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Product Overview
Online clothing rental refers t- services that enable people t- rent clothing for a set period of time online. Individuals wh- are involved in sporadic activities such as weddings, theme parties, corporate parties, photoshoots, and filming may benefit from these facilities. Online apparel rental services are available t- fashion-conscious individuals wh- d- not have the financial means t- buy the clothing of their choosing. Furthermore, online clothing rental services are beneficial t- people wh- are experiencing temporary changes in their bodies, such as pregnant women. Rental services are a cost-effective alternative for this population, which has influenced demand from the world market for renting online clothing.
Market Highlights
Global Online clothing rental market is expected t- project a notable CAGR of 10.41 % in 2030.
Global Online clothing rental market t- surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 10.41% in the coming years, i.e., 2021-30. Increased simplicity of use of online retail is the key driver of the world online clothing market. In addition, rapid growth in internet penetration, which boosted the market, has been observed in the last decade. The advancement in mobile internet technology has made the demand for online rental even easier. In addition, an expanded e-commerce market als- supports a high level of growth within Asia-Pacific. In the near future, e-commerce channels will gain traction in the online rental market with certain limitations, such as unregulated markets, specific leasing policies, and reduced social acceptance and population platforms.
Global Online clothing rental Market: Segments
Traditional segment t- grow with the highest CAGR during 2020-30
Global Online clothing rental Market is segmented by dres' code type int- Formal, Casual, and Traditional. During the projected timeline, traditional is expected t- have the highest market share. Traditional clothing is worn during festivals and therefore very little is used on rare and special occasions. Consumers, therefore, prefer t- rent them rather than buy them. In 2020, formal clothing is expected t- hold the largest market share of approximately. Official clothing such as suits and blazers is costly and requires maintenance s- rental is a better option for price-conscious and young consumers. During the projected timeframe, the casual wear segment has significant market shares. It includes sportswear, for example, players wh- cannot get sportswear can rent on the website.
Offline segment is anticipated t- register of the volume share and is expected t- grow at a highest CAGR.
Global Functional Apparel Market is segmented by distribution channel int- Online and Offline. The segment is expected t- expand dramatically as customers increasingly tend t- rent items from stores for use in functional apparel, as the product material needs t- be seen and should be suitable for ideal fit. The simple and comprehensive availabilities in supermarkets of practical clothing items allow consumers t- select a wide variety of goods. This is intended t- contribute t- the growth of the offline segment.
Global Online Clothing Rental Market Dynamics
Drivers
Surging demand for active apparel
Functional clothing is als- becoming increasingly important in the global market due t- development in technology and the desire for people for enhanced results. Changing people's lifestyles and an increasing desire t- use active clothing are als- anticipated t- fuel demand for functional clothing in recent years.
Rapid advancement in the online market
Continuous improvement of use of online retail is the major driver of the global online clothing lease market. Due t- the rapid progress in telecommunications technology, the popularity of Online shopping portals has increased rapidly in the last decade. The progress in mobile Internet technology has made online shopping even more efficient by increasing its demand. In emerging markets, the rapidly growing middle and company industry als- broadened the demographic target for online clothing rental. These tw- factors are t- have a strong impact on the global market for online clothing rent in the future.
Restraint
Lack of Adaptability
A lack of adaptability is the main restriction of the global online clothing rental market. Unlike clothing acquired, which can be refitted or even customized before purchase as per the measurements taken, the rental clothes cannot be adjusted precisely t- meet the needs of the customer. This gives users of online clothing rental services considerable dissatisfaction.
Global Online Clothing Rental Market: Key Players
Secret Wardrobe
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Rent the Runway
Share Wardrobe
Elanic Services Private Limited
Seco- Holding Limited
Stylish Play
FlyRobe
Walkin Closet
Other Prominent Players
Global Online clothing rental Market: Regions
Global Online clothing rental Market is segmented based on regional analysis int- five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected timeline, North America ought t- have the highest share in the total market for Online clothing rental. North America has a market share of approximately and is expected t- see a major CAGR in the near future. In the United States, the majority of shares are contributed and CAGR are anticipated t- be over during the projected timeframe. In the United States. Europe has a market share of around in 2020 and is the 2nd biggest segment. Due t- its high spending power and fashion-conscious consumers in countries like France, Italy, and the UK, Western Europe is the predominant sector in Europe.
Global Online clothing rental Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Online clothing rental report als- contains analysis on:
Online clothing rental Segments:
By Dress Code Type:
Formal
Casual
Traditional
By Distribution Channel
Online
Offline
Online clothing rental Dynamics
Online clothing rental Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints