PUBLISHER: Allied Market Research | PRODUCT CODE: 1414907
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414907
According to a new report published by Allied Market Research, titled, "Online Clothing Rental Market," The online clothing rental market was valued at $1.1 billion in 2022, and is estimated to reach $2.6 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
Online clothing rental platforms have immensely contributed to the revenue of the overall online clothing market, by increasing the availability of clothing items with convenience. In addition, online clothing rental platforms are used by people who need clothes for special occasions but prefer not to purchase new clothing every time. From a consumer point of view, clothing rental service providers offer value for money and access to a wide variety of products. They provide access to these apparel without ownership, which is an upcoming trend among millennial consumers who prefer economical alternatives.
Advancements in technology have increased the penetration of the internet as well as the higher utilization of smartphones that has led to the better communication between users and owners through online platforms.
The online clothing rental market exhibits robust growth in North America especially in the U.S., due to the presence of major online clothing rental companies, better opportunities for start-ups in the region, and deeper market penetration. Countries in the Asia-Pacific region such as India and China are witnessing market penetration due to increase in market knowledge and rise in popularity of online clothing rental start-ups.
According to the online clothing rental market analysis, the market is segmented based on clothing style, end user, business model, and region. On the basis of clothing style, the market is segmented into ethnic, western, and others. On the basis of end user, the market is categorized into women, men, and kids. On the basis of business model, it is segregated into subscription based, standalone, and peer to peer. On the basis of region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and the rest of LAMEA).
Glam Corner Pty Ltd., Le Tote, Inc. , Gwynnie Bee, Dress & Go, Rent the Runway, Inc., Front Row, Nuuly, FLYROBE, By Rotation Limited, and MyWardrobeHQ Ltd. are the major companies profiled in the online clothing rental market report. These players are constantly engaged in various developmental strategies such as partnerships, mergers, acquisitions, and new product launches to gain a competitive edge and exploit the prevailing online clothing rental market opportunities.
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