Consistently changing fashion trends, increase in internet penetration linked with e-commerce and cost effectiveness is expected to drive the growth of online clothing rental industry during the forecast period of 2020-2030.

The Online Clothing Rental Market is expected to grow at a CAGR of 8.9% from 2020-2030, according to a new research report by Next Move Strategy Consulting.

Online clothing rental is a service that allows individuals to rent clothing items for a limited period. These services play an important role during wedding functions, theme parties, shoots and other events. It is one of the cost-effective solutions to fast-changing fashion trends with limited financial resources which offer a wide range of clothing items from different brands.

According to the report, the fast-changing fashion trends in the industry with the surge in e-commerce services as well as internet penetration are some of the major driving factors. Limited availability of financial resources with temporary requirements in addition to convenience are likely to further add up the market growth. In addition, the growth of the entertainment industry with the availability of a wide clothing range has boosted the preference for the online clothing rental market. On the other hand, rapid technological advancement along with the telecommunication industry is likely to cause changes in the market trends with positive effects on the market growth.

However, a lack of customization options that can cause fitting issues which may not look good may restrain the market growth. On the contrary, growth in options such as live chats with fashion experts along with the addition of different sizes of the same dress in the stock can create numerous opportunities for the market in the coming few years.

On the basis of product type, the online clothing rental market share is segmented into Western wear, ethnic wear, and others. The ethnic wear segment dominates the global online clothing rental market in terms of growth rate and will be dominant during the forecasted period.

On the basis of demography, the online clothing rental market is categorized into men, women, and kids. Women segments account for the major market share and the kids segment is likely to show significant CAGR to maintain the lead in 2030.

North America is likely to account for the highest market size & share of the online clothing rental market in the forecast period 2020–2030 owing to the rapid change in fashion trends, the surge in the entertainment industry, as well as growth in the e-commerce industry, has paved the way for the online clothing rental, Europe accounts for the second leading position in the online clothing rental market size. Asia Pacific is expected to be the fastest developing region in the online clothing rental market which is majorly driven by the presence of huge developing economies with a young population along with cost effectiveness. Moreover, amplification in technological advancement led to a surge in innovative methods which may further direct the market growth.

According to the report, some of the key players in the online clothing rental market are Poshmark, Dress & Go, Etashee, Envoged, Rent the Runway, Secoo Holdings Ltd, GlamCorner Pvt Ltd., Elanic Services Pvt Ltd., and Secret Worldwide.

Browse key industry insights from the report in detail along with the table of contents: Online Clothing Rental Market by Product Type Knitwear, Trousers and Jeans, Jumpsuits, Suits and Blazers, Coats and Jackets, Skirts and Shorts, Ethnic Wear, Western Wear, Formal, Casual, Traditional, and Others), by Demography Men, Women, and Kids), by Dress Code Formal, Casual, and Traditional), and by Business Model Standalone Model and Subscription Model) - Global Opportunity Analysis and Industry Forecast, 2022 2030

Key Insights from the Online Clothing Rental Market Report:

• Asia Pacific is the fastest-growing Online Clothing Rental market owing to the limited availability of financial resources, and rapid change in fashion trends which is further supported by the surging entertainment industry.
• The Women and western wear dominate the segment and is expected to maintain their dominance to the lead in 2030.
• Some of the major players in the market are Poshmark, Dress & Go, Etashee, Envoged, Rent the Runway, Secoo Holdings Ltd, GlamCorner Pvt Ltd., Elanic Services Pvt Ltd., and Secret Worldwide.

The report Online Clothing Rental Market is segmented by product type, demography, and geography

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