Rental Market

Korea’s rental market covering cars, consumer electronics, industrial machinery and equipment, household items and the like is estimated to reach a size of 40.1 trillion won in 2020.
Korea’s rental market covering cars, consumer electronics, industrial machinery and equipment, household items and the like is estimated to reach a size of 40.1 trillion won in 2020.

 

The KT Economic Research Institute said on September 3 that South Korea’s rental market covering cars, consumer electronics, industrial machinery and equipment, household items and the like is estimated to reach a size of 40.1 trillion won in 2020.

Three years ago, the institute had estimated the market size for this year at 25.9 trillion won. The institute mentioned at this time that the growth of the domestic rental market is likely to accelerate for a while, led by IoT devices, as the IoT industry is showing a rapid growth these days and a large number of IoT products were put on the market in 2014 and 2015.

“The number of IoT devices in use across the world is forecast to increase from approximately 6.4 billion to 20.8 billion or so between this year and 2020,” it explained, continuing, “IoT device rental demands are predicted to show a significant increase at the same time.”

According to the research institute’s recent report, the market size regarding the rental of personal and household items, such as VR and AR gadgets, smart watches and drones, is likely to increase from 5.5 trillion won to 10.7 trillion won during the same period.

“Unprecedented personalized rental services have appeared in the form of mobility sharing, the AI robot named Pepper, etc.” it went on to say in the report, adding, “The consumption of rental products will continue to increase, led mainly by single-person households, as a variety of products can be used at low prices based on the employment of ICT technology like big data and AI.”

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