Global Online Clothing Rental Market Scope Report

Global Online Clothing Rental Market Highlights Over 2023 - 2035

The global online clothing rental market is estimated to garner a revenue of USD 6.0 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 2.0 Billion in the year 2022. The growth of the market can be attributed to the rise in the number of online shopping portals for the consumers. Moreover, many businesses were shifted to online mode after the COVID-19 pandemic and it is anticipated to boost the growth of the global online clothing rental market.  As per the data reported, there are in between 11 Million to 25 Million e-commerce sites around the globe.

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Online clothing rental allows people to rent one or more items for an event, party, or simply to supplement your wardrobe temporarily through online platform. Moreover, it allows to rent directly from the rental service, which has a large selection of brands or allows to rent directly from other people. Furthermore, there has been a growing brand awareness among people and it is expected to drive the growth of the global online clothing rental market. More than 70 per cent of the people around the globe prefer brands that personalize their shopping experience.

Global Online Clothing Rental Market: Growth Drivers and Challenges

Growth Drivers

• High Penetration of Internet – There are a large number of consumers opting for purchasing clothes online, and it is projected to surge the growth of the global online clothing rental market. In the year 2021, the number of internet users across the globe accounted for more than 4.5 Billion.

• Increasing Popularity of Fashion Blogs – More than 4 Million blogs are posts are created every day in the year 2021.

• Rising Social Media Users– There are more than 4 Billion social media users around the world in the year 2022.

• Reduction of Waste Generated from Clothing Production– The fashion industry is responsible for more than 15 percent of the global water pollution as different chemicals are applied to fabrics.

Challenges

• Availability of Mainly Non-Branded Clothes

• Low- Cost Material Used for Rental Clothing

• Presence of Unorganized Rental Clothing Sellers

The global online clothing rental market is segmented and analyzed for demand and supply by end user into women, and men. Out of these, the women segment is anticipated to hold the largest share over the forecast period owing to the rising popularity of online clothing rental among them. Moreover, women choose their outfits according to the different events such as wedding, date, parties and others and they are costly than men outfits. More than 60 per cent of the women in the United States opt for online shopping in the United States.

Global Online Clothing Rental Market Regional Synopsis

Regionally, the global online clothing rental market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2035 on the back of surging inclination of consumers towards rental clothes on different occasions followed by the rise in the new start-ups providing online rental clothes to the people in the region.

Furthermore, the region in the Asia Pacific region is expected to witness growth over the forecast period owing to the high internet penetration, rising adoption of mobile devices that are used for finding perfect rental clothes for different occasions. Moreover, there are a large number of events organized for a single wedding in the country such as India and it is projected to boost the growth of the market in the region. According to the World Bank, there are 43 per cent of the individual using internet in the year 2020 in India.

Market Segmentation

Our in-depth analysis of the global online clothing rental market includes the following segments:

Key Companies Dominating the Global Online Clothing Rental Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global online clothing rental market that are included in our report are TheClothingRental, Lending Luxury, LE TOTE, Glam Corner Pty Ltd, Rent the Runway, MY WARDROBE HQ, CLOAN Rental Ltd, CaaStle, Inc., Marks and Spencer plc, Tommy Hilfiger Licensing B.V., and others.

Global Online Clothing Rental Market: Latest Developments

• June, 2022: Tommy Hilfiger Licensing B.V., announced the rental launches with MY WARDROBE HQ in order to create a more sustainable future for fashion

• April, 2022: Marks & Spencer plc announced the launch of spring rental collection on Hirestreet in plaftorm’s biggest ever retailer collaboration

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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