Online Clothing Rental Market to grow USD 3 billion 2021 - 2026

online clothing rental market to grow usd 3 billion 2021 2026

The global online clothing rental market size is estimated to increase by USD 3.00 billion from 2021 to 2026. The market's growth momentum will decelerate at a CAGR of 17.91%. The rising popularity of experiential marketing is a key online clothing rental market trend. In the online clothing rental market, vendors have adopted experiential marketing by including consumer participation in various marketing activities. Online fashion platforms involved in both sales and rental businesses attract more consumers through experiential marketing efforts. Consumers are encouraged to participate in various campaigns like live marketing, participation marketing, loyalty, and event marketing. Furthermore, millennials are the most important target group for experiential marketing efforts. Such factors are expected to propel the online clothing rental market growth during the forecast period.

Vendor Landscape - The global online clothing rental market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer online clothing rental in the market are AARK World Pvt. Ltd, Armoire Style Inc., Dress and Go SA, Front Row, Girl Meets Dress, Glam Corner Pty Ltd., Glamourental, Gwynnie Bee, La Reina Gown, Mine for Nine LLC, My Secret Wardrobe, Rent An Attire, Rent the Runway Inc., Rotaro, Style Lend Inc., Stylease Pvt. Ltd., TheDressBank, Urban Outfitters Inc., Wrapd, and Your secret closet and others.

Segment Overview - Technavio has segmented the market based on end-user (women, men, and children) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The market share growth by the women segment will be significant during the forecast period. Women select attires depending on different occasions like a date, formal meeting, and others. As occasional clothing wear is priced higher, women increasingly prefer renting clothing over purchasing them. Furthermore, dumping unwanted clothing into landfills has a serious environmental impact. There is also a rising number of branded clothing retailers pointing out that there has been a growth in the number of women returning sold items. Additionally, an increasing number of working women, who prefer online shopping for buying apparel due to a hectic lifestyle are driving demand for online luxury apparel.

Geography Overview - By geography, the global online clothing rental market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global online clothing rental market. APAC is estimated to contribute to 44% of the market's growth during the forecast period. The factors facilitating the growth of the market in the region include the demand for affordable fashion and a wide assortment of fashion goods. Market growth in the APAC region is expected to be faster than the growth of the market in other regions.

Leading Drivers - The growing e-commerce fashion industry is one of the major drivers supporting the online clothing rental market growth. The increasing clothing requirements of consumers are fulfilled through the provision of online rental services. Consumers prefer renting apparel through online platforms because of the availability of a wide product portfolio and the convenience offered by online services. With a large number of existing e-commerce players as well as startups expanding their operations by heavily investing in the online clothing rental business, the global online clothing rental market is expected to grow during the forecast period.

Major challenges - Inventory management is one of the primary challenges hindering the online clothing rental market growth. When there is a high demand for a particular type of clothing, and enough supply is not readily available to them, vendors face stock-outs. A high-speed reverse logistics system is needed to complete product returns. Then, the returns need to be closely inspected in terms of damages so that the respective customer could be held responsible for the damages. Hence, vendors must maintain a track of SKUs for clothing under different stages like new items, older items, damaged items, and return items for laundry services. Timely replacements of older clothing items with new items must be checked regularly by the vendors. Therefore, a weak inventory management system might affect the overall business of vendors operating in the global online clothing rental market.

The King of Luxury Goods

the king of luxury goods

As one of the most successful business leaders in the world, Bernard Arnault is an inspirational example of what hard work and ambition can accomplish. The CEO of LVMH Moet Hennessy Louis Vuitton (LVMH), Arnault, has overseen an incredible transformation of the company that has seen it become the world's largest luxury goods conglomerate. As a young entrepreneur, Arnault founded LVMH in 1984 after acquiring a majority stake in the wine and spirits company, Moet Hennessy. He quickly broadened the company's scope by adding additional luxury brands such as Louis Vuitton, Christian Dior, and Bulgari to the portfolio.

Through his leadership, LVMH has become a global powerhouse with a portfolio of more than 70 luxury brands and revenues in excess of $50 billion. But Arnault’s success has not been limited to LVMH. He has also been a major force in the art world, establishing the world’s largest private art museum, the Fondation Louis Vuitton, in 2014. He has been an active philanthropist, donating to causes such as the fight against cancer and environmental protection. Arnault’s success has been recognized by organizations such as the Financial Times, which named him one of the top business leaders of the past 25 years. Forbes currently ranks him as the richest person in the world in 2023.

