Latest News- Electronic Products Rental Market: Smartphones is expected to lead the Device segment during 2025-2029

The Electronic Products Rental Market is being driven by Cost efficiency and affordability

The Electronic Products Rental Market is expected to grow at a CAGR of 7.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 10482.6 million. The global electronic products rental market is undergoing a significant shift, with subscription-based models and Device-as-a-Service (DaaS) gaining traction. Apple, Grover, Lenovo, and now Jio Financial Services are spearheading this transformation by providing users access to high-end technology through flexible, all-inclusive monthly plans. These programs bundle device access with upgrade options, repair services, and product swaps, eliminating the need for substantial upfront investments. On January 18, 2024, Jio Financial Services, a subsidiary of Reliance Industries, introduced its DaaS platform, enabling businesses to lease laptops, smartphones, and AirFiber devices. This strategic move emphasizes operational expenditure advantages, improved cash flow, and simplified IT asset management. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Device
  • Smartphones
  • Laptops
  • Gaming consoles
  • Others
• End-user
  • Individuals
  • Businesses
  • Event Organizers
• Distribution Channel
  • Online platforms
  • Offline stores
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa
    • South Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Cost efficiency and affordability
• Accelerating pace of technological innovation
• Shift toward sustainable consumption and circular economy

However, the market also witnesses some limitations, which are as follows:

• High maintenance and refurbishment costs
• Consumer trust and quality concerns
• Competition from affordable ownership options

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Market Scope in Electronic Products Rental Market Research Report

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Research Analysis Overview

In the Electronic Products Rental Market, extended warranties and value-added services are key offerings, with subscription models and upgrade paths providing flexibility for customers. Training programs, technical documentation, help desks, and remote diagnostics ensure smooth product usage. Preventive maintenance, spare parts management, and quality control maintain equipment reliability. Compliance certification, warranty claims, dispute resolution, and contract management ensure customer satisfaction. Financial modeling, risk mitigation, inventory optimization, logistics network, and order fulfillment streamline operations. Marketing automation, sales analytics, customer segmentation, product positioning, brand awareness, and market penetration drive growth. Competitive advantage is achieved through product innovation, technological advancement, software updates, hardware upgrades, data migration, system integration, data visualization, business process optimization, process automation, workflow management, resource allocation, productivity improvement, and efficiency gains.

Market Research Overview

The global diversified support services market encompasses businesses offering labor-intensive services to corporations and governments. This sector comprises companies providing commercial cleaning, dining and catering, equipment repair, industrial maintenance, auctioneering, storage and warehousing, transaction services, uniform rental, and other business support services. According to Technavio, market expansion will be fueled by the rising outsourcing trend, enabling businesses to focus on their core competencies while leveraging the expertise of support service providers. Additionally, factors such as inventory management, rental agreements, lease terms, delivery services, damage assessment, repair services, and technical support contribute to the market's growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/