Press Release Description

Increasing Volume of International Events Driving the GCC Furniture Rental Market

The GCC Furniture Rental Market is projected to grow at a CAGR of around 7.35% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rental furniture market provides customers with a wide selection of furniture options for both long-term and short-term needs, as an alternative to investing in permanent furniture purchases. In the rapidly evolving design and style landscape of GCC regions like the UAE and Saudi Arabia, there is a noticeable change in customer preferences towards temporary furniture access. This shift is fueled by economic factors, such as the lower maintenance costs of rented furniture and the availability of affordable options.

Moreover, the GCC region has experienced a substantial progression in its e-commerce sector which is propelled by extensive adoption and utilization of smartphones across the region and a noteworthy upsurge in internet users. This has particularly streamlined and made the process of rental furniture much more convenient and highly cost-effective for the population of the GCC region. The mounting embrace of the e-commerce platform in these region permits customers to easily and economically rent furniture of their preferences.

Additionally, numerous occasional events in the GCC region including birthday parties, wedding anniversary celebrations, cooperate meetings, etc are managed and organized by the event planners. These events frequently need specific furniture and ambiance setups personalized to the theme of the event, which uplifts the requirement for affordable and trendy furniture. This heightened demand for rental furniture for such theme-based events further contributes towards the growth of the GCC Furniture Rental Market with anticipation of continued expansion of the market size in the forthcoming years as well.

Furthermore, the major cities of the GCC region, such as Doha, Dubai, Abu Dhabi, etc., have witnessed a growing inclination towards renting apartments. This growing inclination is boosted by the mounting in the working population relocating to urban areas in search of cost-effective and aesthetic furniture solutions. Subsequently, this elevating demand amplifies the market share of furniture rental in the GCC region which is further projected to boost the market size in the coming years, further stated in the research report, “GCC Furniture Rental Market Analysis, 2024.”

GCC Furniture Rental Market

Wooden Furniture is anticipated to account for the Majority share of the Market

Based on the type of material, the market is further bifurcated into, plastic, wood, and others (metal, leather, glass, etc). Out of all material types, wood furniture holds the majority of the market share of the GCC Furniture Rental Market. Wooden furniture offers a remarkable level of customization, making it a top choice for tailoring to specific interior design needs, in contrast to other materials. Rental providers offer a variety of wood finishes and styles, accommodating both customer preferences and the overall visual appeal of rental properties.

Furthermore, wooden sofas, couches, and chairs frequently feature cozy cushions and upholstery, effectively uniting style and comfort. This blend of aesthetics and comfort renders wooden furniture seating particularly appealing for rental properties where both factors hold significant importance. As a result of these factors, businesses frequently seek wooden furniture for temporary office spaces for short-term projects, meetings, or conferences. This trend is expected to drive the market's growth in the GCC region during the forecast period of 2024-2029.

The UAE Dominating the GCC Furniture Rental Market

Based on the regional analysis, the market is expanded across the UAE, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain. Among them the UAE ruled the GCC Furniture Rental Market with a considerable share during the historic period. Predominantly, the major cities such as Abu Dhabi, Dubai, etc., in the UAE have experienced considerable evolution in the hospitality sector. The country is an innovative central hub for the majority of events from corporate gatherings & conferences to national & international sports events.

For instance, in 2023, Dubai experienced a substantial growth of around 44% in business events, hosting 143 events including conferences, meetings, incentives, etc in the first half of 2023. These strategic expansions in the events further elevate the prerequisite for the diverse rental furniture which is projected to elevate the market size in the forecast period. Moreover, the flourishing healthcare sector in the country is a critical factor contributing towards the enlargement of the furniture rental market in the GCC region and it is anticipated that growth in the healthcare spaces in the UAE will amplify the size of the GCC Furniture Rental Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ARREKA, Arena Group PLC, Innovative Hiring, Style Works, Risala Furniture, CORT, Chapter One, Indigo Living Limited, Lafeef, The Furniture Rental Company and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across the region?
  6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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