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Online Clothing Rental Market to Reach $ 1,856 Million by 2023 | Key Players like 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.)

06-19-2019 10:50 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Online Clothing Rental Market

Online Clothing Rental Market

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.

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.

Top Market 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 Limited (China)
• Secret Wardrobe (India)
• Share Wardrobe (India)

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.

Key Findings of the Online Clothing Rental Market
• North America leads the online clothing rental market, followed by the Asia-Pacific region.
• Asia-Pacific which is still in its latent phase of adopting the rental clothing trend, is expected to grow at highest CAGR of 11.4% mainly led by India and China.
• Women end user segment accounts for the highest market share accounting for nearly 58%, however, the men end user segment is projected to witness highest demand during the forecast period
• Overall, the Ethnic wear segment possess higher market share and is expected to witness a considerable growth, owing to their frequent use in festivals, higher cost of rental, and greater maintenance costs.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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