experience along with the willingness to save is contributing to the market growth in forthcoming years. Also, the increasing adoption of alternative platforms such as mobile applications and websites is expected to positively drive the market as it allows the consumer to choose the product
Emerging economies such as India and China are presently experiencing extremely high demand for rental appliances especially fridge freezers, washing machines, air conditioners and air coolers, water heaters, etc. among other appliances. As these products are not limited by hygiene constraints, they face a relatively higher demand in comparison to other appliances such as ovens and cookers in the rental market. Also in developed countries such as U.S., U.K. and Germany, there has been a steady demand for rental appliances in the past and this is expected to continue at a constant pace in the future.
On account of easier availability of technologically advanced appliances in the product rentals has resulted in a rising demand for these products from people who are mostly in a state of transitional living and therefore, do have a necessity to make an investment on appliances to purchase. Also, renting appliances encourages the eco-friendly practice of ‘Reuse-Reduce-Recycle’ by limiting electronic waste from dumping grounds. The increasing adoption of online product distribution channels through websites and mobile applications has resulted in changing consumer behavior from conventional rental appliance stores towards these channels. This allows the user to browse through the product line and order them to their doorstep at their own convenience. This is also a beneficial platform for suppliers as it eliminates the practice of bargaining on the rental price.
In Europe region, the demand for rental appliances across Germany has been exponentially increasing on the back of rising number of working expatriates arriving in the region for assignments that last from a few months to a few years. The success of limited number of appliance rental businesses around the country has gained popularity with the consumers which is estimated to lead in major change in the offerings of the market. The idea of convenience by avoiding the expenses and hassles of moving a complete household is projected to aid the appliance rental market subsequently over the forecast period Regionally, the market in Europe is predicted to witness steady market growth and to reach USD 2,309.5 Million in terms of revenue by the end of 2025, while growing at a CAGR of 9.95% over the forecast period. However, the options of renting and buying being balanced in U.K, the appliance rental market across the region is estimated to display a steady growth rate during the forthcoming years. With increasing house rent prices showcasing no abating, the furniture and appliance rental market is anticipated to expand on account of high number of unfurnished rental properties being disposed to renters.
However, the growth of Appliances Rental market despite having exceptional qualities of providing competent and cost effective services is likely to suffer from some disadvantages. Rented appliances usually have inconsistent quality as compared to the first hand appliances. There are certain internal technical faults and external damages that may be present in the rented appliances causing inconveniences to the customers. The quality constraints associated with rented appliances is one of the factor which is anticipated to restrain the growth of the global appliances rental market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Appliances Rental market which includes company profiling of Rent-A-Center Inc., Aaron’s Inc., Sears Holdings Corporation, T and T Appliances, CORT (a Berkshire Hathway Company). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Appliances Rental market that will help industry consultants, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.