Online Clothing Rental Market Growth Accelerated By Emergence Of New Business Models
Online Clothing Rental Market Growth Accelerated By Emergence Of New Business Models
Emergence of new business models is driving the online clothing rental market growth substantially. New businesses are adopting innovative subscription models with flexible rental

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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