US Rent-To-Own Market Analysis and Forecast to 2029, Featuring Key Player Profiles for Rent-A-Center, FlexShopper, Snap Finance, Dream America, Zerodown, Verbhouse Action & Divvy Homes

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Feb 08, 2024, 05:45 ET

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

For more information about this report visit https://www.researchandmarkets.com/r/ijer2p

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SOURCE Research and Markets