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Online Clothing Rental Market: Global Trends and Future Insights | 2024 To 2033 Key Players Style Lend Company, Rotaro Engineers Private Limited, Rent the Runway Inc., Aark World Private Limited.
Online Clothing Rental Market Share
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According to The Business Research Company's, The online clothing rental market size has grown rapidly in recent years. It will grow from $1.57 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to changing consumer attitudes towards ownership, increased environmental awareness, rise of the sharing economy, desire for fashion variety without long-term commitment, growth of e-commerce and digital platforms.
The online clothing rental market size is expected to see rapid growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to rise in sustainability consciousness, adoption of circular fashion practices, increased focus on experiential and on-demand fashion, increasing demand for designer outfits, growing desire for shifting fashion proclamations. Major trends in the forecast period include technological advancements in virtual fitting and sizing, emergence of specialized rental platforms for specific clothing items, collaboration between fashion brands and rental platforms, integration of artificial intelligence in personalized fashion recommendations, expansion of rental services to high-end and designer fashion.
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Market Drivers and Trends:
The increase in mobile and internet penetration is expected to propel the growth of the online clothing rental market. Economic development, IT infrastructure, supportive government, and business policies, and the degree of urbanization all have a positive impact on mobile and internet growth. In an online clothing rental service, a person rents clothing online with the use of the internet and makes the payment online. For instance, according to Data Reportal, a Singapore-based business intelligence company, in October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there are 6.378 billion (80.76% of the world population) smartphone users. Therefore, increasing mobile and internet penetration is driving the growth of the online clothing rental market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Style Lend Company, Rotaro Engineers Private Limited, Rent the Runway Inc., Aark World Private Limited, Mine for Nine LLC, Le Tote Inc., La Reina Inc., Gwynnie Bee, Glam Corner Pty Ltd., Omapal Technologies Pvt. Ltd., Dress Hire, Dress & Go Locação de Vestidos e Acessórios Ltda, Threads (India) Limited, Stylish Play LLC, The Secret Wardrobe Ltd., Nuuly Rent URBN SR LLC, Armoire Style Inc., Haverda sh, The Mr. & Ms. Collection, Tulerie Inc., Curtsy Inc., Wardrobe Icons Ltd., Voice over Long-Term Evolution, Dress Up India Private Limited, Fitzroy Robinson Ltd., The Borrowed Collective Ltd., Designer Wardrobe Ltd., The Clothing Rental, The Wardrobe Company Ltd., The Style Capsule
Online Clothing Rental Market 2024 Key Insights:
• The online clothing rental market size is expected to see rapid growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Rise In Mobile And Internet Penetration Propel The Growth Of The Online Clothing Rental Market
• Introduction Of Blockchain Based Cloth Rental Services
• North America was the largest region in the online clothing retail market in 2023
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