The report is a compilation of the global trends, key opportunities and the various segments based on the type of end user, clothing styles, and the geography. It also includes the key drivers responsible for the rapid growth of the market as well as Porter’s Five Forces Analysis.
Portland, OR -- (SBWIRE) -- 08/11/2017 -- Allied Market Research has recently published an in-depth report on the Online Clothing Rental Market for the forecast 2017–2023.
According to projections made by expert analysts, the market is expected to grow to $1,856 million by the end of 2023 from $1,013 million in 2017, at a CAGR of 10.6%. The market overview covers topics such as the positioning of the market in the year 2016, the changing dynamics, including the scope of the market in the forecast period.
The research attributes the rapid growth of the market to the increasing use of technology. The advancement in technology has resulted in widespread penetration in the market. The key drivers of the online clothing rental market are the increased convenience and affordable nature of the market. The consumers are drawn to the online clothing rental market mainly due to the immense value for money it offers. Lack of awareness of the online clothing rental market is one of the restraints that it faces.
The segmentation based on the type of end users constitutes of women, men, and kids. Women form the larger consumer base of this market. The market also offers varied styles of clothing such as ethnic and western. The market share occupied by the end users and the different clothing styles has been compiled on the basis of data acquired by analysts. The data is a compilation of the intensive primary and secondary research carried out by Allied Market Research.
The report presents the geographical synopsis of the presence of the online clothes rental market in areas such as North America, Europe, Asia-Pacific, and LAMEA. The area specific market trends, factors influencing the growth, and the various growth opportunities are also a part of the detailed study. North America was found to be the major player with the biggest market share of 40% in the year 2017 followed by Europe. The Asia-Pacific region would offer tremendous growth opportunities for the stakeholders in the years to come. Rapid urbanization and increased use of the internet in countries such as India and China would propel the growth of the online clothing rental market.
The major players in the market are Chic by Choice, Dress & Go, Glam Corner Pty Ltd, Gwynnie Bee, Le Tote, Lending Luxury, Rent the Runway, SecoHoldings Limited, Secret Wardrobe and Share Wardrobe. The overview of the organizations, various business segments that they operate in, and the analysis of their business performance are compiled as a part of the report. The key strategies adopted and recent developments that give the reader a critical insight constitute a large part of the research.
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Key Points to Consider:
- The report presents an in-depth analysis of the online clothing rental market and the future trends for 2017–2023.
- Developing countries such as India and China would emerge as the fastest growing geographical regions in the online clothing rental market.
- Based on the type of end users, women would continue to dominate the market. They accounted for nearly 58% of the market share in the forecast period.
- Social network sites will continue to enhance the growth of the online clothing rental market.