Report Code : A01739
With new advancements in technology, rise in globalization, upsurge in startups within the online clothing rental business to cater to the thrifty millennials bandwagon showcase the lucrative market opportunities in years to come.
Yogiata Sharma
Research Analyst, Consumer Goods Research at Allied Market Research
According to a new report published by Allied Market Research, titled, Online Clothing Rental Market by End User and Clothes Style: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global online clothing rental market was valued at $1,013 million in 2017, and is estimated to reach $ 1,856 million by 2023, registering a CAGR of 10.6% from 2017 to 2023. In 2017, number of women online clothing rental and ethnic wear segments dominated the global market share. While, men end user segment and western clothing style segments are anticipated to grow at a robust rate in terms of market share.
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North America is the market leaders and accounted for 40% share of the global market in 2017, followed by Europe in geographical segment. In addition, Asia-Pacific is estimated to grow at the highest CAGR as projected to be 11.4% during the forecast period. The market is increasing in developing economies of Asia-Pacific mainly because of the need of an economical alternative to direct purchasing each time, gradual increase in social acceptance of rental clothes, and overall increase in sales in online clothing industry. Fashion-conscious individuals that lacks the financial resources to purchase the clothing of their choice are expected to make most use of online clothing rental services. Rental services are proved to be a cost-effective option for these end users especially women, who are also thriving on the growth showed in the global online clothing rental market.
The primary driver of the global online clothing rental market is the increase in ease of use of online retail. Moreover, rapid advancement observed in internet penetration, growing popularity of online shopping portals over the last decade as boost the market. The advancement in mobile internet technology has further driven the demand for online rental by making the process even more convenient. Furthermore, increased e-commerce market within Asia-Pacific also aid the high market growth rate. E-commerce channels are expected to gain popularity in online rental market in the near future with some restraints such as unregulated market, specific rental policies, less social acceptance and knowledge of the platforms among population.
North America is expected to contribute significantly towards online clothing rental market, due to the increase in fashion consciousness and huge adoption of No Ownership trend towards clothes. It dis anticipated to dominate the market throughout the analysis period. However, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China.
The key players profiled in this report include Bag Borrow Steal (U.S.), Dress & Go (Brazil), Glam Corner Pty Ltd (Australia), Gwynnie Bee (U.S.), Le Tote (U.S.), Lending Luxury (U.S.), Rent the Runway (U.S.), Secoo Holdings Limited (China) , Secret Wardrobe (India), and Share Wardrobe (India).
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Online Clothing Rental Market by End-Users (Women, Men, and Kids) and Clothing Style (Ethnic, Western, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023
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