Online Clothing Rental Market to Grow at 8.9% CAGR by 2030
Consistently changing fashion trends, increase in internet penetration linked with e-commerce and cost effectiveness is expected to drive the growth of online clothing rental industry during the forecast period of 2020-2030.
The Online Clothing Rental Market is expected to grow at the CAGR of 8.9% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Online clothing rental is a service which allows individuals to rent clothing items for a limited period of time. These services play an important role during the wedding functions, theme parties, shoots and other events. It is one of the cost effective solution to fast changing fashion trends with limited financial resources which offers wide range of clothing items from different brands.
According to the report, the fast changing fashion trends among industry with surge in e-commerce services as well as internet penetration is one of the major driving factors. Limited availability of financial resources with temporary requirement in addition to convenience are likely to further add up the market growth. In addition, growth of entertainment industry with the availability of wide clothing range has boosted the preference of online clothing rental market. On the other hand, rapid technological advancement along with telecommunication industry is likely to cause changes in the market trends with positive effects on the market growth.
However, lack of the customization options that can cause fitting issues which may not look good may restrain the market growth. On the contrary, growth in the options such as live chats with fashion experts along with the addition of different sizes of the same dress in the stock can create numerous opportunities to the market in the coming few years.
On the basis of product type, the online clothing rental market share is segmented into Western wear, ethnic wear, and others. Ethnic wear segment dominates the global online clothing rental market in terms of growth rate and will be the dominant during the forecasted period.
On the basis of demography, the online clothing rental market is categorised into men, women and kids. Women segments accounts for the major market share and kids segment is likely to show significant CAGR to maintain the led in 2030.
North America is likely to account for the highest market size & share of the online clothing rental market in the forecast period 2020–2030 owing to the rapid change in fashion trends, surge in the entertainment industry as well as growth in e-commerce industry has paved the way for the online clothing rental, Europe accounts for the second leading position in the online clothing rental market size. Asia Pacific is expected to be the fastest developing region in the online clothing rental market which is majorly driven by presence of huge developing economies with young population along with cost effectiveness. Moreover, amplification in technological advancement led to the surge in innovative methods which may further direct the market growth.
According to the report, some the key players in the online clothing rental market are Poshmark, Dress & Go, Etashee, Envoged, Rent the Runway, Secoo Holdings Ltd, GlamCorner Pvt Ltd., Elanic Services Pvt Ltd., and Secret Worldwide.
Browse key industry insights from the report at https://www.nextmsc.com/report/online-clothing-rental-market in detail along with the table of contents:
Key Insights from the Online Clothing Rental Market Report:
- Asia Pacific is the fastest growing Online Clothing Rental market owing to the limited availability of financial resources, rapid change in the fashion trends which is further supported by the surging entertainment industry.
- The Women and western wear dominates the segment and is expected to maintain its dominance to the led in 2030.
- Some of the major players in the market are Poshmark, Dress & Go, Etashee, Envoged, Rent the Runway, Secoo Holdings Ltd, GlamCorner Pvt Ltd., Elanic Services Pvt Ltd., and Secret Worldwide.
The report Online Clothing Rental market – segmented by product type, demography and geography
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