At the helm of LVMH, Arnault has proven himself to be a master business strategist. He combines a deep understanding of luxury brands with a commitment to innovation and customer experience. Arnault has overseen numerous acquisitions and investments; these include the purchase of Tiffany & Co. in 2020, as well as the launch of new products and services, such as the LVMH Watch and Jewelry division in 2019. Arnault’s leadership of LVMH has been an inspiration to many. It testifies to the power of ambition and hard work. His success has been a major factor in the explosion of the luxury market. Yes, his legacy will be felt for years.

Under Arnault’s leadership, LVMH has become the world’s largest luxury goods company. It is a leader in the global luxury market. With over 70 brands, LVMH is the world’s largest producer of luxury goods. The goods include fashion and accessories, perfume, wines and spirits, watches and jewellery. In addition, the company has diversified its business by investing in companies such as Dior, Sephora, and Apple. As CEO, Arnault has been lauded for his innovative approach to business and vision for the future. He is well known for pushing the boundaries of luxury, creating unique experiences for customers and staying ahead of the competition. He has also been credited with creating the concept of “luxury populism,”. The concept allows customers to experience luxury without having to pay the full price.

Undoubtedly, Arnault’s leadership has been integral to LVMH’s success. Under his direction, the company has grown to become the world’s largest luxury goods company, with retail locations in more than 70 countries. In addition, the company has diversified its portfolio by investing in various industries, including technology and hospitality. As noted earlier, Arnault has received numerous awards and accolades. He was adorned "Person of the Year" by the Financial Times in 2020. He was celebrated as “Businessman of the Decade” by The Wall Street Journal in 2011. He has been recognized for his philanthropy, including a 2018 donation of $225 million to restore Notre Dame Cathedral.

Truly speaking, Bernard Arnault is a highly successful leader and an inspiring example for business professionals. His story has been an inspiration for many reminds us that hard work and dedication can pay off. LVMH's success stands as a testament to his leadership and vision. Interestingly, the world's largest luxury goods company in 2023 is a far cry from what it was in the past. Gone are the days of small, family-run businesses. The luxury goods industry has evolved into a multi-billion-dollar global enterprise driven by innovation, technology, and design. Today's luxury goods industry is dominated by a handful of industry giants such as LVMH, Kering, and Richemont. These companies have become trendsetters and industry leaders as they strive to create the best in luxury goods. They are constantly innovating and creating new designs, materials, and products that redefine the luxury goods market.

The world's largest luxury goods company in 2023 is a reflection of the changing industry. For example, LVMH has become a leader in the luxury goods industry, creating products that are both luxurious and sustainable. Kering and Richemont are also making a name for themselves in the industry by offering unique and innovative designs. Brands like LVMH and Kering are making sustainability a key focus of their businesses, with an emphasis on reducing environmental impact and creating high-quality, sustainable products.

The largest luxury goods companies are embracing technology to create better customer experiences. As such, companies like LVMH and Kering are investing heavily in technology to create an online presence for their brands and increase their customer engagement. They are also focusing on creating mobile apps that allow customers to shop and browse wherever they are.

Worldwide Home Automation USD 156 Billion by 2031

worldwide home automation usd 156 billion by 2031

The global home automation and controls market was valued at $52,982.2 million in 2021, and is projected to reach $156,586.5 million by 2031, registering a CAGR of 12.05% from 2022 to 2031. Home automation system refers to automatic and electronic control of household features, activity, and appliances. In addition, home automation is a network of hardware, communication, and electronic interfaces, which work to integrate smart devices with one another via Internet.

The key factor that drives the growth of the home automation and controls market include surge in adoption of energy efficient products and maintenance of secure & safe environment with enhanced user convenience in various industry verticals.

Rise in deployment of home automation devices in large commercial buildings and expensive homes is expected to drive the market growth for home automation and control system. Smart homes are gaining popularity with the introduction of high number of IoT applications, including heating, ventilation, HVAC system, multimedia, alarm systems, lighting, and home appliances.

However, security and control systems have become an essential part, owing to rise in security concerns in large commercial buildings.

Furthermore, surge in need for HVAC control, lighting control, and improved standard of living is expected to boost the market demand for home automation devices globally.

The home automation and controls market is segmented on the basis of type, technology, application, and region. By type, the market is divided into home automation system, mainstream home automation system, and managed home automation system. By technology, the market is analyzed across wired home automation systems, wireless home automation systems, power line home automation systems, and computing network home automation systems.

On the basis of application the market is fragmented into lighting, HVAC, entertainment, safety & security, and others. Region-wise, the home automation and controls market trends are analyzed across North America (the U.S., Canada, and Mexico), EMEA (the UK, Germany, Italy, France, Rest of Europe, Middle East and Africa), Asia (China, Japan, India, South Korea, and rest of Asia), and Latin America (Brazil, Argentina and Rest of Latin America).

