According to the latest report by IMARC Group, titled "Online Clothing Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global online clothing rental market size reached US$ 1.9 Billion in 2021. Online clothing rental refers to services that aid individuals to rent clothing items for a predefined period. These portals provide customers with designer apparel, footwear and accessories at affordable prices. With clothing in a vast array of sizes, styles, colors and brands, these portals are widely preferred by customers due to their cost-effectiveness. They are extensively utilized by professionals for photoshoots and filmmaking. Apart from this, these services are also used by budget-conscious individuals for participating in occasionally conducted events, such as wedding parties, theme parties and corporate parties.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Online Clothing Rental Market Trends:
The market is primarily driven by significant growth in the online retail sector. Supported by the increasing adoption of smartphones and improving broadband and mobile data connectivity on the global level, individuals are now preferring online web portals for purchasing apparel. These portals also offer designer apparel for rent, which is contributing to their increasing demand among consumers further. This, coupled with rapid urbanization and the rising brand-consciousness, is acting as another major growth-inducing factor. The market is further driven by the ever-evolving trends witnessed in the fashion industry and the increasing demand for high-end designer clothing. In addition to this, the growing adoption of subscription-based rental models is creating a positive outlook for the market. Furthermore, the rising awareness among individuals regarding the positive environmental impact of sharing and reusing apparel is driving the market toward growth. On account of the aforementioned factors, the market is projected to reach a value of US$ 3.3 Billion by 2027, exhibiting a CAGR of 9.75% during 2022-2027.
- On the basis of the clothing styles, the market has been divided into western wear, ethnic wear and others.
- Based on the end user, the market has been classified into women, men and kids.
- On the basis of the price range, the market has been categorized into low, mid and premium.
- Based on the end use sector, the market has been bifurcated into Business to Consumer (B2C) and Business to Business (B2B).
- On the basis of the business model, the market has been segmented into peer-to-peer, standalone and hybrid models.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include The Clothing Rental, Dress & Go, RENT IT BAE, Glam Corner Pty Ltd, Gwynnie Bee, Le Tote, Inc., Rent the Runway, Inc., and Style Lend, Inc.
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