Party Product Rental Global Market Report 2024

The party product rental market size has grown rapidly in recent years. It will grow from $2.23 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to various factors, including economic conditions, consumer spending patterns, seasonal demand fluctuations, technological advancements in rental systems, and competition intensity.

The party product rental market size is expected to see rapid growth in the next few years. It will grow to $3.96 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to several factors, including an increase in event hosting, cost-effectiveness, convenience, and variety offered by party product rental services. Additionally, the growth of the event planning industry, urbanization leading to smaller living spaces, and trends towards customization and personalization are contributing to the growth. Major trends in the forecast period include the expansion of the rental market, sustainable party supplies, customization options, virtual party packages, eco-friendly rentals, DIY party kits, and themed party packages.

The party product rental market is poised for growth, driven by the increasing number of corporate conferences and events. These gatherings serve as platforms for networking, professional development, and knowledge exchange among employees, clients, and industry professionals. As such events gain recognition for their role in fostering business relationships and individual growth, the demand for party product rental services rises. These services provide essential equipment and amenities such as audiovisual gear, furniture, and decor, ensuring smooth event execution and creating an engaging environment for attendees. For example, a survey by American Express Global Business Travel revealed that 67% of companies anticipate increased event spending in 2024, with 10% expecting a significant rise of 11% or more. Moreover, 70% of respondents foresee attendee numbers returning to pre-pandemic levels by 2024, signaling a promising outlook for the party product rental market's growth.

Leading companies in the party product rental market are focusing on offering customized and themed event kits to meet evolving consumer preferences and stay competitive. These kits, comprising themed decorations such as banners, lights, and props, are designed to create a cohesive ambiance for various occasions. For instance, Wilton Brands LLC recently launched a new line of Halloween kits featuring customizable decor elements and themed designs, catering to autumn celebrations. These kits, including vampire decorating sets and skull sprinkles, complement Wilton's existing range of seasonal bakeware and promise to elevate any Halloween gathering with ease.

In January 2024, Logistic Events Corporation strengthened its position in the party rental market by acquiring Diamonette Party Rental, a company known for its diverse range of rental products and services. This strategic move enables Logistic Events to expand its portfolio and enhance its offerings to meet the growing demand for party rental solutions.

Major companies operating in the party product rental market are CORT Party Rental, Chase Canopy Company Inc., Marquee Event Group, Bright Event Rentals LLC, The Party Rent Group, Broadway Party Rentals Inc, All Occasions Party Rental, Party Reflections Inc, Atlas Event Rental, Stuart Event Rentals, Big D Party Rentals, Event Source JBK Group Inc, Avalon Tent and Party Corp, A Classic Party Rental, Baker Party Rentals, Classic Party Rentals, J & J Tent And Party Rental, Cabaret Tent and Party Rental, AAA Party Rentals, Bethel Party Rentals, Pleasanton Rentals Inc, Ventura Rental Party & Events, Ultimate Events and Party Rentals, Diamond Event & Tent, Signature Party Rentals.

North America was the largest region in the party product rental market in 2023. The regions covered in the party product rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the party product rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Party product rental involves temporarily acquiring various event-related items such as furniture, decorations, and equipment from rental companies that offer delivery, setup, and pickup services. This option provides a convenient and cost-effective solution for individuals and organizations hosting events, allowing temporary access to a wide range of items without the need for long-term ownership or storage.

The main types of party product rental include audiovisual equipment, beverage servers, cooking equipment, flooring and staging, lighting, and others. Audiovisual equipment enhances sound and visual experiences at events, ensuring clear audio and high-quality visuals in presentations, speeches, or music. These rental products cater to various applications, including corporate functions, family events, and non-governmental organizations (NGOs), serving customers such as individual consumers, event planners, corporate clients, government entities, municipalities, caterers, and catering services.

The party product rental market research report is one of a series of new reports that provides party product rental market statistics, including party product rental industry global market size, regional shares, competitors with an party product rental market share, detailed party product rental market segments, market trends and opportunities, and any further data you may need to thrive in the party product rental industry. This party product rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The party product rental market includes revenues earned by providing services such as delivery, setup, and teardown of rental items, consultation and planning services provided to clients, and maintenance or support during events. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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