Consumer electronics and appliance rental market to almost double by 2027

The global consumer electronics and appliance rental market market is expected to reach $104.60 billion (€95.6bn) in 2027, growing at a CAGR of 11.7%

A new study by Report Linker suggests that the market will reach $67.29 billion in 2023, driven by both growing demand for electronic devices and rental businesses “adopting new technology to retain their position in the market”.

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.

Consumer electronics and appliances rental refers to a service that allows individuals or businesses to rent various electronic devices and appliances for a set period. This service is provided by rental companies, which keep an inventory of devices and appliances and rent them out to customers for a fee.

Asia-Pacific was the largest region in the consumer electronics and appliances rental market in 2022. The regions covered in consumer electronics and appliance rental report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

According to the report, people are using electronic products more than ever amid the widespread availability of smartphones, laptops, tablets, and other devices. Due to various tasks, including communication, entertainment, work, education, and even health monitoring, being done through electronic products, there is an increase in demand for electronic rentals.

For example, in March 2023, according to the United Nations COMTRADE database, Australia’s electrical and electronic equipment exports totalled $3.56 billion in 2022. Additionally, in February 2022, India’s export of electronic goods rose by almost 88% from $6,600 million in 2013 to 2014 to $12,400 million in 2021 to 2022. Therefore, an increase in dependency on electronic products is driving the growth of the consumer electronics and appliance rental market.

The study went on to say that product innovations are another key trend gaining popularity in the consumer electronics and appliance rental markets. Companies operating in the consumer electronics and appliance rental market are adopting new technologies to sustain their position in the market.

For instance, in October 2022, AOTO Electronics, a China-based provider of LED display solutions, launched the ’Rental Design LED Panel-SW Series.’ The unique product is designed to be rented out as an outdoor and indoor stage screen for events, trade shows, and theatre, and aims to provide the perfect visual backdrop, the company claims. It is suited to touring and ultra-large screen live event applications. With Quick Lock, Auto-Eject, and ergonomic handles, it allows for speedy installation and makes maintenance more convenient.

In April 2022, The Aaron’s Company, a US-based company in leases and retail sales of furniture, electronics, and appliances, acquired BrandsMart USA for $230 million. This acquisition strengthens and expands Aaron’s access to high-quality products on affordable lease and retail purchase options to deliver strong revenue. BrandsMart USA is a retailer of appliances and consumer electronics and provides a rental/lease purchase.

The countries covered in the consumer electronics and appliance rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

According to Report Linker, the market value is defined as the revenues that enterprises gain from the sale of goods and 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 organisations 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.

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