The online clothing rental market has been gaining popularity due to the various advantages it offers such as cost-effectiveness, easy access to high-end brands and designs, convenience of renting clothing for special occasions, and reduced environmental footprint. People are drawn towards online clothing rentals as it allows them to stay updated with trends while eliminating the need to make long term investments and commitments.
The global Online Clothing Rental Market is estimated to be valued at US$ 8388.65 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the online clothing rental market has been accelerated majorly by environment conscious consumers who are increasingly promoting circular fashion and opting for more sustainable alternatives. Renting clothes is considered more eco-friendly as it extends the life of garments by sharing them among multiple users instead of each person buying an item to use occasionally. This rental model produces 80% less carbon, water and pollution waste compared to traditional retail. With growing awareness about environmental issues, more people are avoiding fast fashion and turning to online clothing rentals to reduce textile waste.
Segment Analysis
The global online clothing rental market is dominated by the women's wear segment. This segment currently occupies over 40% of the total market share owing to a rising focus on sustainability and changing fashion trends among women consumers. Additionally, women are more likely to rent outfits for occasions like weddings, parties or corporate events where they may need different pieces regularly. The menswear segment is expected to witness the fastest growth during the forecast period due to growing acceptance of the subscription-based clothing model among young male professionals and working individuals.
Key Takeaways
The Global Online Clothing Rental Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. With rising environmental concerns and fast fashion increasingly being seen in a negative light, consumers are looking for more sustainable options to experience latest trends and fits without anxiety of limited uses or pile of unworn clothes. The global Online Clothing Rental Market is estimated to be valued at US$ 8388.65 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
Regional analysis: North America currently holds the largest share in the global online clothing rental market owing to high acceptance of sharing economy based business models and strong presence of key players. The Asia Pacific region is projected to witness the fastest growth during the forecast period driven by the developing markets of China, India and Southeast Asia where online clothing rentals are seen as a cost-effective way to access high-end brands and outfit options for different occasions.
Key players: Key players operating in the online clothing rental market are Rent the Runway, Le Tote, Clothing Rental, Style Lend, Dress & Go, GlamCorner, Grenada, Swapdom, Rentez-Vous, and SEQUIND. Rent the Runway has emerged as the leading player with over 10 million subscribers due to its wide portfolio of designer brands and size options. Le Tote follows next with a focus on affordable monthly subscription plans catering to working professionals looking for latest styles at lower costs.
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