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Online Clothing Rental Market Research Report – Segmented By Dress Code (Formal, Informal, Traditional); By End-User (Men, Women, Others); and Region - Size, Share, Growth Analysis | Forecast (2023 – 2030)

Online Clothing Rental Market Size (2023 – 2030)

As per our research report, the global Online Clothing Rental Market size was USD 1300 Billion in 2022 and is estimated to grow to USD 2910.61 Billion by 2030. This market is witnessing a healthy CAGR of 10.6% from 2023 - 2030. Increasing online retail is the primary driving factor for this growth, technological advancements, internet penetration, and the increasing popularity of online shopping portals over the last few years are majorly driving the growth of the industry.

Online Clothing Rental Market

Industry Overview:

Fashion lovers who lack money to buy desired clothes should make the most of available resources. Renting a product always pays off and beyond in this industry where trends are constantly changing and consumers don't like to wear clothes again. Therefore, consumers prefer to rent clothes to stay fashionable. Clothing (also known as clothes, clothes, clothes) refers to things worn by people. Clothing is primarily made of yarn or textiles, although it also includes animal skins and other thin sheets of material sewn together over time. Clothing is a component of all human society and is intended primarily for humans. Gender, body type, and social and geographical factors all affect the amount and style of clothing worn. Renting clothes is exactly what is said in the article. That's the reality of renting clothes, not buying them. The length of time you can rent an item is determined by the service. However, this usually takes from a week to a month. In addition, online clothing rental businesses offer a service that allows customers to rent clothes for a limited time. Rental services are also a cost-effective solution for those on a tight budget who can't afford to buy clothes from their favorite brands. Furthermore, product rental will be seen as a more sustainable way to consume clothing today as industries consider sustainability as a key business plan to attract more customers. Wearing rental clothing will reduce your carbon footprint and other harmful substances.

COVID-19 impact on Clothing Rental Market

The COVID19 pandemic has had a severe negative impact on the textile industry in general. There has been a huge drop in sales. Lockdowns and social distancing measures around the world have forced many deemed unnecessary retailers to close their physical stores. At the same time, consumers in the home are forced to use online shopping for most items. As a result, many clothing rental companies have started using online subscription services. These services have helped reach a wider audience of customers thereby stabilizing the market and are expected to have a positive impact over the forecast period.  The global online clothing market is characterized by a large share of the women's segment thanks to factors such as frequent attendance at corporate and social events, following global designer brands, and participation in Actively on social media platforms offering discounts and promotions. The market is expected to witness significant growth in the formal wear rental segment as consumers tend to buy casual clothes in bulk while keeping one or two outfits.

MARKET DRIVERS:

The adoption of Subscription Services is driving the growth of the market

After Covid, the Subscription Market is on the rise. Through this subscription, the customers can buy three or more three clothes simultaneously for a limited time period in rent for monthly fees. This has helped companies in reaching more individuals and thus also has helped in the growth of the market. Companies are able to acquire more customers due to this technique.

The growing demand in the Individuals to look stylish  is also driving the growth of the market

The growing Popularity of Experimental Marketing is also driving the growth of the market. Today Every individual wants to look good and in that race to look good, they experiment with their looks. Clothes are the main things which anyone notices when they see someone. so this is another reason why people prefer to experiment with their looks so they can attract people and become famous.

MARKET RESTRAINTS:

Fraud and Not returning the rented clothes are restraining the growth of the market

There are many cases in which customers order the product and they don’t return it after using it for a long time, which creates a sense of fraud in the mind of companies who are providing the products in the market. Sometimes, customers don’t get what they have ordered and this also hinders the growth of the market. There are cases of wrong deliveries also which is also restraining the growth of the market.

ONLINE CLOTHING RENTAL MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 - 2030

Base Year

2022

Forecast Period

2023 - 2030

CAGR

10.6%

Segments Covered

By Dress Code, End-user, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

The Clothing Rental, Rent the runway, Flyrobe.com, Share Wardrobe, Secoo Holding li Missed, Gwynnie Bee, Le Tote, Swapdom, StyleLend, Dress Hire 

This research report on the Online Clothing Rental Market has been segmented and sub-segmented based on Dress Code, end-user, and region.

Online Clothing Rental Market - By Dress Code:

  • Formal

  • Informal

  • Traditional

Based on the Dress code outlook, DressTraditional rentals will register a CAGR of over 11.2% during the forecast period. Folk costumes are rarely used because they are worn at festivals and rare special occasions. As a result, consumers prefer to rent them rather than buy them.

 Formal wear is expected to have the largest market share of about 48.0%.. Formal wear such as suits and blazers is expensive and requires maintenance. As a result, budget-conscious young consumers find themselves renting better options. The casual wear segment will retain significant market share during the forecast period. This includes sportswear. For example, players who do not have access to sportswear can rent sportswear from the online portal.

