Online Clothing Rental Market Size, Growth, Share 2022, Sales Segmentation and by Recent Trends Development and Factors by Global Overview to 2031

Kenneth Research added a report on Online Clothing Rental Market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market. The market is anticipated to grow at a CAGR of XX.X% during the forecast period, i.e., 2022-2031.  

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Clothing Rental Market products.

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The Report Title Online Clothing Rental Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2021-2027.

The global online clothing rental market is estimated to be USD 1,123.5 Million in 2018 and is expected to attain a market value of USD 2,817.8 Million by the end of 2027 by registering a CAGR of 10.9% across the globe. A rising preference for gaining access to designer clothing and ever changing fashion statements are fuelling the global online clothing rental market. With a rising emphasis on sharing rather than owning, gaining instant access to items that one covets to wear without repeating the same attire over and over again and a rising awareness about the positive environmental impacts of the sharing economy are propelling the growth of the global online clothing rental market.

“The CAGR value Could change due to COVID-19 Pandemic on Global Industry”

Rising disposable income among households especially in developing countries such as China and India has stimulated the consumer spending on fashion. This has strengthened the demand for online rental clothing over the forecast period.

Asia Pacific is expected to witness intensive growth and occupy share of 22.14% by value, by 2027 in the global online clothing rental market. The growth in the region can be attributed to the rising fashion consciousness and increased spending on fashion in the region is factors expected to fuel the growth of the online clothing rental market during the forecast period. This can be attributed to adoption of mobile devices, especially smartphones and tablets across countries such as China and India.

Based on demography, women segment is amidst the largest segment in the global online clothing rental market with a growth rate of 9.7% with an increase in the market value from USD 639.2 Million in 2018 to USD 1,496.8 Million in 2027. Growth in the segment is transmuted on increasing the subscription of rental companies, positively impacting the market growth which in-turn is attributed to result in an increase in demand for global online clothing rental market in forth coming years.

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Based on clothing segment, western clothing segment is considered to be amongst the fastest growing segment in the global online clothing rental market over the forecast period with USD 707.2 Million in 2018 to USD 1695.4 Million in 2027. Growth in the segment is projected on the back of the popularity of subscription packages offered by companies which encourage people to rent casual clothes online. Changes in lifestyle of the working population have also impacted the clothing rental business across the developing regions.

Leading Players

Chic by Choice, Rent the Runway, Lending Luxury and Le Tote are some of the leading players in the global online clothing rental market.

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