NEW YORK, April 26, 2021 /PRNewswire/ --
The global online clothing rental market by end-user (women, men, and children) and geography (APAC, North America, Europe, South America, and MEA) has been added to Technavio's offering. The global online clothing rental market is expected to grow by USD 990 million, at a CAGR of almost 10% during 2021-2025.
The imposition of lockdowns and restrictions on social gatherings canceled or postponed many social events such as marriages. Also, the shutdown of international and domestic flights hampered the growth of the online clothing rental market in 2020. However, the market is expected to recover and register a stable growth with the increasing number of social and commercial events, growing economic stability among people, and increasing awareness about online rental of clothes.
The market is expected to be driven by factors such as the growing e-commerce fashion industry, the rising participation of people in social occasions, and the growth of the fast fashion industry.
Online Clothing Rental Market: Opportunities
Consumers who cannot afford the high cost, luxury designer clothing prefer renting. Also, many tourists visiting exotic places are opting to rent their clothing to ensure they travel light. In addition, the increasing penetration of smartphones and the availability of high-speed internet are expected to create significant opportunities for market vendors during the forecast period.
Online Clothing Rental Market: Segmentation by End-user
Based on the segmentation by end-user, the market generated maximum revenue in the women segment in 2020. The segment is driven by the growing demand for renting occasion wear by women. In addition, several vendors in the market are offering clothing items on rent for women belonging to all age groups. These factors will be crucial in driving the growth of the segment during the forecast period.
Online Clothing Rental Market: Segmentation by Geography
APAC held the largest market share in 2020 and the market growth in the region. However, the growth momentum in the region is expected to be slower compared to the growth of the market in North America. The growth of the market in APAC can be attributed to the increasing awareness of sustainability and improvement in laundry services. Also, the increasing demand for affordable fashion and a wide assortment of fashion goods is expected to foster the growth of the online clothing rental market in APAC during the forecast period.
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Online Clothing Rental Market: Major Vendors
Glam Corner Pty Ltd.
The company offers online and offline clothing rental services, including one-time rental and subscription services to women.
La Reina Gown
The company offers online rent clothing such as hijabs and toppers. The company offers online rent clothing such as hijabs, dress, top, bottom for kids and women.
Mine for Nine LLC
The company offers rent and purchase clothing services for products such as dress, top, bottom, and others for Maternity women clothes.
Rent the Runway Inc.
The company offers clothing rental services with two membership plans namely RTR unlimited and RTR Update for women.
Lending Luxury
The company offers rent clothing such as dresses, shoes, bags, and accessories.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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Report: www.technavio.com/report/online-clothing-rental-market-size-industry-analysis
SOURCE Technavio
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