Research Nester recently published a report titled “Global Commercial & Residential Furniture Rental Market: Outlook, Industry Analysis & Opportunity Evaluation – 2018-2025” that delivers detailed overview of the global commercial & residential furniture rental market in terms of market segmentation by product, 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 commercial & residential furniture rental market serves consumers who rent or lease various items, including sofas, chair, study table, utility table and desks etc. The demand for desks and chairs encourage a correct sitting posture of employees to avoid muscle pain, back pain, and other health issues is forecasted to bode well for the global commercial and residential furniture market. Changing consumer behavior towards rental industry which includes getting good quality products at an economical price gives good consumer experience along with the willingness to save is contributing to the market growth in forthcoming years.
Construction activities across the commercial space is growing at an amplifying pace in the countries such as India, China Saudi Arabia. Increasing government efforts to fuel a rise in the foreign direct investments has been paving the way for a large number of multinational corporations to establish offices in these countries. For instance, commercial construction in India grew from USD 140 billion in 2016 to USD 146.2 Billion in 2018. Further, this is expected to drive a subsequent increase in the demand for office furniture in the upcoming years. Moreover, rising number of online furniture rental stores as to reduce the need of rental space and inventory is estimated to propel the online furniture rental market consequently. 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.
Change in lifestyle and growing penetration of internet has been propelling a paradigm shift amidst a large segment of population towards the purchase of various products through the online portals. Additionally, increasing number of market participants are offering their products through the online retailers to provide the products at competitive prices than the offline stores. The increasing popularity of online furniture rental services are also functioning as an effective channel for business expansion as it provides an opportunity for rental furniture businesses to reach a wider audience and cover larger geographies. Such factors are expected to result in a high demand for rental services products.
In Europe region, the Germany commercial & residential furniture rental market is expected to grow on account of higher volume of industries such as automobile, heavy machinery, pharmaceutical, and chemical denotes growth of allied industries such as tertiary sector. Prodigious investment opportunity for catalyzing industries serves the growth among commercial furniture rental market in the country. The market in the region is projected to garner an estimated revenue of USD 8,955.76 Million by end of the forecast period. Additionally, the market in Europe region is expected to achieve a CAGR of 14.57% by 2025. However, the options of renting and buying being balanced in U.K, the commercial & residential rental market across the region is estimated to display a steady growth rate during the forthcoming years on the back of significant demand of furniture due to recovery of the economy after the crisis.
However, the volatility in the industrial growth and oscillation of domestic demand exhibits weak growth of furniture rental industry in forthcoming years in Europe. In addition, the uncertainty over Brexit translates to the weak industrial investment attaining lower penetration of the market over the forecast period. The quality constraints associated with rented furniture is one of the factor which is anticipated to restrain the growth of the global commercial & residential furniture rental market during the forecast period. This report also provides the existing competitive scenario of some of the key players of the Commercial & Residential Furniture Rental market which includes Aaron’s Inc, Rent-A-Center, Inc., John Richard, JMT International, Thomas Rental, Santa Fe Relocation, CORT Business Services Corporation and Agman. 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 Commercial & Residential Furniture 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.