Increasing m-commerce benefits the Online Clothing Rental Market
The global online clothing rental market was assessed to be USD 1.12 billion in 2020 and is foreseen to record a CAGR of 9.4% over the envisioned period. The main driver of this growth is the rise of online retail. Additionally, technological advancements, internet penetration, and the growing popularity of online shopping portals in recent years are driving the market.
Rent the Runway anticipates that new memberships will drive more women to purchase less clothes and turn towards rental.
Market Drivers and Restraints:
The main driver of the global online clothing rental market is the increasing ease of use of online purchases. Thanks to rapid advances in telecommunications technology, Internet shopping portals have grown rapidly in popularity over the last decade. Advances in mobile Internet technology have further increased the demand for online shopping, making the process even more convenient. The middle class and fast-growing business sector in developing economies have also expanded the target population of the online clothing rental market. These factors are supposed to have positive impact on the global online clothing rental market in the foreseen years. The main limitation in the global online clothing rental market is the lack of customization. Unlike purchased clothing, which can be rearranged to individual measurements or even customized prior to purchase, rental clothing cannot be tailored to precisely meet customer needs. This leaves a lot of room for dissatisfaction among users of online clothing rental services.
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Report is segmented as:
By End Users
By Clothing Styles
On the basis of geography, the global online clothing rental market is segregated into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these, North America is anticipated to lead the international marketplace.
Key market players:
- Chic by Choice (UK)
- Rent the Runway (U.S.)
- Lending Luxury (U.S.)
- Share Wardrobe (India)
- Secoo Holdings Limited (China)
- Gwynnie Bee (U.S.)
- Glam Corner Pty Ltd (Australia)
- Le Tote (U.S.)
- Dress & Go (Brazil)
- Secret Wardrobe (India)
- Girls Meet Dress (UK)
- Dress Hire (UK)
- Swapdom (U.S.)
- StyleLend (U.S.)
- Rentez-Vous (UK)
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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