Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The "The US Rent-to-Own Market: Analysis By Distribution Channel (Brick & Mortar and E-commerce), Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The US Rent to Own market, valued at $10.48 billion in 2021, is projected to soar to $15.53 billion by 2027, representing a Compound Annual Growth Rate (CAGR) of 6.77% during the forecast period of 2022-2027.
This thriving industry offers consumers the flexibility to lease essential products, and the increasing urban population is positively impacting its growth. In light of this, various trends and challenges are shaping the market dynamics.
Market Segmentation Analysis
The US Rent to Own market is segmented by distribution channel into Brick & Mortar and E-commerce. E-commerce held a 41% market share in 2021 and is set to grow at a CAGR of 10.08% during the forecast period. With the increased adoption of e-commerce due to stay-at-home and social distancing measures, more people are turning to online channels for leasing various products.
Market Dynamics
Growth drivers for the industry include urbanization, a significant population of international migrants, surging GDP growth, rising disposable income, a growing millennial population, and the expanding virtual rent-to-own market. Despite these growth opportunities, the industry faces challenges like dependency on vendors, suppliers, and products, low-profit margins, and concerns about customer security.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on the US Rent to Own market. While the industry saw a revenue loss in the first quarter of 2020, it rebounded due to increased demand for home ownership and other factors. This growth is expected to continue in the future, driven by technological advancements and the growing prevalence of e-commerce in home purchases.
Competitive Landscape and Key Players
The US Rent to Own market is fragmented, with many players dominating the country.
Key players in the market include:
- 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
Market participants are focusing on product advancements through advanced technologies and partnerships, allowing them to maintain their brand identity on a global scale.
Recommendations for Companies
The report provides valuable insights for companies aiming to strengthen their position in the US Rent to Own market.
For more information about this report visit https://www.researchandmarkets.com/r/onkkde
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