The key players operating in the market include 2GIG Technologies, ABB Ltd, ADT Inc., AMX LLC, Control4 Corporation, Honeywell International Inc., Johnson Controls International PLC, Legrand Group (France), Leviton Manufacturing Co., Inc., and Siemens AG.

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the home automation and controls market analysis from 2021 to 2031 to identify the prevailing home automation and controls market opportunities. The market research is offered along with information related to key drivers, restraints, and opportunities. Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. In-depth analysis of the home automation and controls market segmentation assists to determine the prevailing market opportunities. Major countries in each region are mapped according to their revenue contribution to the global market. Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. The report includes the analysis of the regional as well as global home automation and controls market trends, key players, market segments, application areas, and market growth strategies.

Bechtel and Sabanci Renewables partner for US solar market

bechtel and sabanci renewables partner for us solar market

Bechtel has been selected to build a 272 MWdc solar facility for Sabanci Renewables, Inc. in Fort Bend County, Texas. The Fort Bend facility will be the first utility-scale solar project in the United States for Sabanci Renewables, Inc., a subsidiary of Sabanci Holding, one of Turkey's leading companies. Sabanci Renewables will own and operate the facility.

Bechtel's scope includes engineering, procurement, construction, commissioning, and project management for the Texas facility. Project construction will begin in the first quarter of 2023 with completion of the project expected in the second quarter of 2024. The solar energy generated at Cutlass Solar Two will connect to the Electric Reliability Council of Texas' Houston Zone, providing enough electricity to power approximately 40,000 homes with zero-carbon electricity, saving 600,000 metric tons of CO2 emissions per year.

"Bechtel is honored to partner with Sabanci Renewables to support a clean energy future," said Kelley Brown, EPC Operations manager, North America Core Renewables, Bechtel Infrastructure. "Bechtel's use of new technology in robotics and digital management will help move Cutlass Solar Two from construction to operations in record time, bringing additional renewable energy generation to Texas."

Bechtel offers cutting-edge innovation, such as automated equipment for efficiency and use of robotics for digital mapping, to deliver world-class renewable energy facilities. Bechtel has developed and built high-quality renewable energy assets by deploying streamlined integrated project development and EPC solutions for customers in the market facing constraints amidst unprecedented global demand for clean energy.

"Sabanci and Bechtel closely collaborated to develop the project on a record schedule, and we are confident our partnership will successfully deliver our first U.S. renewable energy facility as planned," said Ismail Bilgin, CEO of Sabanci Renewables, Inc. "Bechtel's strong reputation for successful EPC execution, including its global supply chain expertise, its ability to attract and train local workforce, and its reputation to self-perform design and construction of clean power facilities across the U.S. made them the right choice to build the project. We believe this is the start of a long-lasting partnership developing renewable energy projects in the U.S."

Bechtel will engage regional vendors in Texas and the U.S. Gulf Coast states and implement training programs for local community residents. During construction, Bechtel will employ more than 200 people from the local area including electricians, operators, safety professionals, solar installers, and general laborers. Local and on-site training will be provided to all project personnel focusing on quality inspections; OSHA Safety; First Aid/CPR; and solar-specific installation, tools, and equipment operation. 

Bechtel Enterprises, the company's project development and financing arm, was instrumental in the development of the Cutlass Solar Two project. 

"Bechtel is advancing local decarbonization and resiliency efforts throughout the United States by efficiently creating new clean energy projects with our integrated development plus EPC approach," said Matt Strangfeld, Managing Director, Clean Energy Development.

Bechtel is currently working on several gigawatts of solar power projects in various stages of development and construction throughout the United States. Applying its EPC experience and expertise, Bechtel is involved from the conceptual stage through commissioning and handover to ensure schedule certainty, local content, systems integration, and sustainability for innovative clean energy and renewables projects.

Bechtel is continually looking for talent and is actively recruiting experienced craft professionals, engineers, estimators, and project managers seeking to support making the world a cleaner, greener, safer place.

Bechtel is a trusted engineering, construction and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers' objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world's infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place. 

Sabanci Renewables Inc. is a wholly owned subsidiary of Sabanci Holding, a leading Turkish conglomerate founded in 1967. Sabanci Holding is engaged in a wide variety of business activities through its subsidiaries and affiliates, mainly in the banking, financial services, energy, industrials, building materials and retail sectors. Under energy business, Sabanci has strong reputation on development and operations of power plant projects and successfully developed and currently operating 4 GW of diversified power plant portfolio in Turkey, in five different asset classes. Through Sabanci Renewables, the group targets operational or late-stage development utility scale solar and on-shore wind projects predominantly in ERCOT/Texas market.