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Online clothing rental market to be valued at USD 1.9 billion 2023; women online clothing rental market to expand

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Global Online Clothing Rental market is majorly driven by growing penetration of internet across the globe and spiked consumer attraction for designer brands and cost-effective solutions according to our research report Global Online Clothing Rental Market Outlook 2023”.

Regionally, the online clothing rental market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North-America is anticipated to witness a significant growth and occupy the largest share of the online clothing rental market by 2023.   

The global online clothing rental market is anticipated to be valued at USD 1.9 billion by the end of 2023, witnessing a promising compound annual growth rate of 10% over the forecast period i.e. 2016-2023

North America online clothing market is anticipated to project a market share of 45% by the end of 2016, Asia- Pacific holds the second largest consumer base of online clothing rental market owing to the rising fashion consciousness and increasing personal disposable income.

Growth in the Penetration of Internet Users: Uplift

Rapid development in the E-commerce sector has made the process more convenient, they also provide consultation through their contracted experts such as designers on the clothing selection. Growth in the penetration of internet users coupled with the emerging smart phone technology which eases the process of clothing rental are some of the factor driving the global online clothing rental market across the globe.

Increasing Consumer Attraction for Designer Brands and Cost-Effective Solutions: Momentum

Rising emphasis on sharing rather than owning and rising awareness about the positive environmental impacts of the sharing economy are propelling the growth of the global online clothing rental market. Increasing consumer attraction for designer brands and cost-effectiveness associated with their rent which is too less than the purchased product will further propel the demand of online clothing rental services in upcoming 5-6 years.

The report titled Global Clothing Rental Market Outlook 2023delivers detailed overview of the online clothing rental market in terms of market segmentation by demography, by price range, by type, by end user, by business model.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the online clothing rental industry which includes company profiling of Rent the Runway, Share Wardrobe, Stylish Play, Secret Wardrobe etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global online clothing rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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