DUBLIN, Feb. 8, 2024 /PRNewswire/ -- The "US Rent-To-Own Market: Analysis By Distribution Channel, Size & Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The advent of a new comprehensive analysis on the US Rent-to-Own market elucidates a trend towards significant growth, with E-commerce channels taking an increasingly forefront position. The report examines the market's estimated expansion from US$11.95 billion in 2023 to US$18.17 billion by 2029, indicating a Compound Annual Growth Rate of 7.32%.
Distribution Channel Insights
The market is divided into two primary distribution channels: Brick & Mortar and E-commerce. Although Brick & Mortar ensures substantial market share owing to direct consumer engagement and varied promotional strategies, it is the E-commerce segment poised for accelerated growth during the forecast period fueled significantly by the impact of COVID-19 and the emerging preference for digital transactions.
Dynamic Growth Drivers
- An uptick in the urban population corroborates the market's potential, offering a convenient alternative to outright purchases for a population prone to relocations for varying motives.
- A rise in GDP growth, enhanced disposable income levels, burgeoning millennial demography, and a vibrant virtual rent-to-own space act as catalysts propelling the market forward.
Confronting Challenges
Despite promising growth facets, the rent-to-own market does encounter challenges including customer security concerns, dependence on vendors, and tense profit margins.
Emerging Trends
An escalating trend that's reshaping the industry is the surge in internet usage, which has revolutionized access to product comparisons and industry knowledge. Technology advancements, innovative product categories like smartphones, and a move towards technological refinement in rent-to-own services underscore the evolving landscape.
Competitive Market Environment
The US rent-to-own market's competitive landscape features key players such as Upbound Group, the Aaron's Company, and FlexShopper Inc., among others. These market participants are steering towards product innovation embracing advanced technologies, and forging strategic alliances and financial agreements to sustain and bolster their global presence.
The release of this in-depth market analysis signifies an invaluable resource for investors, stakeholders, and market participants interested in the US rent-to-own market, which continues to evolve rapidly.
Detailed within the confines of this report are crucial insights that pay homage to the market's trajectory in the coming years, addressing growth drivers, prevailing challenges, and emergent trends that define an industry on the cusp of notable transformation.
Key Market Dynamics
Growth Drivers
- Spike in Urbanization
- Surging GDP Growth
- Rising Disposable Income
- Growing Millennial Population
- Significant Population of International Migrants
- Rising Virtual Rent-to-Own Market
Challenges
- Dependency on Vendors, Suppliers and Products
- Lack of Customer Security
- Low Profit Margin
Market Trends
- Hike in Internet Penetration
- Rollout of Smartphone as New Category
- Rapid Pace in Technological Advancements
Companies Profiled
- Rent-A-Center Inc.
- goeasy Ltd.
- The Aaron's Company, Inc.
- Co-Ownership Organization
- FlexShopper Inc.
- EZ Furniture Sales & Leasing
- Buddy's Home Furnishings Company
- Snap Finance Company
- Home Partners of America Company (HPOA)
- Dream America Organization
- Zerodown
- Verbhouse
- Action rent-to-own
- Divvy Homes
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