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Online Clothing Rental Market Expected to Reach $2.6 Billion by 2032—Allied Market Research

 
2022
Online Clothing Rental Market

Report Code : A01739

quote A significant increase in the growth of the sharing economy platforms and subscription-based e-commerce industry across the globe is expected to positively impact the growth of the global online clothing rental market in the foreseeable future. quote

Roshan Deshmukh - Manager
Consumer Goods at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Online Clothing Rental Market," The online clothing rental market demand was valued at $1.1 billion in 2022, and is estimated to reach $2.6 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.

Online clothing rental services refers to the digital platforms that offer a variety of clothes to the customers for rent for a specific time-period. Various online rental enterprises have initiated great efforts to enhance their market reach with the help of the internet and various advertising innovations, for instance a rebate on overall costing for booking a month prior to its use. This has been observed to be attempts to stay competitive and increase specialized production that leads to more online rentals.

Internet usage for shopping online has become a norm for many people and the added benefits of convenience, easy research ability, and price comparison tools outweigh the effort required to physically visit the traditional bricks-and-mortar store.  Consumers are expected to purchase and rent any type of clothing with less economic expenditure and long-term use with online rental platforms available.

There has been a rapid growth in Asia-Pacific market, which is driven by the growth in middle class in China, India, and other countries in the region and the increase in popularity of mobile devices, which has driven more and more people online. This rapid growth in Asia-Pacific coupled with faster internet service and greater mobile uptake has propelled the competitive landscape where majority local players have increasingly vied for market share by improving their logistics and mobile platforms, and in some cases moving entirely to an app-based service. The Asia-Pacific region also has the maximum population of young millennials who have slowly understood the business model and rented the fashion, which was out of reach for the lower and middle classes.

According to the online clothing rental market analysis, the market is segmented based on clothing style, end user, business model, and region. On the basis of clothing style, the market is segmented into ethnic, western, and others. On the basis of end user, the market is categorized into women, men, and kids. On the basis of business model, it is segregated into subscription based, standalone, and peer to peer. On the basis of region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and the rest of LAMEA).

On the basis of clothing style, the ethnic segment accounted for 54.9% of the online clothing rental market share in 2022 and is expected to sustain its dominance during the forecast period. The western is anticipated to be the fastest-growing segment during the forecast period. The growth in popularity of western culture, rise in influence of celebrities from the western nations, rise in the penetration of social media, and growth in consumer awareness regarding the negative environmental impacts of fast fashion are the major factors that are expected to boost the growth of western segment in the forthcoming years.

On the basis of end user, the men segment is expected to witness the highest CAGR during the forecast period. The male population especially the millennials and gen z have been increasingly spending toward high-end fashion brands to improve their overall look and personality. Moreover, the growth in number of social media fashion influencers and growth in number of social media users have positively affected the online clothing rental market growth across the globe.

On the basis of business model, the subscription based is anticipated to be the fastest-growing segment during the forecast period. The subscription based online clothing rental services are a low-cost solution to the customers who look for a higher variety of apparels in their wardrobe. Moreover, the change in consumer attitude toward ownership is significantly fostering the growth of the subscription based online clothing rental market, especially in the developed nations.

As per the online clothing rental market trends, on the basis of region, North America led the market with the highest revenue share in 2022. Online clothing rental services offer a variety of convenience and cost-effectiveness to consumers, growth in penetration of social media and influencer culture, and rise in awareness regarding sustainable clothing are some of the major factors that boost the growth of the North American online clothing rental market. Furthermore, the presence of several leading brands in the region and their growing penetration in the market are influencing global market growth.

Glam Corner Pty Ltd., Le Tote, Inc. , Gwynnie Bee, Dress & Go, Rent the Runway, Inc., Front Row, Nuuly, FLYROBE, By Rotation Limited, and MyWardrobeHQ Ltd. are the major companies profiled in the online clothing rental industry report. These players are constantly engaged in various developmental strategies such as partnerships, mergers, acquisitions, and new product launches to gain a competitive edge and exploit the prevailing online clothing rental market opportunities.

Key findings of the study

  • The online clothing rental market size was valued at $1,102.3 million in 2022 and is estimated to reach $2,639.7 million by 2032, growing at a CAGR of 9.2% during the forecast period. 
  • On the basis of the clothing style, the western segment is estimated to witness the fastest growth, registering a CAGR of 9.6% during the forecast period.
  • On the basis of end user, the women segment dominated the market in 2022.
  • On the basis of business model, the subscription-based segment is estimated to witness the fastest growth, registering a CAGR of 10.0% during the forecast period.
  • On the basis of region, the U.S. was the most prominent market in North America in 2022 and is projected to grow at a CAGR of 8.0% during the forecast period.
 

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quote Online Clothing Rental Market by Clothing Style (Ethnic, Western, Others), by End User (Women, Men, Kids), by Business Model (Subscription based, Standalone, Peer to Peer): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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