India
The furniture rental service market size is predicted to reach USD139.05 billion by 2029 and exhibit a CAGR of 9.6% during the forecast period. Fortune Business Insights has presented this information in its report titled, “Furniture Rental Service Market, 2022-2029”. The market value stood at USD67.83 billion in 2021 and USD73.19 billion in 2022.
To meet the interior requirements of their indoor areas, most households rely on rental furnishings. Additionally, students prefer to use hired seats and tables to satisfy the study needs of their co-living areas. INHABITER, CORT, and other recent online furniture rental platforms are expected to considerably increase service demand among the global population. For example, Furlenco, a Bengaluru, India-based online furniture rental platform, offers subscription-based rented chairs, tables, and other furnishing items to Indian households as per their interior decoration requirements.
COVID-19 Impact
Working professionals prefer remote work over in-office work to avoid coronavirus infection while traveling to office sites. This factor has a significant impact on consumer demand for rented furniture to meet their home-office furniture requirements. According to data supplied by Glassdoor, an American online employment platform, online job searches for work-from-home positions increased by 460% from June 2019 to June 2021. In addition, the rising trend of the furniture rental service and other essentials in the face of pandemics will stimulate expansion.
(Fortune Business Insights)
