Pune India, Jan. 21, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the online clothing rental market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the online clothing rental market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the dress code, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global online clothing rental market the runway, Share Wardrobe, Secoo Holding li Mited, Swapdom, StyleLend, Dress Hire, Le Tote, Fashion rental service, The Clothing Rental, Flyrobe.com., Omapal Technologies Private Limited, Etiquette Formal Hire Ltd., American Eagle Outfitters among others. To achieve a substantial market share in the worldwide online clothing rental market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Online clothing rental is a service that consists of services that assist individuals in renting a variety of clothing items as per their requirements to consumers within a specified time frame. This type of service is considered convenient and cost-effective, and users can borrow clothes for various occasions such as film production, theme parties, corporate parties, wedding ceremonies, and photo shoots. Many brands are becoming more aware of the importance of environmental sustainability, and new business players and brands are launching their own online clothing rental websites to take advantage of this trend. Accordingly, the online clothing rental market will continue to grow as environmental and sustainability adaptive measures are implemented. A growing number of Millennials and Generation Z are taking pride in admitting that they prefer to rent and re-wear rather than purchase. Due to this, the circular fashion industry is flourishing around the world, with brands like Gucci and Burberry partnering with circular fashion companies to promote sustainable fashion. The rising demand form wone section is the key driving force of the market. Furthermore, the market is also witnessing some challenges which are hampering the growth of the market such as lack of customizability and lack of awareness about such platforms.
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Scope of Online Clothing Rental Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Dress Code, End-User, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Rent the runway, Share Wardrobe, Secoo Holding li Mited, Swapdom, StyleLend, Dress Hire, Le Tote, Fashion rental service, The Clothing Rental, Flyrobe.com., Omapal Technologies Private Limited, Etiquette Formal Hire Ltd., American Eagle Outfitters among others|
Traditional is expected to be the fastest-growing segment in 2022.
The dress code segment is formal, casual, and traditional. The traditional segment is expected to witness the highest growth rate during the forecast period. Traditional clothing is dominating the online clothing rental market as is one of the cheap and best platforms to buy traditional clothes without purchasing them and moreover, consumers are looking for such options where they have to spend less money and can get a better deal specially in the traditional clothing segment. Consumers prefer renting traditional clothes instead of buying them, since they are worn during festivals, special occasions, and on rare occasions.
Women are expected to be the fastest-growing segment in 2022.
The end-user segment includes men, women, and others. The women segment is expected to witness the highest growth rate during the forecast period. A special occasion outfit is pricey and must be worn within a certain time frame. Because of this, women rent apparel online more frequently because it suits their needs so well. According to the women’s market, which accounts for 30.2% of the total market, ethnic clothing is in great demand. As events and occasions increase, women are increasingly renting outfits online.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the online clothing rental market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Increasing disposable income and urbanization in these countries have resulted in higher spending power in the U.S. Consumers like to experiment with new clothing frequently, because they are high on self-esteem and like to look good. As a result, good looks are increasingly becoming the focus of attention and creating a demand for online clothing rental services.
Germany’s online clothing rental market size was valued at USD 0.090 billion in 2022 and is expected to reach USD 0.17 billion by 2030, at a CAGR of 8.7% from 2023 to 2030.
The popularity of online clothes rental apps in Germany has grown due to the desire for more sustainable and affordable ways to acquire designer clothes. Additionally, consumers have a high demand for coats and jackets due to the cold weather.
China’s online clothing rental market size was valued at USD 0.098 billion in 2022 and is expected to reach USD 0.193 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
The penetration of internet, rising demand from the women section for low priced clothing and rising disposable income, is boosting the growth of the market in the country.
India’s online clothing rental market size was valued at USD 0.076 billion in 2022 and is expected to reach USD 0.14 billion by 2030, at a CAGR of 8.8% from 2023 to 2030.
India’s online rental clothing market is growing due to increased internet usage, increased awareness of sustainability, and growing demand for high-end brands at reasonable prices.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand among the women for stylish and trendy clothing at low price, propelling the growth of the market across the countries.
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