Online Clothing Rental Market Report

SHERIDAN, ALABAMA, UNITED STATES, June 27, 2023/EINPresswire.com/ -- According to the latest report by IMARC Group, titled “Online Clothing Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global online clothing rental market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.65% during 2023-2028.

Online clothing rental is a service enabling individuals to rent a diverse range of garments and accessories from an online platform for a specified duration, thereby avoiding the need for purchase. Online clothing rental works through platforms offering a wide selection of diverse clothing options, providing convenient, affordable, and flexible services with quality assurance as well as professional cleaning and maintenance. Online clothing rental allows users to browse, select, and book clothing items by specifying their preferences, and after delivery to their address, the consumers can return the garments using a provided shipping label or drop-off service. Certain rental services also provide accessories and personalized styling suggestions or access to fashion experts.

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Industry Growth:

The global market is primarily driven by the increasing awareness of the environmental impact of fast fashion. This can be attributed to the rising concerns to minimize the carbon footprint associated with clothing production and disposal. In line with this, the easy accessibility to a wide variety of designer or high-quality clothing without committing to a long-term purchase is providing an impetus to the market. Moreover, the rapid changes in fashion trends are resulting in an augmented demand for convenient and cost-effective ways to experiment with new trends, which is impacting the market positively. Furthermore, the introduction of flexible subscription plans, and aggressive marketing and promotion campaigns by the key players are creating lucrative opportunities in the market. Some of the other factors contributing to the market include considerable rise in social media and influencer culture, the increasing demand for closet decluttering, and growing awareness regarding overconsumption among the masses.

Competitive Landscape with Key Players:

• Clothing Rental
• Dress & Go
• Rent it Bae
• Glam Corner Pty Ltd
• Gwynnie Bee
• Le Tote
• Rent The Runway Inc.
• StyleLend

Key Market Segmentation:

Breakup by Clothing Styles:

• Western Wear
• Ethnic Wear
• Others

Breakup by End User:

• Women
• Men
• Kids

Breakup by Price Range:

• Low
• Mid
• Premium

Breakup by End Use Sector:

• Business to Consumer (B2C)
• Business to Business (B2B)

Breakup by Business Model:

• Peer-to-Peer Model
• Standalone Model
• Hybrid Model

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Anand Ranjan
IMARC Services Private Limited
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