Online Clothing Rental Market
The Global Online Clothing Rental Market size is estimated to be USD 1.22 billion in 2019 and is predicted to reach USD 3.55 billion by 2030 with a CAGR of 10.2% from 2020-2030.
Online Clothing Rental is a service by which individual can rent clothing items for the predefined period of time. These services are mostly helpful during wedding functions, theme parties, photo shoots and others. The people are getting well aware with the latest fashion trends but lack of sufficient financial resources allows people to make use of inline clothing rental market. Online rental clothing is the cost effective solution to get the required dress in the budget.
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Top Companies: Poshmark, Dress & Go, Etashee, Envoged, Rent the Runway, Secoo Holdings Ltd, GlamCorner Pvt Ltd., Elanic Services Pvt Ltd. and others.
The fast changing trends in the fashion industry and constant increase in the internet penetration coupled with cost effectives associated with the renting clothes and be in the fast changing fashion trends are expected to drive the growth of online clothing rental market.
The global online clothing rental market share is analyzed on the basis of product type, demography, and geography. On the basis of product type, the market is segmented into Western wear, ethnic wear, and others. On the basis of demography, the market is divided into men, women and kids. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America represents the increased adoption of online clothing rental market and expected to contribute the major market share over the forecast period. The increase in theme parties and events which require specific dress such as Halloween and others which require clothes for limited time are expected to support the growth of online rental clothing market. Asia Pacific is expected to develop rapidly over the forecast period due to the presence of developing economies which was further added by the increase in promotional activities and increase in government initiatives to promote entrepreneurship are expected to fuel the growth of online rental clothing market.
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