Online Clothing Rental Market is Expected to Show Noteworthy Growth by 2025
by Susan Hill Business ConsultantThe global online clothing rental market size is expected to
reach USD 2.09 billion by 2025 and is anticipated to register a CAGR of 9.4%
during the forecasted period, according to a new report by Grand View Research,
Inc. Changing fashion trends and rising penetration of internet are among the
key factors driving the growth.
Women segment leads the
market and is expected to expand at a CAGR of more than 9.8% over the forecast
period. The trend of not using the same clothes for a long time and creating
unique personal style or fashion statement are among the prominent factors driving
the grow. Apart from women, the kids segment is also anticipated to witness
significant growth in the upcoming years. Rising preference for renting
children’s clothes, is expected to positively impact the overall growth.
Renting traditional clothes is
found to be the fastest growing segment on the basis of dress code. Younger
consumers prefer renting traditional clothes as these cloths are used only on
rare occasions. Apart from traditional clothes, the formal segment is also
witnessing a significant growth. It is hard to purchase and maintain a variety
of formal clothes for the young as well as price-conscious consumers, thus,
they prefer renting the clothes.
North America is the leading
market for the industry and accounts for nearly 40% of the market share. Europe
is the second largest market for online clothing rental. Europe is known for
its fashion trends, hence, young consumers want to keep themselves updated with
the latest fashion. Thus, they prefer renting instead of buying impacting the
overall growth.
Asia Pacific is found to be
the fastest growing region due to developing nations such as India and china
which accounts for more than 34% of the global population. The increasing
awareness about the service, and internet penetration are among the prominent
factors for the growth of the industry in the region.
Further key finding from the report suggests:
- In terms of revenue, the women segment is
projected to ascend at a CAGR of 9.8% over the forecast years
- Traditional renting is expected to expand
at a CAGR of more than 11.2% during the forecast period
- North America leads with market share of
more than 40% and is projected to expand at a significant CAGR in near
future
- Some of the key players operating in the
online clothing rental market are The Clothing Rental, Flyrobe.com, Rent
the Runway, Secoo Holding Limited, Share Wardrobe, Le Tote, Swapdom,
Gwynnie Bee, Dress Hire, and StyleLend.
Access full research report on global online
clothing rental market:
www.grandviewresearch.com/industry-analysis/online-clothing-rental-market
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Created on May 11th 2020 06:20. Viewed 310 times.