Online Clothing Rental Market (Industry) Size is Estimated to Reach $1,856 Million by 2023, Growing at a CAGR of 10.6%

Online clothing rental market size is estimated to reach $1,856 million by 2023, growing at a CAGR of 10.6% from 2017 to 2023.The rental market works to address clothing needs of the consumers who cannot afford or do not want to spend money on the clothes to be worn for one or two occasions, making it more affordable. Online clothing rental portals offer a wide range of clothes, which can be characterized based on size, color, type of outfits, brands, and prices.

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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.

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.

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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.
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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