In 2018, the Global Online Clothing Rental Market size was xx million US$ and it is expected to reach xx million US$ by the end of 2025, with a CAGR of xx% during 2019-2025.
Global Online Clothing Rental Market is valued at USD 1.12 billion in 2019 and expected to reach USD 2.25 billion by 2025 with a CAGR of 10.53% over the forecast period.
Growing trend of online shopping, increasing preference for designer clothing at a reasonable price, raising internet penetration, rapid advancements in technology and a rising usage of smartphones and e-commerce at a global level are the major factors for driving the growth of Global Online Clothing Rental Market.
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Online clothing rental includes services through which individuals can rent clothing for a predetermined period. These services are beneficial for people who participate in occasional events such as weddings, theme parties, corporate parties, and photo and film productions. Fashion-conscious people who don't have the financial resources to buy the clothes of their choice can also use the online clothing rental services. In addition, the online clothing rental service can also be used for people whose physique temporarily changes, such as pregnant women. Rental services provide these groups with cost-effective options, boosting the global online clothing rental market. Fashion-conscious people who don't have the funds to buy the clothes of their choice should make the most of the resources available. Renting products is always profitable, especially in an industry where industry trends change and consumers do not like to wear clothes repeatedly. As a result, consumers prefer to rent clothes to stay fashionable.
Due to the growing demand for high speed Internet services, the e-commerce industry continues to grow, which is one of the main factors driving the growth of the global online clothing rental market. According to data from the Indian Brand Equity Foundation (IBEF), India alone saw more than 500 million Internet users in the last quarter of 2015. The value of the Indian e-commerce market in 2015 was $ 13 billion, and that number will continue to grow to 188 billion US dollars by the end of 2025. Apparels industry was ranked second in the total market share of e-commerce industry.
Global Online Clothing Rental Market is segmented on the basis of dress code, market type, business model and end-user. On the basis of dress code, the market is segmented into formalwear, casuals, partywear and ethnics. On the basis of market type, market is segmented into B2B and B2C. On the basis of business model, the market is segmented into peer-to-peer model, hybrid model, standalone model, and others. On the basis of end-user, the market is segmented into men, women, and kids.
The regions covered in this Online Clothing Rental market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of Online Clothing Rental is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Rent the RunwayElanic Services Pvt Ltd.The Clothing RentalPoshmarkEnvogedEtasheeSecoo Holdings LtdFlyrobe.comGwynnie BeeLe ToteSwapdomStyleLendDress Hire others.
Global Online Clothing Rental Market Dynamics-
Growing trend of online shopping, increasing preference for designer clothing at a reasonable price, increasing number of youth population, raising internet penetration, rapid advancements in technology and a rising usage of smartphones and e-commerce at a global level are the major factors for driving the growth of Global Online Clothing Rental Market. As per the data revealed by World Economic Forum, in November 2019, around 35.2% of the total market share of rentals accounts for only rented clothing. Also, youth population holds around 65% of the total customer base for rentals.
Moreover, the popularity of fashion video blogs, the film industry and television, is expected to drive market growth. These industries need short-term clothing, so they prefer to rent rather than buy. Therefore, this growth is expected to affect the demand for online clothing rental in the coming years.
However, there are certain problems being encountered by customers when renting rather than purchasing. The most major of these being inability to customize the size of the apparel as per the body’s perfect fit. Rented clothes can not be altered or fitted according to the appropriate measurements. This is supposed to act as a restraining factor for the market growth.
There is a growing initiative being started by many companies to increase their customer base, that includes incorporating various innovative attributes. Live chat with stylists is more and more common and some companies offer the same products in two sizes so that customers can try and choose more suitable products. This innovative solution makes the limitations inherent in the online clothing rental market less inconvenient for market participants. This is expected to provide lucrative opportunities for the growth of online clothing rental market in coming years.
North America is expected to remain a dominant region in the Global Online Clothing Rental Market.
North America is rapidly developing into a growing market for online clothing rental. Youth population rents more and more items in the area to prevent possession. In the United States, clothing rents lag behind other categories, such as cars, furniture and electronics, but the trend in online clothing rents is catching up quickly. A survey by Unibail-Rodamco-Westfield of American customers showed that more than 9% of respondents were in favor of the idea of renting clothes. Businesses and retailers are also responding to the challenges and opportunities of online clothing rental.
Asia Pacific is expected to witness a fastest growth due to strong demand from developing countries like India and China. Increased consumer awareness and the popularity of the Internet are the main drivers of growth in the region. India and China represent more than 34% of the world's population, so increased consumer awareness in these countries is expected to affect overall growth. As per World Economic Forum (WEF), Future of Consumption Fast Growth Consumers Market India 2019 report, 1 in every 5 sophisticated rich population in India use rental apparel apps frequently, while around 50-60% population is aware about it. In these developing countries, consumers have found a better way to buy the clothes of their choice without having to buy them, so renting clothes is the right solution for them.
Key Benefits of Global Online Clothing Rental Market Report-
Global market report covers in depth historical and forecast analysis.
Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
By Dress-Code: Formalwear, Casuals, Partywear, Ethnics
By Market Type: B2B, B2C
By Business Model: Peer-to-Peer Model, Hybrid model, Standalone model
By End-User: Men, Women, Kids
By Regional Analysis:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
Table of Contents
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.4.1 Global Online Clothing Rental Market Size Growth Rate by Type (2014-2025)
1.4.2 Topical Products
1.4.4 Dermal Fillers
1.4.5 Chemical Peels
1.4.6 Microabrasion Equipment
1.4.7 Laser Surfacing Treatments
1.5 Market by Application
1.5.1 Global Online Clothing Rental Market Share by Application (2014-2025)
1.5.3 Dermatology Clinics
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Online Clothing Rental Market Size
2.2 Online Clothing Rental Growth Trends by Regions
2.2.1 Online Clothing Rental Market Size by Regions (2014-2025)
2.2.2 Online Clothing Rental Market Share by Regions (2014-2019)
2.3 Industry Trends
2.3.1 Market Top Trends
2.3.2 Market Drivers
2.3.3 Market Opportunities
3 Market Share by Key Players
3.1 Online Clothing Rental Market Size by Manufacturers
3.1.1 Global Online Clothing Rental Revenue by Manufacturers (2014-2019)
3.1.2 Global Online Clothing Rental Revenue Market Share by Manufacturers (2014-2019)
3.1.3 Global Online Clothing Rental Market Concentration Ratio (CR5 and HHI)
3.2 Online Clothing Rental Key Players Head office and Area Served
3.3 Key Players Online Clothing Rental Product/Solution/Service
3.4 Date of Enter into Online Clothing Rental Market
3.5 Mergers & Acquisitions, Expansion Plans
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