Online Clothing Rental Services Market Size By Clothing Style (Ethnic, Western), By End Users (Women, Men, Kids), By Geographic Scope And Forecast

Online Clothing Rental Services Market Size And Forecast

Online Clothing Rental Services Market size was valued at USD 1.30 Billion in 2020 and is projected to reach USD 2.69 Billion by 2028, growing at a CAGR of 9.5% from 2021 to 2028.

Increasing online retail is the primary driving factor for this growth. Moreover, technological advancements, internet penetration, the increasing popularity of online shopping portals over the last few years are driving the market. The Global Clothing Rental Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Online Clothing Rental Services Market Definition

The rental market works to address the clothing needs of the consumers who cannot afford or do not want to spend money on the clothes to be worn for one or two occasions, making it more affordable. Online clothing rental portals offer a wide range of clothes, which can be characterized based on size, color, type of outfits, brands, and prices.

Global Online Clothing Rental Services Market Overview

What's making online clothing rental take off? Well, the convenience of shopping online and getting good value for your money are big reasons. Plus, it's just so much easier to shop online these days! People are also way more open to buying or renting pre-owned clothes than they used to be. And these online rental companies are really hustling to get the word out, using the internet and clever ads – like offering a discount if you book a month in advance. Seems like they're all trying to stay competitive and offer those cool, unique items that people really want to rent.

Shopping for clothes online? Yeah, that's pretty much how everyone does it these days. It's just easier, right? You can compare prices, read reviews, and all that jazz without even leaving your couch! Plus, these days you can even rent clothes online – way cheaper than buying and you don't have to commit long-term. And let's be honest, Instagram, Facebook, and online communities? They're huge for spreading the word about new clothing rental companies. They really help get the word out!

Global Online Clothing Rental Services MarketSegmentation Analysis

The Global Online Clothing Rental Services Market is segmented based on Clothing Style, End Users, and Geography.

Online Clothing Rental Services Market by Clothing Style

• Ethnic• Western• Others

Based on Product Type, the market is bifurcated into Ethnic, Western, Others. Various online rental enterprises have initiated great efforts to enhance their market reach with the help of the internet and various advertising innovations for instance rebate on overall costings for booking a month prior to its use.

Online Clothing Rental Services Market by End Users

• Women• Men• Kids

Based on End Users, the market is bifurcated into Women, Men, Kids. The impact of social network sites, such as Facebook, Instagram, and online communities has a great impact on the expansion and growth of the market as these social network sites and online communities help to spread the knowledge about companies and startups in the online clothing rental market.

Online Clothing Rental Services Market by Geography

• North America• Europe• Asia Pacific• Rest of the World

North America is expected to hold the largest market share in the forecast period. The attendance of significant players such as Microsoft and Google will boost the market growth with the help of incorporating technological advancements in the product portfolio. Increased disbursements of enterprises in Research and Development would expand the market growth across the region.

Key Players

The “Global Online Clothing Rental Services Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Chic by Choice (UK), Rent the Runway (U.S.), Lending Luxury (U.S.), Share Wardrobe (India), Secoo Holdings Limited (China), Gwynnie Bee (U.S.), Glam Corner Pty Ltd (Australia), Le Tote (U.S.), Dress & Go (Brazil), Secret Wardrobe (India), Girls Meet Dress (UK). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• On 7 July 2021 Runway announced it was expanding its resale, which is a major change for the fashion rental platform. The customers will soon be able to buy used clothing for designers in addition to self-employment. No membership will be required, as Rent the Runway is looking to expand its reach and offer consumers potential entry points. Previously, only paying members were able to purchase Rebecca Minkoff’s neat clothes, Tory Burch tops and Lululemon leggings from Rent the Runway, at a discount.

Report Scope

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Reasons to Purchase this Report

We've taken a deep dive into the market, looking at it from all angles – both the numbers (quantitative) and the more nuanced stuff (qualitative), breaking it down into segments based on money matters and other things. You'll get the scoop on market value (in USD Billion!) for each of those segments and sub-segments. Plus, we'll point out which region and segment we think is going to grow the fastest and be the biggest player. We'll also analyze each region, showing you where the product/service is really being used and what's influencing the market there. Speaking of players, we've got the competitive landscape covered, with market rankings and all the latest moves – new products, partnerships, expansions, and acquisitions from the last five years. We've even put together detailed company profiles, including overviews, insights, product benchmarks, and SWOT analyses for the major players. Get the current and future outlook on the industry, taking into account recent developments like growth opportunities, drivers, challenges, and restraints in both new and established regions. We’re also giving you an in-depth look using Porter's five forces analysis, insight through the Value Chain, and a look at market dynamics with future growth opportunities. And don't forget – you get 6 months of post-sales analyst support!

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