Online Clothing Rental Market - By End-User:

  • Men

  • Women

  • Others

Based on End-User, The online clothing rental market is divided into men, women, and children. The women segment has a major market share of over 58.0% and is expected to grow significantly in the near future. The ever-changing fashion trends are expected to drive the growth of the segment.

The Children segment, on the other hand, will register an important CAGR during the forecast period. Parents prefer to rent clothes because children grow fast and clothes need to be changed all the time. This is expected to increase the number of landlords joining and have a positive impact on market growth.

Online Clothing Rental Market - By Region:

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • The Middle East

  • Africa

Geographically, North America leads with a market share of approximately 40% and is expected to have a significant CAGR in the near future. In North America, the United States has the majority of the market share and is expected to record a CAGR of over 8.0% during the forecast period. Europe is the second-largest segment with a market share of about 27. Western Europe is the dominant segment in Europe for high purchasing power and fashion-sensitive consumers in countries such as France, Italy, and the United Kingdom.

The Asia Pacific region is the fastest-growing segment due to high demand from developing countries such as India and China. Increasing consumer awareness and the penetration of the Internet is one of the region's major growth drivers. With India and China accounting for more than 34% of the world's population, increased consumer awareness in these countries is expected to impact overall growth. Clothes rental is a good solution for them, as consumers in these developing countries are finding better ways to access the clothes of their choice than buying them.

Online Clothing Rental Market share by company:

  1. The Clothing Rental
  2. Rent the runway
  3. Flyrobe.com
  4. Share Wardrobe
  5. Secoo Holding li Missed
  6. Gwynnie Bee
  7. Le Tote
  8. Swapdom
  9. StyleLend
  10. Dress Hire 

Retail fashion giant H&M launched blockchain-based clothes rental service with scannable loT labels on the clothing. Customers can pick garments for instant hire by scanning loT connected stickers with their smartphone. Blockchain, a decentralized ledger used for data-sensitive loT networks, is used to securely track rental information on each garment.

Companies and online stores are coming together to deliver the best products to customers such that there is no confusion which remains in the market.

Suppliers invest in research and development to develop technologically advanced systems that give them a competitive advantage over other providers and provide an economic benefit to the industry. The industry is expected to see several mergers and acquisitions over the next few years. Companies are taking proactive steps to gain market share and provide a diversified product portfolio.

NOTABLE HAPPENINGS IN THE ONLINE CLOTHING RENTAL MARKET IN THE RECENT PAST

  • Product Launch and Collaboration - In April 2021, Marks & Spencer partnered with Hirestreet and launched its first clothing rental trial. The M&S rental edit is made up of over 40 womenswear pieces from its Autograph range, with a focus on premium fabrics such as leather and silk and the latest dresses from its M&S x Ghost collaboration.
  • Collaboration – In Dec 2021, Burberry partnered with My Wardrobe HQ and expanded its circular fashion drive, with plans to launch rental and resale. Rentals include trench coats, handbags, and scarves.
  • Product Launch- In Sept 2021, Retail fashion giant H&M launched blockchain-based clothes rental service with scannable loT labels on the clothing. Customers can pick garments for instant hire by scanning loT connected stickers with their smartphone. Blockchain, a decentralized ledger used for data-sensitive loT networks, is used to securely track rental information on each garment.

Chapter 1.Online Clothing Rental Market – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2.Online Clothing Rental Market – Executive Summary

2.1. Market Size & Forecast – (2023 – 2030) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

       2.3.1. Impact during 2023 - 2030

       2.3.2. Impact on Supply – Demand

Chapter 3.Online Clothing Rental Market – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4.Online Clothing Rental Market Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porter's Five Force Model

       4.4.1. Bargaining Power of Suppliers

       4.4.2. Bargaining Powers of Customers

       4.4.3. Threat of New Entrants

       4.4.4. Rivalry among Existing Players

       4.4.5. Threat of Substitutes

Chapter 5.Online Clothing Rental Market - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6.Online Clothing Rental Market – By Dress Code

6.1. Formal

6.2. Informal

6.3. Traditional

Chapter 7.Online Clothing Rental Market – By End-User

7.1. Men

7.2. Women

7.3. Others

Chapter 8.Online Clothing Rental Market- By Region

8.1. North America

8.2. Europe

8.3. Asia-Pacific

8.4. Latin America

8.5. The Middle East

8.6. Africa

Chapter 9. Online Clothing Rental Market – key players

 

9.1 The Clothing Rental

9.2 Rent the runway

9.3 Flyrobe.com

9.4 Share Wardrobe

9.5 Secoo Holding li Missed

9.6 Gwynnie Bee

9.7 Le Tote

9.8 Swapdom

9.9 StyleLend

9.10 Dress Hire 

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