Commercial & Residential Furniture Rental – A More Convenient Way to Rent Cutting-edge Rental Furniture for Shorter Tenure
Research Nester released a report titled “Global Commercial & Residential Furniture Rental Market Outlook: Industry Analysis & Opportunity Evaluation 2018-2025” which delivers detailed overview of the global commercial & residential furniture rental market in terms of market segmentation by product type, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Furniture Rental are targeted to commercial as well as residential consumers. The furniture on rent are widely pointed at furnished urban households. Service sector is widely renting furniture to optimize their expenditure which implicates in short term financial budgeting by small and medium enterprise.
The market is currently expanding and is expected to grow at a CAGR of 14.89% during the forecast period (2018-2025). By 2025, the global Commercial & Residential Furniture Rental market is predicted to cross USD 13,066.55 Million.
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Rising expenses coupled with changing lifestyle is expected to prompt the consumers towards furniture rental further in the forthcoming years. The primary factor responsible for the growth is an increase in number of employers that are incorporating Furniture Rental’s into their corporate mobility policies as a core service offering.
The practice of renting instead of purchasing furniture has proven to be beneficial for consumers due to lower price with reduced expense of maintenance which will drive the furniture rental market. Moreover, the residential and commercial furniture rental service providers are trying to cater to the metropolitan ways of life of consumers and are adding up attractive features to furniture.
At present, furniture rental includes various attributes that are aesthetically appealing, light weight, as well as cost effective and thus is proficiently supplementing the demand for commercial and residential furniture globally.
In the regional level, the demand for rental furniture products and services Asia Pacific region is expected to grow rapidly on the back constantly growing construction industry to address the growing demands from the increasing population preferring a more ecofriendly lifestyle. The increasing rate of urbanization and changing consumer behavior is resulting in small and medium level businesses to grow exponentially along with addressing various new-age demands.
This has further resulted in an increasing need for adequate furniture and associated supplies to address the infrastructure demands in most cost-effective manner. It has been observed corporate offices are changing the interiors to open workspace designs and to promote creative thinking and accommodate open-door policies, there is a rising demand for efficient furniture that would support these themes.
The global Commercial & Residential Furniture Rental is segmented on the basis of product into chair, table, sofas, desks, storage units & files, overhead bins, accessories, workstations and others.
Growing outsourcing service industry over the years contributes to considerable growth of rental training table segment over the forecast period. Rental Utility tables segment evince significant surge on the advent of increase in number of cafeterias in educational, government and corporate institution.
Whereas, expansion of service industry supports to the growth of conference tables. Table segment stems relatively higher growth due to rising gross tourism turnover attaining frequent surge of hospitality industry. Growth of commercial & residential rental furniture market pertains substantial surge with predominant growth of hospitality industry over the forecast period.
The market is further segmented based on the distribution channel as online channel and offline channel. The offline distribution channel is anticipated to propel further across the developing and under-developed parts of the world where online distribution channel penetration has been low. The demand for rental furniture has been further high from offline channels on account of the provision for self-investigation and choosing of furniture by the consumer, offering better customer satisfaction.
Despite of all benefits, lack of awareness regarding furniture rental among lower income people in developing countries is expected to dampen the demand for the furniture rental during the forecast period. The prevalence of few furniture rental companies in low income countries and lack of education among the Tier II countries have narrowed the demand for the furniture rental which is expected to restrict the market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global Commercial & Residential Furniture Rental Market Aaron’s Inc, Rent-A-Center, Inc., John Richard, JMT International, Thomas Rental, Santa Fe Relocation, CORT Business Services Corporation and Agman.
In order to expand the market presence, furniture rental companies are expanding their business extensively. For instance, Agman Partners acquired Brook Furniture Rental, a high-end furniture and furniture rental company that serves both the corporate and home markets. Further, CORT, a Berkshire Hathaway Company, announced the acquisition of Choice Linens, LLC in Seattle, Washington.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. The report depicts detailed overview of the global Commercial & Residential Furniture Rental market that will help industry consultants, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Our Recently Published Report On Market Watch @ https://www.marketwatch.com/press-release/commercial-residential-furniture-rental-a-more-convenient-way-to-rent-cutting-edge-rental-furniture-for-shorter-tenure-2019-09-10