The latest report by IMARC Group, titled “Online Clothing Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global online clothing rental market size reached US$ 2.0 Billion in 2022. Online clothing rental refers to a collection of services that allow consumers to rent garments for a predefined period. These platforms provide designer apparel, accessories, and footwear in various sizes, brands, and colors. Individuals who prefer premium branded products at affordable prices for occasional events, including theme parties, weddings, filmmaking, and photoshoots, utilize online clothing rental services. In recent years, online clothing rental has gained popularity due to the exponential rise in the online retail sector.
Global Online Clothing Rental Market Trends:
One of the primary factors driving the market is the rapidly growing urban population with higher fashion consciousness. Additionally, millennials nowadays prefer wearing designer apparel without owning them to keep up with the ever-changing fashion trends, thereby creating a positive market outlook. In line with this, the growing emphasis on sharing instead of owning enables consumers to try various apparel without purchasing them. Other than this, the growing environmental consciousness in confluence with the rising awareness about sustainable clothing and the positive environmental effects of sharing and reusing apparel is positively influencing the market growth. Besides this, in recent times, sustainability approaches, including pre-owned apparel, minimal plastic packaging, and efficient use recyclable, renewable, and production resources, including water, power, and other materials, have been adopted, thus contributing to the market growth. Other major growth-inducing factors include increasing internet penetration, expanding disposable income levels, and increasing adoption of subscription-based models. Looking forward, IMARC Group expects the market value to reach US$ 3.5 Billion by 2028, expanding at a CAGR of 9.65% during the forecast period (2023-2028).
- Based on the clothing styles, the market has been divided into western wear, ethnic wear, and others.
- On the basis of the end user, the market has been segmented into women, men and kids.
- Based on the price range, the market has been segregated into low, mid, and premium.
- On the basis of the end use sector, the market has been bifurcated into business to consumer (B2C) and business to business (B2B).
- Based on the business model, the market has been categorized into peer-to-peer, standalone, and hybrid model.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Clothing Rental, Dress & Go, Rent it Bae, Glam Corner Pty Ltd., Gwynnie Bee, Le Tote, Rent the Runway Inc., and StyleLend.
|Base Year of the Analysis
||Clothing Styles, End User, Price Range, End Use Sector, Business Model, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Clothing Rental, Dress & Go, Rent it Bae, Glam Corner Pty Ltd, Gwynnie Bee, Le Tote, Rent The Runway Inc., and StyleLend
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