The India Furniture Rental Market To Be Fueled By Office Furniture Rental Segment During The Forecast Period
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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market data Figures spread through xx Pages and an in-depth TOC on "India Furniture Rental Market”
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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