Increasing practice of renting instead of purchasing electric appliance to boost India electric appliances rental market through 2024
According to TechSci Research report, “India Electric Appliance Rental Market By Business Model, By Category, By End Use, By Tenure, Competition, Forecast & Opportunities, 2024”, renting has turned out to be beneficial for consumers due to lower price and low maintenance. Furthermore, owing to growth in the mobility and increase in the intra country migration, more and more people are opting for rented electric appliances which is driving the electric appliances rental market. Also, professionals with transferrable jobs generally choose rented electric appliances instead of permanent ones to avoid hassles of shifting them to different places. Renting electric appliance is considered convenient and money saving, which is driving their demand across the country. Moreover, emerging growth of e-commerce sector has made the process more convenient and affordable for the people to rent electric appliances through various online channels.
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India electric appliance rental market can be segmented based on category, business model, end use, tenure and region. On the basis of end use, the market can be segmented into residential and commercial. Residential end use segment accounted for the largest share; however, share of commercial segment is expected to increase as corporate sector has also started renting electric appliances such as refrigerator and microwave in order to provide facilities to their employees. In terms of tenure, market can be segmented into upto 1 year, 1-2 year and over 2 years. 1-2 years is the preferred duration as customers generally opt for electric appliances for short duration.
Major players operating in India electric appliance rental market include Rentomojo, CityFurnish, Furlenco, Rentickle, GrabOnRent, RentOnGo, Pepperfry, Fabrento, Guarented, among others. The companies operating in the market are either tying up with vendors or have self-inventories for quality offerings to the customers. Also, companies in this domain are offering services as ease of movement of electric appliance from one city to another without extra charge and no rent for the first month of the electric appliance in order to attract customers.
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“Owing to increasing working population and soaring trend of rented apartments, a large number of people are opting for rental electric appliances due to lower price of appliance and fewer maintenance expenses. Moreover, increasing number of internet subscribers and rise in smartphone penetration are further positively influencing the growth of the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electric Appliance Rental Market By Business Model, By Category, By End Use, By Tenure, Competition, Forecast & Opportunities, 2024” has analyzed the potential of electric appliance rental market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India electric appliance rental market.
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