What Has Been the Growth Trajectory of the Consumer Electronics And Appliances Rental Market?
The consumer electronics and appliances rental market has seen considerable growth due to a variety of factors.
• The market for renting consumer electronics and appliances has seen a swift expansion in previous years. The market value, set to progress from $73.57 billion in 2024 to $82.91 billion in 2025, will experience a compound annual growth rate (CAGR) of 12.7%.
Factors like economic situation and cost-effectiveness, evolving consumer habits, urbanization and migration trends, eco-consciousness, and the emergence of the sharing economy have contributed to the growth seen in the historical period.
What Does Future Hold for The Consumer Electronics And Appliances Rental Market Size?
The consumer electronics and appliances rental market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a swift expansion is expected in the consumer electronics and appliances rental market, reaching a value of $127.51 billion by 2029 with a compound annual growth rate (CAGR) of 11.4%.
The projected growth within this period can be traced back to factors such as the prevalence of subscription-based business models, growing demand for smart and interconnected gadgets, escalated consumer debt and financial restrictions, adaptability and upgradability, and evolving housing trends. Key trends for the forecast period are expected to be e-commerce and digital platforms, technological progression, rental provisions for high-end electronic products, renting of smart home appliances, and the integration of Internet of Things (IoT) and connected devices.
What Are The Key Drivers Fueling Growth In The Consumer Electronics And Appliances Rental Market?
The growing reliance on electronic products is anticipated to boost the expansion of the consumer electronics and appliance rental market. There has been a considerable upsurge in the reliance on such products in recent times. This increase is due to the widespread availability and use of gadgets like smartphones, laptops, tablets, among others, which are being used for various purposes including communication, recreational activities, work, education, and even health tracking. Consequently, this has led to a surge in demand for electronic rentals. Specifically, in February 2024, based on data from the Japan Electronics and Information Technology Industries Association, a trade organization in Japan, the production of consumer electronic equipment reached $201.91 million (¥31,685 million), a significant increase from $149.27 million (¥23,425 million) recorded in January 2023. As such, the mounting reliance on electronic products is fueling the growth of the consumer electronics and appliance rental market.
What Is The Segmentation Of The Global Consumer Electronics And Appliances Rental Market?
The consumer electronics and appliances rental market covered in this report is segmented –
1) By Type: Home Appliances, Refrigerator, Air Cooler, TV (Television), Washing Machine, Others
2) By Distribution Channel: Online, Offline
3) By Application: Personal, Business
Subsegments:
1) By Home Appliances: Kitchen Appliances, Small Appliances, Smart Home Devices
2) By Refrigerator: Single Door Refrigerators, Double Door Refrigerators, Side-By-Side Refrigerators, French Door Refrigerators
3) By Air Cooler: Personal Air Coolers, Desert Air Coolers, Tower Air Coolers, Window Air Coolers
4) By TV (Television): LED TV, OLED TV, Smart TV, Plasma TV, QLED TV
5) By Washing Machine: Front Load Washing Machine, Top Load Washing Machine, Semi-Automatic Washing Machine, Fully Automatic Washing Machine
6) By Others: Air Purifiers, Water Dispensers, Heaters, Microwaves, Fans
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What Emerging Trends Are Shaping The Consumer Electronics And Appliances Rental Market?
In the consumer electronics and appliance rental industries, a rising trend is the ongoing product innovation. New technological advancements are being utilized by companies to remain competitive in the market. A case in point is AOTO Electronics Co., Ltd., a China-based LED display solutions firm, which debuted the 'Rental Design LED Panel-SW Series' in October 2022. With the unique intent of being rented out for both indoor and outdoor staging at events, trade shows, and theatres, this product seeks to offer an optimal visual setting. Designed with touring and large-scale live event applications in mind, its Quick Lock, Auto-Eject and ergonomic handles allow for swift assembly and easier maintenance.
Who Are the Key Players in the Consumer Electronics And Appliances Rental Market?
Major companies operating in the consumer electronics and appliances rental market include:
• T and T Appliances
• Reliance Retail Limited
• Aaron's Inc.
• Buddy's Home Furnishings Inc.
• American Rental
• FlexShopper Inc.
• Mr Rental NZ Pty Ltd
• Cort Business Services Corporation
• Rentex Corporation
• Radio Rentals
• Rent-A-Center Franchising International Inc.
• Cityfurnish Inc.
• Rent One Inc.
• Meeting Tomorrow Inc.
• SmartSource Inc.
• InnoVent Rental and Asset Management Solutions Ltd.
• Flex IT Rent BV
• GSE Audiovisual Inc.
• Electro Rent Corporation
• Rentacomputer.com Inc.
• Rentwise LLC
• LeaseVille LLC
• Rentickle Online Solutions Pvt Ltd
• Red Cherry Computer Rentals Inc.
• Happy Rentz LLC
• RentDelite Inc.
• Rent It Furnished Inc.
What are the Regional Insights into the Consumer Electronics And Appliances Rental Market?
Asia-Pacific was the largest region in the consumer electronics and appliances rental market in 2024. The regions covered in the consumer electronics and appliances rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
