Online Clothing Rental market COVID-19 Impact, Trends & Business Statistics By 2025
Posted by Mrudula Anil Karmarkar on July 5th, 2022
The global online clothing rental market size is expected to reach USD 2.09 billion by 2025 and is anticipated to register a CAGR of 9.4% during the forecasted period, according to a new report by Grand View Research, Inc. Changing fashion trends and rising penetration of internet are among the key factors driving the growth.
Women segment leads the market and is expected to expand at a CAGR of more than 9.8% over the forecast period. The trend of not using the same clothes for a long time and creating unique personal style or fashion statement are among the prominent factors driving the grow. Apart from women, the kids segment is also anticipated to witness significant growth in the upcoming years. Rising preference for renting children’s clothes, is expected to positively impact the overall growth.
Renting traditional clothes is found to be the fastest growing segment on the basis of dress code. Younger consumers prefer renting traditional clothes as these cloths are used only on rare occasions. Apart from traditional clothes, the formal segment is also witnessing a significant growth. It is hard to purchase and maintain a variety of formal clothes for the young as well as price-conscious consumers, thus, they prefer renting the clothes.
North America is the leading market for the industry and accounts for nearly 40% of the market share. Europe is the second largest market for online clothing rental. Europe is known for its fashion trends, hence, young consumers want to keep themselves updated with the latest fashion. Thus, they prefer renting instead of buying impacting the overall growth.
Asia Pacific is found to be the fastest growing region due to developing nations such as India and china which accounts for more than 34% of the global population. The increasing awareness about the service, and internet penetration are among the prominent factors for the growth of the industry in the region.
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Further key finding from the report suggests:
The Clothing Rental, Rent the runway, Flyrobe.com, Share Wardrobe, Secoo Holding li Mited, Gwynnie Bee, Le Tote, Swapdom, StyleLend, and Dress Hire are some of the key market players. The market poses a moderate to low entry barrier as this industry is new. Hence, to expand the business further, many new companies are joining the market. The overall market is driven by product innovation and introduction of advanced features to enhance consumer experience.
Grand View Research has segmented the global online clothing rental market on the basis of end use, dress code:
Online Clothing Rental End Use Outlook (Revenue, USD Billion, 2015 - 2025)
Online Clothing Rental Dress Code Outlook (Revenue, USD Billion, 2015 - 2025)
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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