Online Clothing Rental Market – Global Industry Analysis and Forecast (2023-2029)

Online Clothing Rental Market is expected to grow at a CAGR of 10.76% during the forecast period and Market is expected to reach US$ 4.98 Bn by 2029.
Online Clothing Rental Market Introduction and Market Scenario:
The global online clothing rental market is mainly driven due to increasing online retailers globally. Technological developments, internet penetration, and the increasing popularity of online shopping portals over the last few years effectively improve the online clothing rental market. Additionally, the increasing popularity of the film industry, television industry, and fashion vlogs is expected to boost the online clothing rental market growth. These industries require clothes for a short time, thus, they prefer renting instead of buying clothes. It ultimately raises the demand for online clothing rental in the future. The advancement in mobile Internet technology making online shopping more convenient. Also, the growing middle class and corporate sector in emerging economies are productive for the online clothing rental market.To know about the Research Methodology :- Request Free Sample Report

However, factors such as improper regulations, low consumer awareness, and less social acceptance are expected to obstruct the growth of the market. Similarly, the difference in sizes of clothes make difficulties and it is not possible to alter rented clothes as per the size of individuals. So, to overcome this problem, companies are coming up with innovative approaches such as live chats with fashion experts. Again, some companies also offer the same product in two sizes thus consumers can pick the most fitting product. Such innovative solutions provide profitable opportunities for market key players.

A brief analysis of drivers, restraints, opportunities, and challenges in the market is covered with examples by region in the report. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.
Online Clothing Rental Market Segment Analysis:
The global market is segmented into Dress Code and End-User. Based on end-user, the market is segmented into Men, Women, and Others. Among these, the women segment expected to hold the largest market share of xx% in the global market by 2029. This is mainly because women are more passionate about buying clothing or taking clothing on rent to following trends of fashion.

According to the dress code, the market is classified into Formal, Casual, and Traditional. The traditional segment is the fastest-growing segment in the market. This is because traditional clothes are worn during festivals and on special occasions thus, are used very little. Hence, consumers prefer renting them instead of purchasing them.

Additionally, fashion-conscious people who lack the finances to purchase clothes of their choice are expected to make use of the available resources to fulfill their desire. In addition, renting a product is always cost-efficient. Fashion trends are changing frequently so consumers prefer renting clothes to stay trendy. This fact will influence positively the market in the next few years. Further detailed analysis of each segment is explained in the MMR report.
Regional Insights:
North America accounts for the largest market share of xx% in the market followed by Europe. This is mainly because of the high purchasing power and fashion consciousness of consumers in North America. Also, the easy availability of broadband Internet in North America has been a major factor in the growth of the market. Also, Asia Pacific is expected to grow at the highest CAGR of xx% in the market during the forecast period. Factors such as the rising purchasing power of consumers due to the growing economy in the developing countries of APAC such as China and India, and increasing internet penetration are increasing the growth of the market in Asia Pacific.

The report focuses on the market value at the top regions and countries of the world, which shows a regional development, including market size, share, revenue, and much more across the globe. The report has covered, capacity, production value, cost/profit, and supply/demand by statistical analysis. A brief analysis of drivers, restraints, opportunities, and challenges in the market is also covered with examples by region. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.
Online Clothing Rental Market Scope: Inquire before buying



 Online Clothing Rental Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.43 Bn.


Forecast Period 2023 to 2029 CAGR:
10.76%
Market Size in 2029:
US $ 4.98 Bn.


 Segments Covered:
by Dress Code
Formal
Casual
Traditional


by Clothing Styles
Ethnic
Western
Others


by End User
Men
Women
Others



Key Players:
1. Rent the Runway
2. Share Wardrobe
3. Elanic Services Private Limited.
4. Secoo Holding Limited
5. Stylish Play
6. FlyRobe
7. Walkin Closet
8. Secret Wardrobe
9. Bag Borrow Steal
10. Dress & Go
11. Glam Corner Pty Ltd.
12. Gwynnie Bee
13. Le Tote
14. Lending Luxury
15. Others

Frequently Asked Questions:

1. Which region has the largest share in Global Online Clothing Rental Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Online Clothing Rental Market?
Ans: The Global Online Clothing Rental Market is growing at a CAGR of 10.76% during forecasting period 2023-2029.

3. What is scope of the Global Online Clothing Rental market report?
Ans: Global Online Clothing Rental Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Online Clothing Rental market?
Ans: The important key players in the Global Online Clothing Rental Market are – Rent the Runway, Share Wardrobe, Elanic Services Private Limited., Secoo Holding Limited, Stylish Play, FlyRobe, Walkin Closet, Secret Wardrobe, Bag Borrow Steal, Dress & Go,

5. What is the study period of this market?
Ans: The Global Online Clothing Rental Market is studied from 2022 to 2029.