Lower price of furniture and reduced maintenance & shifting cost to drive India furniture rental market during forecast period
According to TechSci Research report, “India Furniture Rental Market – By Category, By Business Model, By Furniture, By Tenure, Competition, Forecast & Opportunities, 2024”, furniture rental market in India is at a nascent stage and is anticipated to grow at a brisk during the forecast period. Factors such as increase in the trend of renting instead of purchasing furniture, rising disposable income and need of furniture for immediate short-term needs are propelling the growth of the furniture rental market across the country. India furniture rental market was valued at around $ 800 million in 2018 and the market is anticipated to witness significant growth in the next five years. Generally, bachelors opt for rented furniture and constitute 60% of customers. Moreover, the customers are no longer interested in the permanent ownership of their furniture and are instead opting for rented ones. Renting furniture is considered convenient and money saving, which is driving India furniture rental market. Additionally, emerging growth of e-commerce sector has made the process more convenient and affordable for the people to rent the furniture by going through various online channels.
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India furniture rental market can be segmented based on category, business model, furniture and tenure and region. In terms of category, domestic furniture is expected to observe huge demand during the forecast period on account of young population including corporate employees and students looking for rented furniture at reduced cost for short duration of time. Major players operating in the furniture 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 such as ease of movement of furniture from one city to another without extra charge and no rent for the first month of the furniture in order to attract customers. In the last few years, furniture rental market has witnessed emergence of several new start-ups such as RentOnGo, Fabrento, among others. Additionally, customers from tier 1 cities are witnessing significant adoption of furniture rental. After the success of furniture rental in tier 1 cities, companies are eyeing tier 2 and tier 3 cities in order to increase their share.
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“India furniture rental market is anticipated to grow at an impressive CAGR over the next five years on account of benefits such as free installation and delivery and bargaining for prices based on the duration of ownership of furniture. Moreover, plethora of options to choose from and convenient shifting of furniture in various cities with no additional cost, is further driving the furniture rental market in India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Furniture Rental Market By Category, By Business Model, By Furniture, By Tenure, Competition, Forecast & Opportunities, 2024” has analyzed the potential of furniture 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 furniture rental market.
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