Press release
Online Clothing Rental Market - Growth & Industry Revenue By Top Key Players 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 L
Online Clothing Rental Market
The global online clothing rental market is segmented based on end-users, clothing styles, and geography. Based on end-users, it is classified into women, men, and kids. For clothing styles, it is categorized into ethnic, western, and others. Geographically, it is analyzed into, North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). With regards to the market competition, online renting and re-commerce companies are expanding the pre-owned product market with pioneering solutions to cater to different segments.
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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.
According to Yogiata Sharma, Research Analyst, Consumer Goods Research at Allied Market Research "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".
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 is 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).
Key Benefits
• A comprehensive analysis of the current trends and future estimations in the market are provided.
• The report elucidates on key drivers, restraints, and opportunities and a detailed impact analysis from 2016 to 2023.
• Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
• A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
• The report provides a detailed analysis of the market with respect to end-users, clothing styles, and geography.
Analyst Review:
Online clothing rental service is a provision of renting clothes for a certain period with the help of online platforms by connecting distributors & retailers and potential customers. Online clothing rental portals offer a wide range of clothes, which can be categorized based on size, color, type of outfits, brands, and prices. In addition, online rental service providers offer consultation services to customers through expert designers, image consultants, and other fashion experts.
Festive outfits related to various events, such as wedding, corporate parties, theme parties, films, and photo shoots are in high demand in the online clothing rental market. Ethnic clothes have different definitions based on regions such as festive clothes and lavish wedding dresses and bridal dresses in the Asia-Pacific region, Tuxedo in countries of North America and Europe.
However, western wear is the highest growing segment during the forecast period, as it consists of corporate wear in countries of North America and Europe, while party wear in Asia-Pacific countries. Western wear is expected to grow at a comparatively higher CAGR, particularly, due to the rise in demand of rental formal wear. The growth in corporate world and the increase in female workers have boosted the usage of formal wear while being present in the office.
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Women as end-users have the highest market share as women in particular avoid repetition of dresses. Although, men are gaining the market share, owing to their economical mindset and spending habits. The kids segment is also on the rise mainly due to the increase trend of themed parties based on comic starts, Halloweens etc. where the outfits are costly as compared to its usage.
The major growth factors for the market includes penetration of online clothing rental market, caused by the growing internet subscribers and increase in adoption of smartphones globally. Also, individuals going through rapid body shape change such as pregnant women and kids are the target customer base for some of the market players in this industry. Thus, online clothing rental service enables a cost effective option for consumers by renting the particular type of dress at a much lesser price than its original price for definite period.
The competitive scenario among global players is increasing that resulted in heavy discount options and value added schemes for consumers, which is in turn driving the market. In addition, market players who started earlier are holding up well even after the emergence of many startups in this sector.
LIST OF TABLES
TABLE 1. ONLINE CLOTHING RENTAL MARKET BY END-USERS, 2016-2023 ($MILLION)
TABLE 2. WOMEN ONLINE CLOTHING RENTAL MARKET REVENUE BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 3. MEN ONLINE CLOTHING RENTAL MARKET REVENUE BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 4. KIDS ONLINE CLOTHING RENTAL MARKET REVENUE BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 5. GLOBAL ONLINE CLOTHING RENTAL MARKET BY CLOTHING STYLE, 2016-2023 ($MILLION)
TABLE 6. ONLINE CLOTHING RENTAL MARKET FOR ETHNIC CLOTHING STYLE BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 7. ONLINE CLOTHING RENTAL MARKET FOR TRADITIONAL WESTERN CLOTHING STYLE BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 8. ONLINE CLOTHING RENTAL MARKET FOR TRADITIONAL CLOTHING STYLE BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 9. ONLINE CLOTHING RENTAL MARKET BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 10. NORTH AMERICA: ONLINE CLOTHING RENTAL MARKET BY END-USERS TYPE, 2016-2023 ($MILLION)
TABLE 11. NORTH AMERICA: ONLINE CLOTHING RENTAL MARKET BY CLOTHING STYLE, 2016-2023 ($MILLION)
TABLE 12. NORTH AMERICA: ONLINE CLOTHING RENTAL MARKET BY COUNTRY, 2016-2023 ($MILLION)
TABLE 13. EUROPE: ONLINE CLOTHING RENTAL MARKET BY END-USERS TYPE, 2016-2023 ($MILLION)
TABLE 14. EUROPE: ONLINE CLOTHING RENTAL MARKET BY CLOTHING STYLE, 2016-2023 ($MILLION)
TABLE 15. EUROPE: ONLINE CLOTHING RENTAL MARKET BY COUNTRY, 2016-2023($MILLION)
TABLE 16. ASIA-PACIFIC: ONLINE CLOTHING RENTAL MARKET BY END-USERS TYPE, 2016-2023 ($MILLION)
TABLE 17. ASIA-PACIFIC: ONLINE CLOTHING RENTAL MARKET BY CLOTHING STYLE 2016-2023 ($MILLION)
TABLE 18. ASIA-PACIFIC: ONLINE CLOTHING RENTAL MARKET BY COUNTRY, 2016-2023 ($MILLION)
TABLE 19. LAMEA: ONLINE CLOTHING RENTAL MARKET BY END-USERS, 2016-2023 ($MILLION)
TABLE 20. LAMEA: ONLINE CLOTHING RENTAL MARKET BY CLOTHING STYLE 2016-2023 ($MILLION)
TABLE 21. LAMEA: ONLINE CLOTHING RENTAL MARKET BY REGION, 2016-2023 ($MILLION)
TABLE 22. CHIC BY CHOICE: COMPANY SNAPSHOT
TABLE 23. CHIC BY CHOICE: OPERATING SEGMENTS
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