Know More About “Online Clothing Market 2019-2025” Growth Worldwide…..|Grand View Research, Inc.


The global online clothing rental market size is expected to reach USD 2.09 billion by 2025 and is anticipated to register a CAGR of 9.4% during the forecasted period, according to a new report by Grand View Research, Inc. Changing fashion trends and rising penetration of internet are among the key factors driving the growth.
Women segment leads the market and is expected to expand at a CAGR of more than 9.8% over the forecast period. The trend of not using the same clothes for a long time and creating unique personal style or fashion statement are among the prominent factors driving the grow. Apart from women, the kids segment is also anticipated to witness significant growth in the upcoming years. Rising preference for renting children’s clothes, is expected to positively impact the overall growth.
Renting traditional clothes is found to be the fastest growing segment on the basis of dress code. Younger consumers prefer renting traditional clothes as these cloths are used only on rare occasions. Apart from traditional clothes, the formal segment is also witnessing a significant growth. It is hard to purchase and maintain a variety of formal clothes for the young as well as price-conscious consumers, thus, they prefer renting the clothes.
North America is the leading market for the industry and accounts for nearly 40% of the market share. Europe is the second largest market for online clothing rental. Europe is known for its fashion trends, hence, young consumers want to keep themselves updated with the latest fashion. Thus, they prefer renting instead of buying impacting the overall growth.
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https://www.grandviewresearch.com/industry-analysis/online-clothing-rental-market/request/rs4
Further key finding from the report suggests:
·         In terms of revenue, thewomen segment is projected to ascend at a CAGR of 9.8% over the forecast years
·         Traditional renting is expected to expand at a CAGR of more than 11.2% during the forecast period
·         North America leads with market share of more than 40% and is projected to expand at a significant CAGR in near future
·         Some of the key players operating in the online clothing rental market are The Clothing Rental, Flyrobe.com, Rent the Runway, Secoo Holding Limited, Share Wardrobe, Le Tote, Swapdom, Gwynnie Bee, Dress Hire, and StyleLend.
Fashion-conscious individuals who lack finances to purchase clothes of their choice are anticipated to make use of the available resources to the fullest. Renting a product is always cost efficient, and more so in this industry where the trends keep changing and consumers do not prefer repeating clothes. As a result, consumers prefer renting clothes to stay trendy.
Increasing e-commerce, especially in Asia Pacific is expected to propel the market in near future. However, factors such as improper regulations, low consumer awareness, and less societal acceptance are projected to hinder the growth of the market to an extent. The main restrain is the difference in size of the cloths. Rented clothes cannot be altered based on the size of the individuals. Thus, to overcome these restraints, the companies are coming up with innovative methods such as live chats with fashion experts. Some companies also offer the same product in two sizes so that consumers can opt for the most fitting product.
On the basis of end use, the online clothing rental market is segmented into men, women, and kids. The women segment accounted for the leading market share of more than 58.0% in 2018 and is expected to witness significant growth in near future. Constantly changing fashion trends are anticipated to propel the segment growth.
On the other hand, kids segment is expected to register a significant CAGR during the forecast period. The kids grow fast and hence their clothes require constant replacement, thus, the parents prefer renting the clothes. This is anticipated to increase the subscription of rental companies, positively impacting the market growth.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-online-clothing-rental-market
Traditional renting is projected to register a CAGR of more than 11.2% over the forecast period. Traditional clothes are worn during festivals and rare and special occasions thus, are used very less. Hence, consumers prefer renting them instead of purchasing.
Formal clothes is anticipated to hold the largest market share of around 48.0% in 2018. Formal clothes such as suits and blazers are expensive and require maintenance, thus the price-conscious and young consumers find renting as a better option. Casual wear segment is anticipated to hold significant market share during the forecast period. It includes sportswear, for instance the players who are not able to get sports apparels can rent through online portals.
Grand View Research has segmented the global online clothing rental market on the basis of end use, dress code:
Online Clothing Rental End Use Outlook (Revenue, USD Billion, 2015 - 2025)
·         Men
·         Women
·         Others
Online Clothing Rental Dress Code Outlook (Revenue, USD Billion, 2015 - 2025)
·         Formal
·         Casual
·         Traditional
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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