Growing working class population, cost-effective alternative, and increasing popularity of e-commerce and online shopping are the leading factors that will drive the India furniture rental market in the forecast years.
According to TechSci Research report, “India Furniture Rental Market– By Region, Competition, Forecast & Opportunities, 2029F” the India Furniture Market is driven by several factors, including increasing working-class population, growing demand for online shopping, and changing lifestyles. The country’s expanding residential and commercial projects are also boosting demand for furnishings.
One of the major trends in the Indian Furniture Market is the increasing demand for premium and designer furniture. As consumers become more discerning and willing to pay for quality products, manufacturers are focusing on creating innovative and high-quality designs to cater to this segment. Another trends are the growing popularity of e-commerce platforms for furniture shopping, with many players offering a wide range of products at competitive prices, and convenient delivery options.
However, the Indian Furniture Market faces several challenges. One of the biggest challenges is the high cost of raw materials, which leads to higher manufacturing costs and affects the price of the final product. The lack of skilled labor in the industry is another challenge, which has resulted in lower productivity and quality standards. Additionally, the unorganized sector of the market which accounts for a significant portion of the market share, faces challenges such as, lack of access to finance, limited technology adoption, limited marketing, and distribution channels.
Another challenge for the furniture market in India is the lack of standardization and regulation. While there are guidelines in place for furniture safety, there is no centralized body responsible for ensuring compliance, which can lead to lower quality products in the market. Additionally, the lack of a clear and transparent supply chain makes it difficult for manufacturers to ensure the authenticity of their raw materials and for customers to track the source of their furniture.
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The India Furniture Rental Market is segmented based on category, type, distribution channel and region. Based on category, the market is segmented into residential furniture rental, office furniture rental, hospitality & institutional furniture rental, and others such as event furniture rental, etc. Based on tenure, the market is segmented into up to 1 year, 1-2 years, and over 2 years. Based on distribution channel, the market is segmented into online and offline. Based on region, the market is divided into north, south, east, west region.
While the Indian furniture rental industry is expanding overall throughout the three categories of residential furniture rental, office furniture rental, and hotel & institutional furniture rental, the residential furniture rental sector is currently witnessing the strongest growth. This can be attributed to the increasing number of millennials who prefer to rent furniture instead of buying it, the rise of the sharing economy, and the growing popularity of co-living spaces. Additionally, the ease of online ordering and doorstep delivery of furniture has made it more convenient for customers to rent furniture for their homes. Companies such as Rentomojo and Pepperfry Rentals are focusing on the Residential Furniture Rental Market by offering a range of furniture options, from essentials and basics to premium designs, to cater to the growing demand of affordable and flexible furniture options. While the office furniture rental and hospitality & institutional furniture rental categories have significant growth potential, the residential furniture rental segment is currently experiencing the highest growth in the Indian furniture rental market.
Key market players in the India Furniture Rental market include:
- Edunetwork Private Limited (Rentomojo)
- Cityfurnish India Private Limited
- Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco)
- AVA Lifestyle Products & Services Pvt Ltd (Rentickle)
- Pepperfry Limited
- Rentomania Private Limited (Fabrento)
- Guarented Rental Private Limited
- VOKO.com
- RentMacha
- rentsewa.com
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“The growth of the furniture rental market in India is driven by factors such as the preference to rent furniture over buying, rise of sharing economy, and the growing popularity of co-living spaces. Additionally, the ease of online ordering and doorstep delivery of furniture has made it more convenient for customers to rent furniture. Several companies are operating in the Indian Furniture Rental Market, including Furlenco, Rentomojo, CityFurnish, and Pepperfry Rentals. These companies offer a range of furniture options, from essentials to premium designs, and provide flexible rental plans ranging from a few months to several years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Furniture Rental Market, By Category (Residential Furniture Rental, Office Furniture Rental, Hospitality & Institutional Furniture Rental, and Others (Event Furniture Rental, etc.)), By Tenure (Up to 1 year, 1-2 years, and Over 2 years) By Distribution Channel (Offline and Online) By Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Furniture Rental market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India Furniture Rental market.
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