The market size of the online clothing rentals is estimated to be worth USD 2,279.9 million in the year 2033 and it will grow up to US$6,451. During the forecast period, online clothing rentals are predicted to increase at a substantial CAGR of 10.6%.
A vital element contributing to growth in the global market is a flourishing online retail industry. Moreover, the growing population in urban areas whose level of fashion awareness leads to increase demand for services.
Although designers are constantly changing fashion trends, millennials tend to have designer clothes on which they do not often actually own.
Another factor that is propelling the growth of the market is growing awareness towards sustainable clothing and positive environmental impacts from sharing and reusing clothes.
Market growth is also being supported by sustainability approaches such as recycling second-hand clothes, using the least possible plastic packaging, and efficient usage of recyclable renewable materials including power water others..
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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.
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· 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.
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.
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