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Online Clothing Rental Market 2022 | Size, Share, Growth | Analysis By Top Countries Data, By Top Players, Applications | Forecast Till 2030

In a recent published report, Kenneth Research has updated the market report for Online Clothing Rental Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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.

Global Online Clothing Rental Market Overview

Online clothing rental provides services through which one can rent clothing items on a predefined period. The service is mostly used when one requires clothing for occasionally conducted events such as a wedding, theme parties, photo-shoot and film making. A fashion-conscious consumer with a weak financial condition often enjoys online clothing rental services. The services are also beneficial for consumers who are undergoing temporary physique changes such as pregnant women; these services provide cost-effective solutions to these consumers. The emerging E-commerce sector has made the process more convenient, they also provide consultation through their contracted experts such as designers on the clothing selection.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Market Size &Forecast

The global online clothing rental market is anticipated to be valued at USD 1.9 billion by the end of 2023, witnessing a promising compound annual growth rate of 10% over the forecast period i.e. 2015-2023. North America’s online clothing market is anticipated to project a market share of 45% by the end of 2016. The Asia- Pacific region stood at the second largest consumer base of online clothing rental market owing to the rising fashion consciousness and increasing personal disposable income.

A peer-to-peer segment is anticipated to contribute comparatively higher revenues share as compared with the other business model segments and is expected to account for a 90.9% value share of the overall global market by the end of 2016. The hybrid business model segment is anticipated to witness a promising compound annual growth rate of 11.0% over the forecast period i.e 2016-2023.

Rising emphasis on sharing rather than owning and rising awareness about the positive environmental impacts of the sharing economy are propelling the growth of the global online clothing rental market. The online clothing rental industry has witnessed high demand for fashion apparels and with the introduction of multinational brands in the emerging nations more consumers are attracting to renting clothing instead of owning.

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Key Players

Rent the Runway
Share Wardrobe
Walkin Closet
Secret Wardrobe
Swishlist Couture LLP
The Mr. & Ms. Collection
Style Lend

Market Segmentation

By Demography
On the basis of products offered for different demographics, the market study has been carried out on the following segments:-

By Price Range

By Type

Western Wear
Ethnic Wear
By End-User

Business to consumer(B2C)
Business to Business( B2B)
By Business Model

Peer-to-Peer Model
Standalone Model
Hybrid Model
By Region

Global Online Clothing Rental Market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

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Growth Drivers and Challenges

Growth in the penetration of internet users coupled with the emerging smartphone technology which eases the process of clothing rental are some of the factors driving the global online clothing rental market across the globe. Online clothing rental service providers are adopting different ways to engage with the customer by offering added services and marketing its product through social media platforms. This will increase the awareness of online clothing rental among the consumers and this will further propel the growth of the market over the forecast period.

Increasing consumer attraction for designer brands and cost-effectiveness associated with their rent which is too less than the purchased product, the key market players are also providing services such as live chat with the designer to attract the consumers. This will boost the online clothing rental market in the upcoming 5-6 years. Rapidly growing middle class and corporate sectors in developing economies have also extended the target demographic for the online clothing rental services. Increasing internet penetration in developing countries with a promising demographic breakdown, such as India, China, Brazil, and others is expected to fuel market growth over the forecast period.

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations, and organizations with the aim of helping them to take prominent decisions. Our research library comprises more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both the macro level as well as micro-level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis of various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keeps a track of the international and domestic market for any economic changes impacting the products’ demand, growth, and opportunities for new and existing players.

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