Online Clothing Rental Market is valued around USD 1.22 Billion in 2019 and expected to reach USD 3.55 Billion by 2030 with the CAGR of 10.2% over the forecast period.
Online clothing rental is a service which allows an individual to rent the clothing items for the specific period of time. Owing to the limited availably of financial resources with cost effectiveness is the major supporting factors. These services prove to be helpful during the events & functions and provide latest trending clothing items which easily fits in the budget.
Global Online Clothing Rental Market report is segmented on the basis of product type, demography and by regional. Based upon product type, the online clothing rental market is fragmented into westerns wear, ethnic wear, and others. Based on demography, the market is fragmented into men, women, and kids. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The online clothing rentals market is mainly driven by the continuous changes in the fashion industry with limited availability of budget. There is a steady growth in the technological advancement which in turn boosts the e-commerce as well as online services to promote the growth of online clothing rental market. In addition, there has been surge in the experimenting with clothing ideas from different fashion brands. Moreover, development of entertainment industry also plays an important role in the online clothing rental market which enhances the market growth. However, lack of customization option, limited availability of sizes and lack of social acceptance may restrict the market growth.
Complete report is available at https://www.nextmsc.com/report/online-clothing-rental-market
The developed regions such as North America and Europe are expected to hold the major market share owing to the well-established network and internet service with surge in the e-commerce services in the region with advanced technology. Moreover, Asia Pacific is expected to dominate the online clothing rental market in terms of growth rate owing to the rising consumer awareness about fashion trends, budget constraints and growth in the function & events. Moreover, availability of wide clothing range and brands from the designers has also expected to augment the market growth.
The major market players profiled in the online clothing rental market includes Poshmark, Dress & Go, Etashee, Envoged, Rent the Runway, Secoo Holdings Ltd, GlamCorner Pvt Ltd., Elanic Services Pvt Ltd., and Secret Worldwide among others.
