India Furniture Rental Market to Grow at Impressive Rate During Forecast Period
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.
“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.
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“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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