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| Online Clothing Rental Market |
The online clothing rental market caters to the rising demand for clothing items like formal shirts, jeans, skirts, dresses and accessories on rental basis. Online clothing rental helps people access high-quality apparel and accessories without the large investment to own the products. Customers can rent different clothing items for occasions like office parties, special events and weddings. The global Online Clothing Rental Market is estimated to be valued at US$ 8388.65 Mn in 2024 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Emergence of new business models is driving the online clothing rental market
growth substantially. New businesses are adopting innovative subscription
models with flexible rental periods like weekly, monthly or seasonal
subscriptions. This allows customers to choose plans as per their needs and
budget. Subscription services are gaining immense popularity especially among
working professionals who need to change their outfits regularly. The new
subscription models offered by companies like Rent the Runway are accelerating
the market growth rapidly.
Segment
Analysis
The global online clothing rental market is dominated by the women's wear
sub-segment. This sub-segment holds the largest market share as women are more
attracted towards renting designer and formal dresses for occasional events.
They prefer renting expensive dresses for a shorter period rather than
purchasing them.
Key Takeaways
The global Online
Clothing Rental Market Growth is
expected to witness high growth over the forecast period.
Regional analysis: North America currently holds the largest share in the
online clothing rental market owing to rising disposable incomes and growing
popularity of renting clothes for various occasions in countries like the US
and Canada. Europe is witnessing fast growth due to increasing adoption of
sustainable practices in countries like the UK, Germany, and France.
Key players
operating in the online clothing rental market are Cisco, Microsoft, IBM,
VMware, and Juniper Networks. Cisco is the current market leader due to its
strong portfolio of networking hardware products and solutions. Microsoft is
gaining market share rapidly through its cloud computing offerings like Azure
and partnerships with various IT service providers. IBM has a major focus on AI
and hybrid cloud technologies. VMware provides virtualization solutions widely
adopted by enterprises
For more insights, read- https://www.ukwebwire.com/online-clothing-rental-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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