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Online Clothing Rental Market is Expected to Rise to US$ 6,244.1 Million by 2033 | Future Market Insights, Inc.

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NEWARK, DE / ACCESSWIRE / March 6, 2023 / The online clothing rental market size is projected to be valued at US$ 2,279.9 million in 2023 and is expected to rise to US$ 6,244.1 million by 2033. The sales of online clothing rentals are expected to grow at a significant CAGR of 10.6% during the forecast period.

One of the key factors driving global market growth is the thriving online retail industry. Furthermore, a growing urban population with a higher fashion consciousness is driving up service demand.

To keep up with the ever-changing fashion trends, millennials are increasingly wearing designer clothing without actually owning it.

Increasing awareness about sustainable clothing and the positive environmental effects of sharing and reusing clothing is another factor driving the market growth.

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Sustainability approaches such as reusing pre-owned clothing, using minimal plastic packaging, and efficiently using recyclable, renewable, and production resources such as power, water, and other materials are becoming more popular, contributing to market growth.

With an increasing emphasis on sharing rather than owning, online clothing rental services allow brand- and price-conscious consumers to try on a variety of outfits without purchasing them.

Other factors, such as increasing subscription-based model adoption, rising internet penetration rates, and rising disposable income levels, are expected to drive the market even further.

Key Takeaways from the Online Clothing Rental market

  • In 2022, formal clothing had a market share of around 31.5%. Formal clothing, such as suits and blazers, is expensive and requires maintenance; therefore, price-conscious and young consumers prefer to rent.
  • In terms of business models, the market is divided into two categories: standalone and subscription. As these clothes are worn sparingly on special occasions that do not occur at regular intervals, the standalone segment is expected to account for 76% of the market share during the projected period.
  • Women are expected to continue to dominate the market with a 58% share during the forecast period. Women’s clothing places a premium on fashion rental platforms. During the forecast period, the continued demand for western designer dresses among women worldwide is expected to fuel the growth of the online clothing rental market.
  • The online clothing rental market in Germany was valued at US$ 0.090 billion in 2022 and is expected to reach US$ 0.17 billion by 2030, growing at an 8.7% CAGR between 2023 and 2030. The desire for more sustainable and affordable ways to acquire designer clothes has increased the popularity of online clothes rental apps in Germany. Furthermore, due to the cold weather, consumers have a high demand for coats and jackets.
  • The online clothing rental market in India was valued at US$ 0.076 billion in 2022 and is expected to reach US$ 0.14 billion by 2030, growing at an 8.8% CAGR between 2023 and 2030. The online rental clothing market in India is expanding as a result of increased internet usage, increased awareness of sustainability, and increased demand for high-end brands at reasonable prices.
  • The United States accounts for around 95.0% of the North American online clothing rental market and is expected to grow at a CAGR of 7.4% during the forecast period. The rise in the various new start-ups and the presence of some of the leading brands in the rental clothing market in the United States are driving growth in the online clothing rental market in the region.

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Competitive Landscape

The competitive landscape in the online clothing rental market is moderately fragmented, with a mix of established retailers and start-ups. While some retailers seek a better way to manage their inventory through rentals, start-ups seek to expand their business by offering multi-brand product mixes. Among the market’s key players are Le Tote, Gwynnie Bee, Glam Corner, Rent the Runway, and Nuuly.

  • In July 2022, Rent the Runway entered into a partnership with Saks Off 5th to offer customers pre-owned designer products on its website, which now includes a “pre-owned” section.
  • In April 2022, David Jones expanded its partnership with the fashion rental platform GlamCorner with the launch of Reloop.
  • In May 2022, Following collaborations with designers such as Anna Sui and the launch of its resale platform last year, the clothing subscription service Nuuly recently launched its latest ready-to-rent collection.

Online Clothing Rental Market By Category

By Product Type:

Men’s:

  • Knitwear
  • Trousers & Jeans
  • Jumpsuits
  • Coats & Jackets
  • Ethnic Wear
  • Performance Wear
  • Active Wear
  • Longue Wear

Women’s:

  • knitwear
  • Trousers & Jeans
  • Jumpsuits
  • Coats & Jackets
  • Skirt & Shorts
  • Ethnic Wear
  • Performance Wear
  • Active Wear
  • Longue Wear

Kids:

  • Casual Wear
  • Formals
  • Semi-Formals

By Business Model:

  • Standalone Model
  • Subscription Model

By End-User:

  • Business to Consumer (B2C)
  • Business to Business (B2B)

By Age Group:

  • Below 18 years
  • 18-25 years
  • 26-34 years
  • 35-44 years
  • 45-54 years
  • 55 Above years

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa (MEA)

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Table of Content

1. Executive Summary | Online Clothing Rental Market

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in Conservative Scenario

Complete TOC with Report Preview: https://www.futuremarketinsights.com/reports/online-clothing-rental-market

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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SOURCE: Future Market Insights, Inc.

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