According to a new report published by Allied Market Research, titled, Online Clothing Rental Market by End User and Clothes Style: Global Opportunity Analysis and Industry Forecast, 2017-2023, The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global online clothing rental market was valued at $1,013 million in 2017, and is estimated to reach $ 1,856 million by 2023, registering a CAGR of 10.6% from 2017 to 2023.
Ease of use of online retail, rapid advancement in internet penetration, growing popularity of online shopping portals, and advancement in mobile internet technology drive the growth of the global online clothing rental market. Women are the biggest consumers of this market and expected to remain a dominant consumer base through 2023. The western wear segment would showcase the fastest growth through the study period. The Asia-Pacific market is expected to grow at the highest CAGR during the forecast period.
The drivers, restraints, and opportunities are broadly analyzed in the online clothing rental market report. Ease of use of online retail, rapid advancement in internet penetration, growing popularity of online shopping portals, and advancement in mobile internet technology drive the market growth. Nonetheless, less knowledge about online rental among population restrict the market growth. On the other hand, rapidly growing economies of China and India offer new opportunities for the growth of the market.
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The report provides an analysis of the segments of the online clothing rental market in detail, bifurcating it into end users, clothing style, and geography. Based on end users, the market is divided into women, men, and kids. The women segment captured nearly 60% of the market share in 2017 and is likely to dominate the market through 2023. Based on clothing style, the market is segmented into ethnic, western, and others. The western segment would grow at the fastest CAGR of 11.2% through the study period. Geographically, the market analysis covers North America, Europe, Asia-Pacific, and LAMEA. The market in Asia-Pacific is expected to grow at the highest CAGR of 11.5% during the forecast period, 2017-2023.
The report also includes an analysis of the leading players operating in the online clothing rental market. They 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).
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.
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