Online Clothing Rental Market will multiply at an impressive CAGR of 10% by 2023 & Top Key Players Rent the Runway, Share Wardrobe, FlyRobe, Walkin Closet, Secret Wardrobe, Swishlist Couture LLP, Liberent, The Mr. & Ms. Collection, LE TOTE, Style Lend.

The global online clothing rental market is segmented into business model such as peer-to-peer model, standalone model and hybrid model. Among these segments, peer-to-peer model segment is expected to dominate the overall online clothing rental market and is anticipated to capture a noteworthy CAGR by 2023. Moreover, peer-to-peer model online clothing rental segment is anticipated to achieve absolute $ opportunity of USD 482 Million during the forecast period i.e. 2015-2023.

Global online clothing rental market is anticipated to mask a notable CAGR of 10% during the forecast period i.e. 2015-2023. Moreover, the global online clothing rental market is projected to account for noteworthy revenue of USD 1.9 Billion by the end of 2023. Additionally, continuous enhancements and research & development in online clothing rental market are the major dynamic factor behind the expansion of online clothing rental market. Moreover, Rising emphasis on sharing rather than owning and rising awareness about the positive environmental impacts of the sharing economy are propelling the growth of the global online clothing rental market.
In terms of regional market, North America dominates the overall online clothing rental market and is expected to achieve Y-o-Y growth rate of 3.7% in 2023 as compared to previous year. Further, Asia Pacific online clothing rental market stood second and is expected to attain a CAGR of 3.1% during 2015-2023 to reach notable revenue by 2023. In Asia Pacific region emerging economies such as China and India and positive GDP figures are believed to foster the growth of online clothing rental market.

Rapid Advancement in Telecommunications Technology

Telecommunications technology has changes the method of traditional shopping by providing the consumers online internet shopping portal. The advancement in mobile Internet technology has further driven the demand for online shopping by making the process even more convenient. Further, smart phone technology which eases the process of clothing rental is some of the factor driving the global online clothing rental market across the globe.

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Cost-effective and Value for Money

Increasing consumer attraction for designer brands and cost-effectiveness associated with their rent which is too less than the purchased product, the key market players are also providing services such as live chat with the designer to attract the consumers. This will boost the online clothing rental market in upcoming 5-6 years. Various online rental enterprises have introduced commendable efforts to enhance their market reach with the help of internet and various advertising innovations for instance rebate on overall costing for booking a month prior to its use.

In contrast, the growth of online clothing rental market is likely to be hindered by lack of customizability and availability of low quality and cheap products rental clothing can’t be adjusted to precisely fit the customer’s needs.

The report titled “Online Rental Clothing Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global online clothing rental market in terms of market by type, by end user, by business model, by product, by price range and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global online clothing rental market which includes company profiling of Rent the Runway, Share Wardrobe, FlyRobe, Walkin Closet, Secret Wardrobe, Swishlist Couture LLP, Liberent, The Mr. & Ms. Collection, LE TOTE, Style Lend. FThe profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global online clothing rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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