PUBLISHER: The Business Research Company | PRODUCT CODE: 1435336
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435336
Consumer goods rental involves providing a location where essential consumer and homeowner products can be rented for a specified period. General rental centers offer the rental of various equipment, including construction tools, for a specified duration. These centers lease personal and household-type goods for short-term rental, although some goods may be available for longer-term leasing.
The main types of consumer goods and general rental centers (equipment rental centers) include public organizations, private organizations, and individuals. Public organizations refer to not-for-profit economic development groups or any non-profit organization that sponsors or promotes community or tourism activities and events. Private organizations and individuals are also involved in consumer goods and general rental services. These services cater to various needs, including electronics, healthcare, formal wear, costume video tape and disc, and recreational goods. Distribution channels for these rental services include both online and offline platforms.
The consumer goods and general rental centers (equipment rental centers) market research report is one of a series of new reports from The Business Research Company that provides consumer goods and general rental centers (equipment rental centers) market statistics, including consumer goods and general rental centers (equipment rental centers) industry global market size, regional shares, competitors with a consumer goods and general rental centers (equipment rental centers) market share, detailed consumer goods and general rental centers (equipment rental centers) market segments, market trends and opportunities, and any further data you may need to thrive in the consumer goods and general rental centers (equipment rental centers) industry. This consumer goods and general rental centers (equipment rental centers) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The consumer goods and general rental centers market size has grown strongly in recent years. It will grow from $169.45 billion in 2023 to $183.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to factors such as economic conditions, housing market activity, the health of the construction industry, seasonal demand, environmental regulations, and consumer awareness.
The consumer goods and general rental centers market size is expected to see strong growth in the next few years. It will grow to $250.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be attributed to factors such as sustainability practices, integration with e-commerce, circular economy initiatives, compliance with health and safety standards, and the rental of smart home devices. Major trends expected in the forecast period include innovations in the supply chain, the adoption of subscription-based models, flexible rental terms, the integration of technology, customer loyalty programs, and collaborations with manufacturers.
With the increase in mobile phone and internet penetration, the widespread use of online portals and mobile applications for renting or leasing goods has become prevalent. These platforms provide users with interfaces to browse products and select the ones they wish to rent. The offerings on online leasing portals range from various types of products to platforms specializing in a single product. For example, PricewaterhouseCoopers reports that approximately 44% of US adults are familiar with the sharing economy, encompassing leasing. This market is anticipated to grow from $15 billion in 2014 to an estimated $335 billion by 2025.
The growing demand for construction activities is expected to drive the expansion of the consumer goods and general rental centers market. Construction involves assembling various elements to create structures at specific locations, following a detailed design and plan. Consumer goods and general rental centers play a crucial role in supporting the construction industry, providing cost-effective access to a diverse range of equipment and tools. This, in turn, helps construction companies conserve capital, reduce operational costs, and enhance flexibility in project management. For example, in March 2021, building activities in New Zealand increased by 3.7%, as reported by Stats NZ Tatauranga Aotearoa, indicating a surge in construction demand and contributing to the growth of the consumer goods and general rental centers market.
Consumer goods and general rental centers are increasingly investing in marketing their products through How-to and DIY videos shared on online channels. These videos encompass do-it-yourself guides, tips on using their products, decorating, and furniture repair, along with comparative analyses of equipment and purchasing guides. Major companies such as Home Depot, Gillman Homecenter, Lowe's DesignHub, Aaron's, and Rent-A-Center are actively providing such valuable content to their online consumers.
Major companies in the consumer goods and general rental centers market are adopting new technologies such as Rent Online and Pick-up In-Store (ROPIS). Rent Online, Pick-up In-Store technology combines the convenience of online shopping with the immediacy of in-store pick-up, enabling customers to rent or reserve products online through a retailer's website or app and then collect them in person from a physical store location. An example is The Home Depot, which unveiled Rent Online, Pick-up In Store technology in June 2021. This innovative approach saves time for professional and do-it-yourself customers, allowing them to check equipment availability, reserve what they need in advance, and streamline their visits to rental centers.
Major companies operating in the consumer goods and general rental centers market report are Toyota Motor Corporation, The Home Depot Inc., SK Inc., Menard Inc., United Rentals Inc., Rent-A-Center Inc., Chep (USA) Inc., JCDecaux Group, Herc Holdings Inc., Sunbelt Rentals Inc., Aaron's Inc., Outerwall lnc., Gfn North America Corp., H&E Equipment Services Inc., United Site Services Inc., Neff Rental LLC, BlueLine Rental LLC, HSS Hire Group PLC, EVI Industries lnc., Ahern Rentals Inc., Sunstate Equipment Co. LLC, Compressor Systems Inc., 1-800-Pack-rat LLC, Home Essentials, BigRentz Inc., Cort Guitars Company, General Finance Corporation, Rental One, Red-D-Arc lnc., Axia Acquisition Corporation
Asia-Pacific was the largest region in the consumer goods and general rental centers market in 2023. Western Europe was the second-largest region in the global consumer goods and general rental centers market. The regions covered in the consumer goods and general rental centers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the consumer goods and general rental centers market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The consumer goods and general rental centers (equipment rental centers) market consists of revenues earned by entities that are engaged in renting out or leasing personal and household-type goods such as consumer electronics and appliances rental, formal wear and costume rental, videotape and video games rental, other consumer goods rental, audiovisual equipment rental, contractors and builders tools, and equipment rental. Establishments in this market generally provide short-term rental although, in some instances, the goods may be leased for longer periods of time. These establishments often operate from a retail-such as or storefront facility. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Consumer Goods And General Rental Centers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer goods and general rental centers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for consumer goods and general rental centers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The consumer goods and general rental centers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.