The Online Clothing Rental Market size was valued at USD 1.39 Billion in 2021 and is projected to reach USD 3.13 Billion by 2030 growing at a CAGR of 8.9% from 2022 to 2030. online allows people to rent clothes for a certain period from a huge collection of clothes. It benefits people who intend to wear new clothes for occasions such as weddings, corporate meetings and photo shoots. It not only offers variety, but also offers an economical option for customers with monetary constraints that prevent them from buying the brand of their choice. Moreover, online clothing rental services are also useful for people who experience temporary changes in their physique, such as pregnant women.
Market Segmentation and Scope of the Study:
The online clothing rental market is segmented on the basis of type, demographics, dress code, business model and geography. Based on type, the market is divided into Knitwear, Pants & Jeans, Jumpsuits, Suits & Blazers, Coats & Jackets, Skirts & Shorts, Ethnic, Formal, Casual, Traditional, and Others. Based on demographics, the market is categorized into men, women, and children. Based on business model, the market is classified into stand-alone model and subscription model. The geographic breakdown and analysis of each of the aforementioned segments includes regions including North America, Europe, Asia-Pacific and ROW.
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North America holds the lion’s share of the online clothing rental market over the forecast period. This is attributed to factors such as the increasing prevalence of theme parties and events that require a specific dress code for a limited period of time like Halloween, Christmas and others. Asia-Pacific, on the other hand, is expected to grow rapidly over the forecast period owing to the presence of developing countries such as India, China, and Japan with the increasing adoption of rental garments online in the film and fashion industries. Furthermore, various governments are promoting the circular fashion industry and taking initiatives like Digital India, Skill India and China plus program to incentivize entrepreneurs, which in turn is expected to propel the growth of the clothing rental market in line.
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The online clothing rental market is made up of various market players such as Rent the Runway, Rotaro, Glamcorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU, ThreadTread, H&M, Nully, Rent the Front Row LLC and Dress & Go Company. These market players are adopting various joint venture strategies and planning to expand their businesses in various regions to maintain their dominance in the online clothing rental market. For example, in October 2021, H&M launched a blockchain-based clothing rental service with scannable loT tags on clothing. These clothes can be used for instant rental by scanning many connected stickers with their smartphone. Additionally, in November 2021, Rixo, a clothing and fashion company, collaborated with rental platform Rotaro. The partnership was intended to allow customers to rent used Rixo clothing, including Rhea, Lorence and Lolita, at an affordable rate. These initiatives by market players are expected to increase the level of competition and attract more customers in the online clothing rental market.
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