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The Impact Of Rising Mobile And Internet Penetration On The Online Clothing Rental Market: Critical Driver Shaping the Online Clothing Rental Market in 2025
Online Clothing Rental Market
Online Clothing Rental Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the online clothing rental market has experienced significant growth lately. The market is projected to expand from $1.73 billion in 2024 to $1.91 billion in 2025, with a compound annual growth rate (CAGR) of 10.2%. This growth during the historical period can be credited to factors such as shifting consumer perspectives on ownership, enhanced environmental consciousness, the growth of the sharing economy, interest in a wide range of fashion options without long-term obligations, and the expansion of e-commerce and digital platforms.
Online Clothing Rental Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for the online clothing rental market to witness considerable expansion in the coming years. The projected growth of the market predicts it will reach $2.86 billion in 2029, with a compound annual growth rate (CAGR) of 10.7%. The projected growth during the forecast period can be attributed to several factors such as a surge in sustainability awareness, incorporation of circular fashion norms, an enhanced focus on immersive and on-demand fashion trends, a growing demand for designer garments, and a mounting preference for evolving fashion declarations. Principal trends expected to emerge during the forecast period encompass breakthroughs in virtual fitting and sizing technology, the rise of rental platforms specializing in specific clothing items, partnerships between fashion labels and rental platforms, the utilization of artificial intelligence in personalized fashion suggestions, and the growth of rental services into the realm of luxury and designer fashion.
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What Are the Drivers Transforming the Online Clothing Rental Market?
The growth of the online clothing rental market is expected to be propelled by a surge in mobile and internet usage. Factors such as economic growth, robust IT infrastructure, supportive government and corporate policies, and increased urbanization all contribute positively to the growth of mobile and internet usage. An online clothing rental service allows individuals to rent apparel through the internet, with all transactions, including payments, carried out online. For example, Finder, a US personal finance comparison site, reported in September 2023 that ownership of smartphones in the UK had risen to 89% in 2022, up from 87% in 2021. Additionally, the International Telecommunication Union (ITU), a Swiss organization specializing in information and communication technologies, reported in February 2024 that about 5.4 billion people, or 67% of the world's population, used the internet in 2023, marking a growth of 45% from 2021. Consequently, the increasing penetration of mobile and internet is fueling the expansion of the online clothing rental market.
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What Long-Term Trends Will Define the Future of the Online Clothing Rental Market?
The evolution of technology is influencing the progression of the online clothing rental industry. These advances have enabled online clothing companies to better coordinate their operations and business activities. For example, in November 2022, MatchesFashion, an online company based in the UK, launched Luxury Rental Service. This service permits customers to rent high-end clothing online. It positions itself as a versatile and environmentally friendly option to purchasing luxury fashion, attracting those who wish to use premium clothing without the obligation of keeping them for the long haul. MatchesFashion's rental service aligns with the growing trend of fashion rental platforms that aim to minimize wastage and promote sustainability. It seamlessly blends luxury with convenience, maintaining the brand's classy image by providing designer clothing for temporary use or specific occasions.
Which Segments in the Online Clothing Rental Market Offer the Most Profit Potential?
The online clothing rentalmarket covered in this report is segmented -
1) By Clothing Styles: Western Wear, Ethnic Wear, Other Clothing Styles
2) By Dress Code: Formal, Casual, Traditional
3) By Price Range: Low, Mid, Premium
4) By End User: Women, Men, Kids
Subsegments:
1) By Western Wear: Casual Wear, Formal Wear, Activewear, Outerwear, Dresses
2) By Ethnic Wear: Traditional Dresses, Kurtas And Kurtis, Sherwanis, Fusion Wear
3) By Other Clothing Styles: Sportswear, Beachwear, Loungewear, Costumes And Party Wear
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Which Firms Dominate the Online Clothing Rental Market by Market Share and Revenue in 2025?
Major companies operating in the online clothing rental market include Rent the Runway, Le Tote, HURR Collective, GlamCorner, MyWardrobeHQ, Bag Borrow or Steal, The RealReal, Snag Tights, Style Lend, Vinted, Portray, Wardrobe Society, Kidizen, Your Closet, ShopLooks, Rented, Dress & Go, ShareWardrobe, Cladwell, Borrowed & Blue, Armarium, FashionPass, Rent-a-Center, La Tote, Trendy Butler, ReDress, Chic By Choice, Modsy, Rent My Wardrobe.
Which Regions Offer the Highest Growth Potential in the Online Clothing Rental Market?
North America was the largest region in the online clothing retail market in 2024. The regions covered in the online clothing rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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