Global Online Clothing Rental Market 2031:
The global online clothing rental market size was valued at USD 1.22 Billion in 2022 and is projected to reach USD 2.54 Billion by 2031, expanding at a CAGR of 8.5% during the forecast period 2023 - 2031. Online clothing rental is a service that allows clients to hire clothes for price and time.
This service is useful for customers looking for a designer outfit for an event such as theme parties, weddings, corporate parties, and filming. Furthermore, clothing rental is appropriate for people who are experiencing transient changes in their physical appearance.
Online Clothing Rental Market Trends, Drivers, Restraints, and Opportunities
- Rising use of internet and smart phones for shopping is driving the online clothing rental market
- The expansion of the market is attributed to the high demand for western designer dresses among women worldwide.
- Growing demand to look fashionable among customers fuels the market.
- Rising trend of wearing designer outfits such formal clothing and pricey blazers and suits, among the price-conscious, is likely to drive the market.
- The demand for men's clothing and apparel is growing due to increasing number of metrosexual males, thus catapulting the market.
- The shifting propensity of men toward branded products, and increasing focus of online portals companies on men's rental clothes are expected to propel the market.
- Growing need to access luxury goods to keep abreast with ever-changing fashion is fueling the global online garment rental market.
- Emphasis on sharing rather than owning, instant access to items that one desires to wear without wearing the same outfit over and over again, and rising awareness about the environmental impact of fast fashion are driving the global online clothing rental market.
- Low cost and perks such as free trials at home drive the market.
- Easy use of online retail is a key driver of the global online clothes rental market.
- The growth of mobile internet technology has increased the demand for online renting by making the process easy.
- Ineffective legislation, lack of awareness among consumer, and low societal acceptance are expected to hamper the market.
- The lack of customizability is a significant commercial barrier impeding the market.
- The industry is highly fragmented due to the presence of numerous unorganized manufacturers who offer low-cost, non-branded products.
- Fashion-conscious individuals who lack the financial means to purchase garments of their choosing are expected to take full advantage of the online clothing rental market.
- Manufacturers' have increased their attention on the children's sector, which is projected to create opportunities in the near future.
Scope of Online Rental Market Report
The report on the global online rental market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Global Online Clothing Rental Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
2016 & 2021
Product Types (Knitwear, Trousers & Jeans, Jumpsuits, Suits & Blazers, Coats & Jackets, Skirt & Shorts, Ethnic Wear, and Others), Business Model (Standalone and Subscription), Price Range (Premium, Medium, and Low), End-users (Business-to-Business (B2B), Business-to-Consumer (B2C), and Consumer-to-Consumer (C2C)), Consumer Orientation (Men, Women, and Kids)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market Scope, Analysis, Share, Competitive Analysis, Growth facts, Restraints, Opportunities, and Revenue forecast
Key Players Covered in the Report
Rent the Runway; Rotaro; GlamCorner Pty Ltd.; Gwynnie Bee Company; Mine for Nine LLC; Dress Hire AU; ThreadTread; Nuuly; Rent The Front Row LLC; Dress & Go Company; Chic by Choice Company; Style Lend Company; Rent It Bae Company; Rent My Wardrobe; The Clothing rental.
Online Rental Market Segment Insights
Suits & Blazers segment to expand at a substantial CAGR
Based on product types, the online rental market is segmented into knitwear, trousers & jeans, jumpsuits, suits &blazers, coats & jackets, skirts& shorts, ethnic wear, and others. The suits & blazers segment is expected to grow at a rapid pace, as ethnic garments are primarily worn during special events, therefore, their use is limited. As a result, people prefer to rent these clothes rather than purchasing them.
The standalone model segment is expected to have the largest market share.
In terms of business models, market is bifurcated into standalone and subscription. The standalone segment is projected to account for large revenue share during the projected period, as these clothes are worn sparingly on special events that do not often occur at steady intervals.
Low range segment holds significant market share
On the basis of price ranges, the online rental market is fragmented into a premium, medium, and low range. The low range of rental clothing is expected to account for a significant share of the market.
Business-to-consumer (B2C) segment to account for dominant market share
Based on end-users, the market is divided into business-to-business (b2b), business-to-consumer (b2c), and consumer-to-consumer (c2c). The B2C segment is expected to constitute a key share of the market. Players in the online rental industry are directly offering their services to clients at a fair price and with a wide range of brand possibilities. Rent the Runway, for example, has a large collection of designer fashion and specifically catering to events.
Women segment to account for key market share
In terms of consumer orientations, the online rental market is classified as men, women, and kids. The women segment is expected to continue to dominate the market during the forecast period. Women's clothing emphasizes on fashion rental platforms. The continued demand for western designer dresses among women worldwide is likely to fuel the expansion of the online clothing rental market during the forecast period.
Region segment's market share is dominated by North America
In terms of regions, the global online rentalmarket is split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Growing emphasis on renting rather than buying clothing that one wants to use without reusing/repeating and expanding awareness about the good ecological implications of renting garments, the demand for online clothing rental in North America is increasing.
- Trousers & Jeans
- Suits & Blazers
- Coats & Jackets
- Skirt & Shorts
- Ethnic Wear
- Standalone Model
- Subscription Model
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Consumer-to-Consumer (C2C)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Rent the Runway
- GlamCorner Pty Ltd.
- Gwynnie Bee Company
- Mine for Nine LLC
- Dress Hire AU
- Rent The Front Row LLC
- Dress & Go Company
- Chic by Choice Company
- Style Lend Company
- Rent It Bae Company
- Rent My Wardrobe
- The Clothing rental
Key players in the online rental market include Rent the Runway; Rotaro; GlamCorner Pty Ltd.; Gwynnie Bee Company; Mine for Nine LLC; Dress Hire AU; ThreadTread; Nuuly; Rent The Front Row LLC; Dress & Go Company; Chic by Choice Company; Style Lend Company; Rent It Bae Company; Rent My Wardrobe; The Clothing rental. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.