Research Nester has released its report titled “Commercial and Residential Furniture Rental Market: Global Demand Analysis & Opportunity Outlook 2017-2025” that delivers detailed overview of the global commercial and residential furniture rental market in terms of market segmentation byproduct, 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.
The global commercial furniture rental market is estimated to witness a CAGR growth rate of 14.89 percent over the forecast period (2019-2025) and on the other hand, residential furniture rental market is anticipated to grow at a CAGR of 11.75% over the forecast period (2019-2025). The commercial furniture rental market which was valued at 13,066.55 million in the year 2018 is estimated to grow significantly, owing to various factors such as the vibrant growth of the service sector, a growing hospitality industry and growth in the number of tourists around the world.
The global commercial furniture rental market is anticipated to observe notable growth, with the market estimated to generate revenues of USD 33,861.19 million by 2025. On the other hand, residential furniture rental market is anticipated to garner revenues of around USD 16,844.48 million by end of 2025.
Various factors such as growth in commercial construction activities and spending in both developed and developing countries, increase in living expenditure of consumers who have opted for furniture rental which is more affordable and feasible is anticipated to drive the demand for commercial and residential furniture rental market across several regions of the globe.
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However, low awareness levels prevailing in underdeveloped and developing nations among the population accompanied by lower income levels, apart from the rental for commercial furniture being dependent on the industrialization rate of nations, where there are poor levels of accessibility, mainly in rural areas of underdeveloped countries towards such furniture rental are all increasingly anticipated to operate as major restraints to the growth of the market over the forecast period.
The global commercial and residential furniture rental market comprises of two segments which is segmented by product and by distribution channel. Chair forming part of product segment falling under commercial furniture rental market occupied the highest market share of 36.08% in 2018 and is anticipated to witness a CAGR growth of 11.51% over the forecast period. Additionally, chair also managed to occupy the leading market share of 23.22% in residential furniture rental market in 2018.
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