Overview and Scope
Consumer electronics and appliances rental refers to a service that allows individuals or businesses to rent various electronic devices and appliances for a set period. This service is provided by rental companies, which keep an inventory of devices and appliances and rent them out to customers for a fee.
Sizing and Forecast
The consumer electronics and appliances rental market size has grown rapidly in recent years. It will grow from $66.09 billion in 2023 to $74.18 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to economic conditions and affordability, changing consumer lifestyles, urbanization and mobility, environmental awareness, rise of the sharing economy.
The consumer electronics and appliances rental market size is expected to see rapid growth in the next few years. It will grow to $114.61 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to subscription-based business models, demand for smart and connected devices, rising consumer debt and financial constraints, flexibility and upgradability, changing housing trends. Major trends in the forecast period include e-commerce and digital platforms, technological advancements, rental services for high-end electronics, rental of smart home appliances, incorporation of IoT and connected devices.
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Segmentation & Regional Insights
The consumer electronics and appliances rental market covered in this report is segmented –
1) By Type: Home Appliances, Refrigerator, Air Cooler, TV (Television), Washing Machine, Others
2) By Distribution Channel: Online, Offline
3) By Application: Personal, Business
Asia-Pacific was the largest region in the consumer electronics and appliances rental market in 2023. The regions covered in the consumer electronics and appliances rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increased dependency on electronic products is expected to propel the growth of the consumer electronics and appliance rental market going forward. In recent years, there has been a significant increase in dependence on electronic products. People are using electronic products more than ever, with the widespread availability of smartphones, laptops, tablets, and other devices. Due to various tasks, including communication, entertainment, work, education, and even health monitoring, being done through electronic products, there is an increase in demand for electronic rentals. For instance, in March 2023, according to the United Nations COMTRADE database, a US-based intergovernmental organization, Australia’s electrical and electronic equipment exports totaled $3.56 billion in 2022. Additionally, in February 2022, India’s export of electronic goods rose by almost 88% from $6600 million in 2013-14 to $12,400 million in 2021-22. Therefore, an increase in dependency on electronic products is driving the growth of the consumer electronics and appliance rental market.
Key Industry Players
Major companies operating in the consumer electronics and appliances rental market report are T and T Appliances, Caterpillar Inc., Reliance Retail Limited, Aaron’s Inc., Sunstate Equipment Co. LLC, Buddy’s Home Furnishings Inc., American Rental, FlexShopper Inc., Mr Rental NZ Pty Ltd, Cort Business Services Corporation, BigRentz Inc., Rentex Corporation, Radio Rentals, Rent-A-Center Franchising International Inc., Cityfurnish Inc., Rent One Inc., Meeting Tomorrow Inc., SmartSource Inc., InnoVent Rental and Asset Management Solutions Ltd., Flex IT Rent BV, GSE Audiovisual Inc., Electro Rent Corporation, Rentacomputer.com Inc., Rentwise LLC, LeaseVille LLC, Rentickle Online Solutions Pvt Ltd, Red Cherry Computer Rentals Inc., Happy Rentz LLC, RentDelite Inc., Rent It Furnished Inc.
The consumer electronics and appliances rental market report table of contents includes:
1. Executive Summary
2. Consumer Electronics And Appliances Rental Market Characteristics
3. Consumer Electronics And Appliances Rental Market Trends And Strategies
4. Consumer Electronics And Appliances Rental Market – Macro Economic Scenario
5. Global Consumer Electronics And Appliances Rental Market Size and Growth
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32. Global Consumer Electronics And Appliances Rental Market Competitive Benchmarking
33. Global Consumer Electronics And Appliances Rental Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Consumer Electronics And Appliances Rental Market
35. Consumer Electronics And Appliances Rental Market Future Outlook and Potential Analysis
36. Appendix
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