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Online Clothing Rental Global Market Report 2022

Online Clothing Rental Global Market Report 2022

  • July 2022
  • 175 pages
  • ID: 6310163
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the online clothing rental market are Style Lend Company, Rotaro, Rent the Runway, Rent It Bae Company, Mine for Nine LLC, Le Tote, La Reina, Gwynnie Bee, Glam Corner Pty Ltd., FlyRobe, Dress Hire, Dress & Go, ThreadTread, Stylish Play, and Secret Wardrobe.

The global online clothing rental market is expected to grow from $1.28 billion in 2021 to $1.41 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The online clothing rental market is expected to grow to $2.11 billion in 2026 at a CAGR of 10.5%.

An online clothing rental market consists of sales of online clothing rental services by entities (organizations, sole traders, and partnerships) that provide services through which consumers can rent garments for a predefined period.Individuals who plan to wear new costumes for special occasions such as weddings, theme parties, corporate parties, photoshoots, and film shoots may benefit from these services.

Rental services are also a cost-effective solution for those with tight budgets who are unable to purchase garments from their preferred brands.

The main types of clothing styles of online clothing retail are western wear, ethnic wear, and others.Western wear clothing refers to clothing styles from countries in the West such as the United States, Canada, or parts of Europe, or which derives their unique style from the clothes worn in the 19th-century American West.

The various dress codes of online clothing rental are formal, casual, and traditional wear which are available in the low, mid, and premium price ranges. The different types of end-users of online clothing rental are women, men, and kids.

North America was the largest region in the online clothing retail market in 2021. The regions covered in the online clothing rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The online clothing rental market research report is one of a series of new reports that provides online clothing rental market statistics, including online clothing rental industry global market size, regional shares, competitors with a online clothing rental market share, detailed online clothing rental market segments, market trends and opportunities, and any further data you may need to thrive in the online clothing rental industry. This online clothing rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing mobile and internet penetration is expected to propel the growth of the online clothing rental market.Economic development, IT infrastructure, supportive government, and business policies, and the degree of urbanization all have a positive impact on mobile and internet growth.

In an online clothing rental service, a person rents clothing online with the use of the internet and makes the payment online. According to Data Reportal, a Singapore-based business intelligence company, in October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there are 6.378 billion (80.76% of the world population) smartphone users. Therefore, increasing mobile and internet penetration is driving the growth of the online clothing rental market.

Technological advancements are shaping the online clothing rental market.Technological advancement has helped online clothing businesses to sync up all their operations and business processes.

For instance, in October 2021, H&M, a Swedish-based multinational clothing company launched blockchain-based clothes rental service with scannable IoT labels on the clothing.With this, customers at H&M’s store can pick garments for instant hire by scanning IoT-connected stickers with their smartphones.

Customers can access this service by signing up for Spin and then paying up to $11 in daily hire fees. Reselling or renting alongside innovation in materials is helping create sustainable consumption patterns.

In November 2020, Wardrobe, a US-based online clothing rental acquired Rent My Wardrobe for an undisclosed amount.Through this acquisition, Wardrobe expected to attract and gain tens of thousands of customers in addition to strengthening its position in the southern states of the USA.

Rent My Wardrobe is a US-based online marketplace where users can rent out clothes and other accessories.

The countries covered in the online clothing rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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