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The online clothing rental market size is forecast to increase by USD 1,564.94 million between 2023 and 2027. The Report covers Online Clothing Rental Market industry forecast and is segmented into End-user (women, men, and children), Type (formal, casual, and traditional), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD million) for all the above segments.
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The market size for Online Clothing Rental Market is projected to experience a CAGR of 9.86% between 2023 to 2027 with a Year over Year (YoY) growth of 9.72%.
The COVID-19 outbreak in 2020 disrupted the North American economy, impacting various sectors, including online clothing rental. The pandemic's second wave in early 2021 brought partial lockdowns and restrictions in the US, Canada, and Mexico, affecting clothing rental businesses. However, as governments implemented control measures and vaccination drives progressed, the market is stabilizing. The relaxation of lockdowns and the resumption of events like weddings fueled the demand for online rentals of premium clothing, covering a range of occasions. These developments are expected to restore and stabilize the growth of the North American online clothing rental market in the forecasted period.
Rising participation of people in social occasions is a key factor driving the market growth. Each region's festivals and traditions have historical or political significance, often tied to religious beliefs and cultural diversity. Clothing plays a vital role in these celebrations, and demand for occasion wear surges during such events. However, the high cost prompts consumers to seek cost-effective solutions, leading to the acceptance of online clothing rental. Globalized culture is leading to the adoption of Western occasions worldwide, requiring specific dress codes, often in the form of occasional wear. The online clothing rental market benefits from this trend, offering a variety of styles for different occasions at various price points. Subscription services, personalized recommendations, and the rising participation in social events are driving the global online clothing rental market's growth.
Women Segment Dominates the Market
The women segment was valued at USD 1,742.81 million in 2017 and continued to grow until 2021. The growing demand for renting occasion wear by women is estimated to drive the online clothing rental market for women during the forecast period. Women are increasingly becoming conscious about their clothing purchases. Women select attires based on different occasions, such as a date, formal meeting, party, vacation, wedding, outdoor activity, and daily work. As occasion wear items are priced high, women increasingly prefer renting clothing to purchasing them. In addition, the dumping of unwanted clothing into landfills has a serious environmental impact.
Online Clothing Rental Market - Revenue Share by Women Segment, 2017-2027
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North America Holds a Prominent Position in the Online Clothing Rental Market
North America is estimated to contribute 46% to the growth of the global market during the forecast period. In North America, the United States stands as the dominant contributor to the online clothing rental market, driven by consumer preferences for variety, sustainability, and affordability. This shift towards non-ownership has created opportunities for clothing resale and rental services. Notably, a substantial number of fashion rental startups were initiated in the US in 2022, offering diverse clothing types, including casual, designer, occasional, athletic, maternity, men's suits and blazers, and kids' wear.
For instance, Rent It BAE is an online platform offering premium fashion rentals, spanning dresses, bags, ethnic wear, sunglasses, and more, with options for one-time rentals or monthly subscriptions. Canada has also seen a rise in clothing rental startups, with consumers embracing minimalism and sustainable fashion, seeking outfits and accessories through online rental platforms. In Mexico, the online clothing rental market is still emerging, with consumers often turning to US-based vendors for occasion wear. As a result, North American rental vendors are increasingly offering a wide range of outfits and personalized services, contributing to market growth in the forecasted period.
Online Clothing Rental Market Size, By Region, Global, 2017-2027
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The Online Clothing Rental Market is fragmented in nature. Some significant players include AARK World Pvt. Ltd., Armoire Style Inc., Dress and Go SA, Front Row, Girl Meets Dress, Glam Corner Pty Ltd., Glamourental.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Gwynnie Bee., La Reina Gown, My Secret Wardrobe, Rent An Attire, Rent the Runway Inc., Rentez Vous, Rotaro, Style Lend Inc., Stylease Pvt. Ltd., TheDressBank, Urban Outfitters Inc., Wrapd, and Your secret closet
The online clothing rental market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
Online Clothing Rental Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.86% |
Market growth 2023-2027 |
USD 1,564.94 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.72 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, South Korea, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AARK World Pvt. Ltd., Armoire Style Inc., Dress and Go SA, Front Row, Girl Meets Dress, Glam Corner Pty Ltd., Glamourental, Gwynnie Bee, La Reina Gown, My Secret Wardrobe, Rent An Attire, Rent the Runway Inc., Rentez Vous, Rotaro, Style Lend Inc., Stylease Pvt. Ltd., TheDressBank, Urban Outfitters Inc., Wrapd, and Your secret closet |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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