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The online clothing rental market size is forecast to increase by USD 1,564.94 million between 2023 and 2027.
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The market size for the 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 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 acceptance. Globalized culture is leading to the adoption of Western occasions worldwide, requiring specific dress codes, often in the form of occasional wear. The market benefits from this trend, offering a variety of styles for different occasions at various price points. Subscription services, personalized recommendations, and rising participation in social events are driving the global 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 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.
Market - Revenue Share by Women Segment, 2017-2027
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North America Holds a Prominent Position in the 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 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 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.
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 Market experiences a surge in demand, catalyzed by factors such as lockdown measures, emphasizing essential services and the supply chain, particularly among garments manufacturers. Innovations in e-commerce platforms and subscription models have reshaped consumer spending habits, especially in the Asia Pacific region. Challenges persist due to improper regulations and low consumer awareness, yet societal acceptance of renting clothes is on the rise, especially among young people.
Luxury designer dresses and premium jackets are popular choices, alongside sports apparel for sporting events. Children's segments witness growth, driven by parents seeking cost-effective solutions. Despite unorganized manufacturers, online retail platforms offer convenience and accessibility, bolstered by technological advancements and internet penetration, facilitating a seamless shopping experience for formal and casual wear alike.
The 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 forecasting, market growth and trends, 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 the 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
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