Furniture Rental Market Regional Analysis:
North America Market Forecast
North America furniture rental market is projected to capture revenue share of around 35.5% by the end of 2035. The high presence of migrants, the popularity of the shared economy, and the existence of key service providers are positively influencing the market growth in the region. The young generation is the major contributor to the rental furniture demand.
In the U.S., the presence of renters is high as many people migrate to this developed economy in search of jobs, education, and a better standard of living. In September 2022, the U.S. Bureau of Labor Statistics revealed that over 44 million households in the country are living on rent. This information aids in understanding how the high rental population positively influences rental furniture sales growth, as this is the most cost-effective approach for this demographic.
Similar to the U.S., Canada witnesses a high presence of migrated people, mostly for educational purposes. For instance, according to Statistique Canada, around one-third of Canadians rent their primary residence. The students living on rent in the country for a short-term period, prefer investing in rental furniture rather than purchasing. Thus, the country is expected to witness a steady demand for rental furniture during the forecast period.
Asia Pacific Market Statistics
The Asia Pacific furniture rental market is driven by the increasing urban activities, expansion of industry giants, and shared office space trends. Corporate companies are highly investing in the co-space renting of offices and furniture as it offers long-term benefits without high upfront capital expenditure. Furthermore, the demand for rental furniture is set to expand at a healthy pace in India, China, Japan, and South Korea during the projected period.
In India, consumer views on purchasing furniture are changing unprecedently driven by their modified spending decisions. Rental furniture is emerging as easy and affordable options to set up their homes. The high price of properties, expensive mortgage loans, and the rise in the millennial population are collaboratively augmenting the adoption of furniture rental solutions in the country.
In China, the urbanization rates are consistently rising, which is increasing the demand for flexible living arrangements such as rental furniture. Young workers and international workers prefer renting furniture rather than purchasing long-term assets due to the transient nature of their stay. Furthermore, the increasing emergence of start-ups is set to promote the awareness of rental furniture in the country.
