Consumer Electronics and Appliances Rental Global Market Report 2024

The consumer electronics and appliances rental market size has grown rapidly in recent years. It will grow from $66.09 billion in 2023 to $74.18 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The expansion observed in the historical period can be attributed to economic conditions and affordability, shifts in consumer lifestyles, increased urbanization and mobility trends, growing environmental awareness, and the emergence of the sharing economy as a significant factor.

The consumer electronics and appliances rental market size is expected to see rapid growth in the next few years. It will grow to $114.61 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. Anticipated growth in the upcoming period is expected due to the adoption of subscription-based business models, increased demand for smart and interconnected devices, a rise in consumer debt and financial constraints, the appeal of flexibility and upgradability in products, and evolving housing trends. Key trends projected for this period encompass the expansion of e-commerce and digital platforms, continuous technological advancements, the emergence of rental services for high-end electronics, the rental of smart home appliances, and the incorporation of IoT and connected devices into consumer offerings.

The escalating reliance on electronic devices is poised to drive the expansion of the consumer electronics and appliance rental market. There has been a noticeable surge in the use of electronic products, notably smartphones, laptops, tablets, and various other devices. This heightened reliance stems from their widespread availability and their role in facilitating communication, entertainment, work, education, and even health monitoring. Consequently, there's a growing demand for electronic rentals to fulfill these diverse needs. For instance, as per data from the United Nations COMTRADE database in March 2023, Australia's exports of electrical and electronic equipment reached $3.56 billion in 2022, indicating a substantial market presence. Moreover, India experienced a significant surge in electronic goods exports, escalating by nearly 88% from $6600 million in 2013-14 to $12,400 million in 2021-22, highlighting the global traction of electronic products. As the dependence on electronic devices continues to soar, it serves as a pivotal driver propelling the growth trajectory of the consumer electronics and appliance rental market.

The notable surge in consumer spending is proving to be a substantial catalyst for the continued growth of the consumer electronics and appliance rental market. Consumer spending encompasses the collective expenditure by households and individuals on various goods and services within a defined timeframe, serving as a significant barometer of overall demand and a pivotal driver of a country's economic activity. This upsurge in consumer spending is fueling the demand for consumer electronics and appliance rental services. Individuals are seeking cost-effective access to cutting-edge technology and home appliances without bearing the upfront financial burden, allowing them to enjoy the advantages of top-tier devices while maintaining flexibility and affordability in their consumption patterns. For example, data released by the Bureau of Economic Analysis (BEA) in October 2023 indicated a notable increase in disposable income among Americans, rising from $18,247.8 billion in the first quarter of 2022 to $19,880.2 billion in the first quarter of 2023, underscoring a considerable surge in consumer spending power. Consequently, the escalating consumer spending trends are poised to be a driving force behind the expansion of the consumer electronics and appliance rental market.

A prominent trend revolves around the burgeoning adoption of product innovations. Companies within this sector are actively leveraging new technologies to solidify their market positions. For instance, in October 2022, AOTO Electronics Co., Ltd., a leading provider of LED display solutions based in China, introduced the 'Rental Design LED Panel-SW Series.' This innovative product is specifically engineered to serve as an outdoor and indoor stage screen, catering to events, trade shows, and theatrical productions, aiming to deliver an impeccable visual experience. Tailored for touring and large-scale live events, its features such as Quick Lock, Auto-Eject mechanism, and ergonomic handles facilitate swift installation and enhance maintenance convenience. This groundbreaking solution is designed to meet the demands of dynamic event settings, underscoring the emphasis on technological advancements within the consumer electronics and appliance rental markets.

Major companies are embracing novel technological advancements, particularly automated renting platforms, to enhance their offerings for their target clientele. These platforms are digital systems or online marketplaces utilizing automation technologies, streamlining and facilitating the rental process for goods or services. For example, in May 2023, Telerenta, a technology firm based in Romania, introduced an innovative automated renting platform named RentBox. Pioneering as the inaugural platform of its kind in Southeast Europe, RentBox specializes in renting and delivering electronic equipment directly to home users. This platform revolutionizes the rental experience by providing a fully digitized and flexible process for users to rent items such as TVs and other electronic devices seamlessly.

In April 2022, The Aaron's Company, Inc., a prominent US-based firm specializing in furniture, electronics, and appliance leases and retail sales, completed the acquisition of BrandsMart USA for $230 million. This strategic acquisition serves to fortify and broaden Aaron's portfolio, granting enhanced access to premium products available through affordable lease and retail purchase alternatives, thereby bolstering revenue streams. BrandsMart USA, renowned for its retail offerings encompassing appliances and consumer electronics, also provides rental and lease-purchase options, aligning well with Aaron's business model and contributing to its expanded market presence.

Major companies operating in the consumer electronics and appliances rental market report are T and T Appliances, Caterpillar Inc., Reliance Retail Limited, Aaron's Inc., Sunstate Equipment Co. LLC, Buddy's Home Furnishings Inc., American Rental, FlexShopper Inc., Mr Rental NZ Pty Ltd., Cort Business Services Corporation, BigRentz Inc., 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.

Asia-Pacific was the largest region in the consumer electronics and appliances rental market in 2023. 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. The countries covered in the consumer electronics and appliances rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Consumer electronics and appliances rental services encompass various types such as home appliances, refrigerators, air coolers, televisions (TVs), washing machines, and other similar items. Home appliances encompass devices facilitating household tasks such as cooking, cleaning, and food storage. These rental services are available through online and offline distribution channels, catering to both personal and business needs.

The consumer electronics and appliances rental market research report is one of a series of new reports that provides consumer electronics and appliances rental market statistics, including consumer electronics and appliances rental industry global market size, regional shares, competitors with a consumer electronics and appliances rental market share, detailed consumer electronics and appliances rental market segments, market trends and opportunities, and any further data you may need to thrive in the consumer electronics and appliances rental industry. This consumer electronics and appliances rental 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 electronics and appliance rental market includes revenues earned from rental services of products such as ovens, dishwashers, cooker hoods, microwaves, smartphones, desktop computers, and monitors. 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.