Global Online Clothing Rental Market to Reach a Value of USD 1.96 Bn by 2023
Research On Global Markets has announced the addition of a market research report titled “Global Online Clothing Rental Market (2018-2023)” to their offering. According to the report, the global online clothing rental market is anticipated to expand at a compound annual growth rate (CAGR) of 10.76% during the 2018-2023 period, and will reach a value of USD 1.96 Bn by 2023. The online clothing rental market allows consumers to rent garments for a predefined period of time, thereby providing a cost-effective option for those with budget constraints, which restricts them from purchasing clothing from their choice of brands.
The research report features a comprehensive analysis of the various segments of the market based on product type and end users. Based on product type, the parties and wedding wear segment held the largest market share (over 40%) in 2018, owing to aggressive marketing through blogs and social media. The parties and wedding wear segment was followed by the ‘other’ apparel rental segment, which held a market share of 36% in 2018. The growth of this segment can be attributed to the popularity of subscription packages offered by companies which encourage people to rent casual clothes online.
Based on end user, the women’s segment is expected to gain maximum share in terms of value. Women are relatively more fashion conscious and are quick decision makers, because of which they are likely to rent clothes online more often than men. The men’s segment is expected to expand at a CAGR of 10.57% during the 2018-2023 period. It accounted for a market share of nearly 46% in 2018.
Research On Global Markets tracks the performance of the global online clothing rental market across the key geographies of North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. North America held the largest share of the global online clothing rental market in 2018 owing to the presence of major players and aggressive marketing strategies. It is followed by the Asia-Pacific region because of rising disposable income and fashion consciousness among people in the developing countries of the region.
Key highlights of this report:
- Market scope and segmentation
- Revenue based on product type – (2018) (USD Bn)
- Revenue based on end user – (2018) (USD Bn)
- Global market revenue – (2015-2017) (USD Bn)
- Global forecast market revenue – (2018-2023) (USD Bn)
- Geography-wise market revenue – (2018, 2023) (USD Bn)
- Global online clothing rental market - segment insights
- Key market opportunities
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for online clothing rental services across the globe to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.