Online Clothing Rental Market Geographic Segmentation & Competitive Landscape Report to 2025

Posted on 2021-10-19 by researchinsights in Industrial // 0 Comments

Felton, California , USA, Oct 19 2021 — /EPR Network/ — The Global Online Clothing Rental Market research report interprets definition, an investigation of significant progress in the industry. It provides overall industry survey, product description, wide array of applications, top players, and development forecast. It enhances understanding about that market along with new business trends.

The Online Clothing Rental Market report discusses the primary industry growth drivers and challenges that the vendors and the market as a whole face and provides an overview of the key trends emerging in the market. It also talks about the market size of different segments and their growth aspects along with key leading countries in Americas, Asia-Pacific, Europe, the Middle East, and Africa regions.

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The global online clothing rental market is expected to grow with a CAGR of 9.4% over the forecast period to reach USD 2.09 billion by 2025. Changing fashion trend coupled with increasing e-commerce platforms are primarily driving the growth.

The women segment is projected to grow with the fastest growth rate of 9.8% over the forecast period. Reluctant to use the same clothes for a longer period amid changing fashion dynamics is the key driver of this segment. On the other hand, the kids’ segment is likely to exhibit significant CAGR over the forecast period. Kids tend to grow faster, which makes their existing clothes unfit. Owing to this region, parents tend to rent special clothes than buying.

Traditional clothes renting is the fastest-growing segment among different dress codes. The growing popularity of traditional attire among millennials is supplementing the growth of this segment. Such clothes are worn during festivals and marriage. Owing to their special use, price-conscious consumers tend to rent instead of buying. On the other hand, formal clothes are also experiencing a significant growth rate. Formal clothes such as blazers, suits and others are quite expensive and require frequent maintenance.

North America was the largest market with over 40% of market share in 2018. The region was followed by Europe. Fashion trends among millennials are quite popular in Europe. Millennials, owing to budget constraints, prefer to rent the clothes instead of spending hefty money in purchasing. This, in turn, is fueling the demand in Europe.

The Asia Pacific is likely to be the fastest-growing region largely because of increasing demand from emerging countries such as China and India. Both these nations contribute to 34% of the world’s population with a significant number of millennials among them. Further, Asia Pacific is witnessing a rapid rise in e-commerce platforms coupled with internet penetration.

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