Global Online Clothing Rental Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Online Clothing Rental Market 2021 (Includes Business Impact of COVID-19)
Global Online Clothing Rental Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global online clothing rental market report has been segmented as per clothing styles, end user, and region.Request Covid - 19 Impact Global Online Clothing Rental Market: Overview Online clothing rental includes services through which individuals can rent various clothing items to the consumers as per their requirement for a certain period of time. Online clothing rental services are more convenient and cost-effective for consumers. The user can take various clothing items on rent for different occasion such as wedding ceremony, corporate parties, theme party, film making, photo shoots, and many more. Also, the budget and fashion conscious consumer mainly preferred the various online clothing rental services across the globe.

The global Online Clothing Rental market size was valued at USD$1.36 billion in 2020 and is projected to reach USD $3.52 billion by 2030, and is anticipated to expand at a CAGR of 10.00% over the forecast period from 2020 to 2030.



Global Online Clothing Rental Market: Dynamics


Increasing penetration of smartphone, laptops, tablets, and internet in developed and developing countries coupled with expanding e-commerce industry across the globe are key factors projected to drive growth of the global online clothing rental market. In addition, increasing popularity of online clothing rental services among millennials due to various benefits provided by e-commerce portals such as easy shopping, availability of various designer brands and stylish clothes, cost-effective, and others to the consumers. This is another factor expected to support growth of the target market during the forecast period.

Growing demand for online clothing rental services among individuals due to the rising number of fashion and budget consciousness consumers across the globe is another factor projected to boost growth of the global market. In addition, increasing technological advancement in e-commerce and telecommunication sector across the globe and growing demand for various types of clothes such as party wear, designer dresses, wedding suits, and others among individuals through the various online portals. These are other factors expected to fuel growth of the global market over the forecast period.

Furthermore, the rising number of aggressive marketing strategies through the several media channels by online rental clothing service providers is another factor projected to boost growth of the global market in the upcoming years.

However, limited availability of online rental dresses associated with limited sizes is key factor may hamper growth of the global online clothing rental market. In addition, less awareness about online clothing rental services in many areas across the globe is a challenging factor that may affect growth of the target market to a certain extent.


Global Online Clothing Rental Market: Segment Analysis


Increasing adoption of ethnic wear especially among the female population due to the frequent use of various ethnic dress patterns for several festivals such as a wedding, photo-shoot, film making, and others. This is the main factor driving the revenue growth of the ethnic wear segment among the clothing styles segment.

Among the end-user segment, the women segment is projected to witness significant growth in the target market, owing to rising adoption of ethnic wear, party wear, and other dresses among the female population for special occasions across the globe.


Global Online Clothing Rental Market: Region Analysis


North America online clothing rental market accounted for the highest revenue share and is expected to dominate the target market over the forecast period. High demand for online rental clothes among individuals due to the rising celebration of various traditions like several parties, fashion shows, wedding, Halloween, and many other events in countries such as US and Canada in this region. The market in the Asia Pacific is estimated to register a significant rate of growth in the global market followed by the market in Europe, owing to rising adoption of designer dresses associated with brands for various festivals and parties in countries such as China, India, Germany, Franc, and UK in these regions. The market in Latin America and the Middle East & Africa are anticipated to witness moderate growth in terms of revenue, attributable to increasing awareness about various online clothing rental services among individuals in countries in these regions.

Global Online Clothing Rental Market Segmentation:

Segmentation by Clothing Styles:

  
Ethnic Wear
  
Western Wear
  
Others (Formal Wear, Party Wear)

Segmentation by End User:

  
Women
  
Men
  
Kids


Key Companies Profiled


  
Rent the Runway
  
Rotaro
  
GlamCorner Pty Ltd.
  
Gwynnie Bee Company
  
Mine for Nine LLC
  
Dress Hire AU
  
ThreadTread
  
Nuuly
  
Rent The Front Row LLC
  
Dress & Go Company
  
Chic by Choice Company
  
Style Lend Company
  
Rent It Bae Company


Below are the key development related to Online Clothing Rental Market in 2020 and 2021.


July 2021: Harrods launches clothing rental service The luxury department store has partnered with luxury rental marketplace My Wardrobe HQ to launch its own rental service. Harrods’s rental edit will sit on My Wardrobe HQ’s website in addition to a pop-up store at Harrod’s Knightsbridge location. The range will include 1,000 statement pieces by designers including Huishan Zhang, Rotate, Roksanda and Zimmermann, available for customers to rent for four to 14 days, or to purchase. Prices for a four-day rental prices range from £23 to £400. Source

April 2021: CaaStle Brings Subscription Clothing Rental Platform to UK Partners with Moss Bros. to Launch First UK Rental Service for Men and with L.K. Bennett for New Womens Rental Service. CaaStle (the "Company"), the leading B2B rental technology platform in the U.S., announced that it will expand internationally to power subscription rental services in the United Kingdom. CaaStle has partnered with menswear retailer Moss Bros. to launch MOSS BOX, a first-of-its-kind subscription rental service for men in the UK. The company will also partner with L.K. Bennett to launch an unlimited rental service exclusively for women. CaaStle is the leader in the U.S. circular retail economy powering subscription-based rental services for major retailers including Vince, Rebecca Taylor, Express, Banana Republic, Destination Maternity, and Walmarts ELOQUII brand. CaaStles B2B technology platform uniquely enables retailers and fashion brands to provide Clothing as a Service (CaaS), a subscription-based unlimited rental model with an option to buy, as a complement to their existing retail and eCommerce business. CaaS provides retailers with a predictable and recurring revenue stream, reduced inventory risk, improved yield optimization and stronger customer engagement than in traditional retail alone. Source

March 2021: Ralph Lauren launches rental subscription service. American fashion company Ralph Lauren has introduced its first subscription apparel rental initiative called ‘The Lauren Look.  Starting at 125 dollars a month, the size-inclusive subscription allows members to rent looks from the most recent Ralph Lauren collections. When a member has worn the pieces, they can return the items to be replaced with new garments or purchase them at exclusive member prices. The online selection continuously offers varieties of dresses, pants, tops, coats, and more, as well as personalized suggestions from expert stylists on how to wear them. Source