India Electric Appliance Rental Market to Grow with a CAGR of 17.13% through 2030
The India electric appliance
rental market is growing, driven by urbanization, changing lifestyles, and the
preference for flexible consumption models, offering convenience and
affordability for consumers and businesses alike
According
to TechSci Research report, “India Electric Appliance Rental Market – By
Region, Competition, Forecast & Opportunities, 2030F”, the India Electric
Appliance Rental market stood at USD 180.01 million in 2024 and is anticipated to
grow USD 461.29 million by 2030 with a CAGR 17.13% during forecast period. The electric appliance rental market in India is witnessing significant
growth, driven by changing consumer preferences, increasing urbanization, and a
shift towards convenience-oriented lifestyles. As urban centers continue to
expand and a younger demographic enters the workforce, there is a growing trend
of renting over purchasing, particularly for electric appliances like
refrigerators, washing machines, air conditioners, and televisions. This trend
is further amplified by rising housing costs, as many individuals and families
opt for rental accommodation instead of purchasing homes, making the rental of
electric appliances a practical and economical choice.
One of the primary factors contributing to the growth of the electric appliance rental market in India is the increasing disposable income of the middle class. With higher income levels, consumers are more inclined to spend on renting appliances that enhance their quality of life without the long-term financial commitment associated with purchasing. Additionally, the rise of the gig economy has led to a transient workforce, including millennials and young professionals, who prefer flexibility in their lifestyle choices. This demographic is particularly drawn to rental services that provide access to modern appliances without the burden of ownership, maintenance, and depreciation costs.
Technological advancements and the proliferation of digital platforms have further fueled the growth of the rental market. Numerous startups and established players are leveraging technology to create user-friendly platforms that facilitate seamless rental processes. Consumers can now easily browse, select, and rent appliances online, often with flexible rental terms that suit their specific needs. The convenience of doorstep delivery, installation, and maintenance services also enhances the appeal of renting electric appliances. Many companies are adopting subscription-based models, allowing customers to pay a fixed monthly fee, making it easier to budget for household expenses.
The COVID-19 pandemic has also played a pivotal role in reshaping consumer behavior and accelerating the adoption of rental services. With many people spending more time at home during lockdowns, there was a surge in demand for essential appliances, prompting many consumers to explore rental options as a viable solution. The pandemic highlighted the importance of hygiene and convenience, prompting consumers to prefer renting over purchasing, as they could access modern appliances without the hassle of maintaining them. Moreover, rental companies have implemented stringent sanitization protocols, ensuring that rented appliances meet hygiene standards, further boosting consumer confidence.
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" India Electric Appliance Rental Market”
The India Electric
Appliance Rental market is segmented into product type, end use, regional
distribution, and company.
Based on end use,
the residential segment is the dominating force in the India electric appliance
rental market, fueled by the rising trend of urbanization and changing
lifestyles. As more individuals and families opt for rental housing, the demand
for essential home appliances such as refrigerators, washing machines, and air
conditioners has surged. This segment is particularly appealing to millennials
and young professionals seeking flexibility and convenience without the
long-term commitment of ownership. Additionally, the growth of digital
platforms has simplified the rental process, allowing consumers to easily
access modern appliances, thus solidifying the residential sector's dominance
in the market.
Based on region, the North region emerged as the fastest growing segment in India electric appliance rental market. This growth is driven by factors such as increasing disposable incomes, the rising trend of urbanization, and the demand for flexible living solutions. Major cities like Delhi, Chandigarh, and Jaipur are seeing a surge in rental demand for appliances like refrigerators, washing machines, and air conditioners, especially among millennials and young professionals. The ease of access to online platforms offering rental services and the growing preference for cost-effective, temporary appliance solutions are further boosting the market in this region.
Major companies
operating in India Electric Appliance Rental market are:
- Edunetwork Private Limited (RentoMojo)
- House of Kieraya Limited (Furlenco)
- AVA Lifestyle Products & Services Pvt Ltd (Rentickle)
- Cityfurnish India Private Limited
- Livpure Smart Homes Private Limited
- Waterwala Labs Private Limited (DrinkPrime)
- Guarented Rental Private Limited
- M/s. Omshreem Technologies Pvt. Ltd. (Rentit4me)
- Rentity Global Services Private Limited
- RentPeLelo
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“The
electric appliance rental market in India is characterized by a diverse range
of offerings, catering to various consumer needs. From essential household
appliances to high-end electronics, rental companies are expanding their
product portfolios to attract a broader customer base. For instance, in
addition to traditional appliances like refrigerators and washing machines,
companies are also offering smart home devices, entertainment systems, and
kitchen gadgets. This diversification not only enhances customer satisfaction
but also allows rental firms to tap into niche markets and stay competitive in
a rapidly evolving landscape”, said Mr. Karan Chechi, Research Director of
TechSci Research, a research-based management consulting firm.
"India Electric Appliance Rental Market Segmented, By Product Type (Refrigerator, Television, Water Purifier/Water Dispenser, Air Conditioner, Washing Machine, Microwave, Air Purifier, Cooking items, Others), By End Use (Residential, Commercial), By Region, Competition, Forecast & Opportunities, 2020-2030F”,
has evaluated the future growth potential of India Electric Appliance Rental market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the India Electric Appliance Rental market.
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