Online Clothing Rental Market Size 2022,Industry Trends, Growth Analysis, Demands and Forecast Report By 2027
Jun 22, 2022
Online clothing rental is the renting clothing online rather than purchasing it. The online clothing rental business offers multiple services allowing customers to rent apparel for a set period of time. Individuals who plan to wear new costumes for special occasions, such as weddings, theme parties, corporate parties, photoshoots, and film shoots, may benefit from these services. They are cost-effective solutions for those with tight budgets who cannot purchase garments from their preferred brands.
The global online clothing rental market reached a value of US$ 1.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2027, exhibiting a CAGR of 9.75% during 2022-2027.
The COVID 19 pandemic has adversely affected the online clothing retail market. Since public gatherings, including weddings and family get-togethers had to be canceled or postponed due to the mandatory lockdown restrictions imposed by the governments of various countries, this negatively impacted the demand for clothing rental services on the global level. Moreover, due to the fear of transmission of the virus, a majority of the people expressed hesitation toward wearing rental clothes due to hygienic concerns, thus impeding the market growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Some of the Top Companies in the Online Clothing Rental Industry:
- The Clothing Rental
- Dress & Go
- RENT IT BAE
- Glam Corner Pty Ltd
- Gwynnie Bee
- Le Tote, Inc.
- Rent the Runway, Inc.
- Style Lend, Inc.
Global Online Clothing Rental Market Trends:
The global market is majorly driven by the penetration of high-speed internet and considerable growth in the online retail sector across the globe. Apart from this, the increasing popularity of internet shopping portals due to their enhanced convenience is creating a positive outlook for the market. Moreover, several online clothing rental portals are offering customization options and discounts to attract customers, thus catalyzing the market growth. Besides this, the rising prominence of fashion vlogs, considerable growth in the film and television industry, and the growing preference for rental services due to their easy availability and accessibility to an enormous assortment at a lower cost are propelling the demand for online clothing rental services. Additionally, the high usage of these resources among fashion-conscious individuals who lack the finances to purchase clothes of their choice is strengthening the global market. Other factors, including the inflating disposable income and easy return or refund options provided by these portals, are also providing an impetus to the market.
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Global Online Clothing Rental Market 2022-2027 Analysis and Segmentation:
Breakup by Clothing Styles:
- Western Wear
- Ethnic Wear
Breakup by End User:
Breakup by Price Range:
Breakup by End-Use Sector:
- Business to Consumer (B2C)
- Business to Business (B2B)
Breakup by Business Model:
- Peer-to-Peer Model
- Standalone Model
- Hybrid Model
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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