The global furniture rental market is segmented to distribution channel such as online stores and offline stores. Among these segments, online stores segment are anticipated to flourish in the upcoming year. Furniture rental market is booming across the globe on the account of growing housing population. Growing usage and demand for furniture such as table, chair, sofa and many other essentials among urban people is anticipated to impel the growth of the furniture rental market. Further, many researches are being done for development and production of low environment impacting tree woods. The primary factor responsible for the growth is an increase in number of employers that are incorporating rental furniture’s into their corporate mobility policies as a core service offering. The practice of renting instead of purchasing furniture has proven to be beneficial for consumers because of lower price with reduced expense and maintenance which will drive the furniture rental market size.
Global furniture rental market is expected to flourish at a significant CAGR during the forecast period. Rising utilization of rental furniture, housing population in urban cities, increasing disposable income are some of the key factors driving the growth of the furniture rental market. Moreover, the global furniture rental market is expected to garner at significant revenue by the end of 2024.
In the regional platform, North America captured the largest market share in overall furniture rental market and is expected to continue its dominance over the forecast period. Rising production of commercial and personal property in the region is anticipated to aid the growth of the market. Further, massive growth in urbanization along with rising number of corporate offices is expected to fuel the growth of furniture rental market in Asia Pacific region. Europe is anticipated to showcase robust growth in the next few years. Asia Pacific and Europe furniture rental market is anticipated to witness lucrative growth during the forecast period. Moreover, Middle East is anticipated to grow at modest CAGR during the forecast period.
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Robust Growth of Furniture Rental Market
Rising number of working population and unevenness related to the settlement has prospered the growth of furniture rental market over the past few years. The urbanization and growth in the real estate industry is influencing the furniture rental market all across the globe. In U.S. the growing trend towards the rented apartments has been observed among the population who are inclined towards affordable, multifunctional and smaller furniture that suits their changing lifestyles. Moreover, rise in e-commerce industry warehouses is expected to flourish growth of the furniture rental market.
Development of Eco-friendly Technology
The manufacturers of furniture rental market are working on the development of environment friendly procedure for less consumption of forest wood. Further, this factor is believed to complement the growth of rental furniture market.
Moreover, the market growth is anticipated to be hampered by tracking rental furniture equipment availability, managing complex bookings and pricing models, maintaining furniture and delivering amazing customer service. r.
The report titled “Furniture Rental Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global furniture rental market in terms of market segmentation by material, by distribution channel, by type and by region.
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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.
This report also provides the existing competitive scenario of some of the key players of the global automotive foam market which includes company profiling of CORT, Furlenco, Rentmojo, Churchill, Brook, AFR, Arenson, JMT and other key players. 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 furniture rental market that will help industry consultants, equipment manufacturers, 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.
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