Press release
Online Clothing Rental Market Projected to Reach US$ 1,952.4 Mn by 2026
Growth of the global online clothing rental market is driven by increasing preference for fashion and brand consciousness among people across the globe along with rising internet penetration. Consumers are preferring online purchase of clothes due to availability of a large variety at a discounted price. This is fuelling the demand for online rented clothes globally. Changing consumer lifestyles and increasing demand for designer dresses, party wear, and dinner suits is expected to intensify the growth of the global online clothing rental market in the next 10 years. Increasing urbanisation along with rising personal disposable income in regions such as the Asia Pacific are driving the overall growth of the global online clothing rental market.
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High profitability margins, ease of resource availability, and rising economic opportunity in developing nations are some factors encouraging new players to venture into the global online clothing rental market. Established players in the global online clothing rental market are expanding their product portfolio and are focussing on product innovations and change in target segments, which is creating robust competition in the market.
Segmentation highlights
The global online clothing rental market is segmented on the basis of Demography (Women, Men, Kids); Price Range (Premium, Mid, Low); Type (Western Wear, Ethnic Wear, Others); End User (B2C, B2B); and Business Model (Peer-to-Peer Model, Standalone Model, Hybrid Model).
The Women demography segment is expected to register a CAGR of 9.5% during the forecast period
The Peer-to-Peer business model segment was valued at US$ 656.4 Mn in 2015 and is expected to account for US$ 712.2 Mn by the end of 2016, witnessing a Y-o-Y growth rate of 8.5% over 2016–2020
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Regional projections
The global online clothing rental market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA. Markets in North America, Western Europe, and APEJ are expected to record high growth rates in terms of value between 2016 and 2026. Amongst all the regions, North America is estimated to account for a comparatively higher value share in 2016. Western Europe is another major market for online clothing rentals. The entry of online luxury fashion due to rising internet penetration is expected to drive market growth in this region. In the APEJ region, increasing personal disposable income is a key driver for sustained growth of the online clothing rental market, and the APEJ market is expected to register a CAGR of 10.1% during the period 2016-2026. The online clothing rental market is expected to witness significant growth over the forecast period in countries such as India, the ASEAN countries, Australia, and New Zealand.
Vendor insights
This report covers detailed profiles of key players operating in the global online clothing rental market. The report presents key strategies, key developments, product offerings, and market performance of leading companies. Some of the top companies profiled in the global online clothing rental market report are Rent the Runway, Poshmark, Elanic Services Pvt Ltd., Dress & Go, GlamCorner Pvt Ltd., Envoged, Etashee, Secoo Holdings Ltd, and Secret Worldwide.
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