Online clothing rental market was valued at US$ 1,215 million in 2019 and is expected to reach US$ 2,247 million by 2025, with an average annual growth rate of 10.6% from 2020 to 2025.

Recent Developments and Trends

In April 2015, GlamCorner received an investment from AirTree Ventures, a venture capital fund based in Sydney, and raised another fund in July 2017 to provide Australia's largest fashion rental service.

In 2014: Rent a Dress, a clothing rental site located in Melbourne, knows one or two things when it comes to providing services that customers want to use.

The fabulous luxury dress rental business is Your Closet, based in Sydney, with a range of excellent Australian and international designers. The website is elegant and facilitates the search for articles based on categories such as price, size, event, format and designer labels.

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Market Drivers

One of the main drivers of the global online clothing rental market is the increasing ease of use of online retail. Thanks to the rapid development of communication technology, Internet shopping portals have quickly gained popularity in the last decade. Advances in mobile Internet technology have made the process more convenient, further increasing the demand for online purchases. The rapid growth of the middle class and business sectors in developing countries has expanded the target population of the online clothing rental industry. These two factors are also presumed to have a significant impact on the trajectory of the global online clothing rental business in the coming years. The tendency to create a unique personal style or a fashion statement without wearing the same clothes for a long time is also a factor accelerating growth.

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Promising demographic groups in emerging nations such as India, China and Brazil are driving the growth of the online clothing rental market as the Internet penetration rate in these countries increases. The growing installations of broadband, which increases the demand for Internet shopping and online rental services, is increasingly available for the growing part of the population in such regions.

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Restraints

But factors such as inadequate regulation, low consumer awareness and lower social acceptance are expected to impede market growth somewhat. The main restriction is the difference in fabric size. The rented clothes cannot be changed according to the size of the individual. Therefore, to overcome these limitations, the company is devising innovative ways, such as live chat with fashion experts. Some companies offer the same product in two sizes to help consumers choose the product that works best for them.

Market Segmentation

By End-User: Depending on the end-user, the global online clothing rental business is divided into men, women and children. The women's sector accounted for more than 58.0% share in 2018 and is expected to see significant growth in the near future. Continually changing fashion trends are expected to drive segment growth. The children's sector, on the other hand, is expected to register a significant CAGR during the forecast period. Children prefer to borrow clothes, as they grow quickly and need to change clothes. This is expected to increase the subscriptions of rental companies, which will have a positive impact on market growth.

By Clothing Style: Traditional costumes are worn during the festival, special and rare occasions. Therefore, consumers prefer to rent rather than buy. Formal clothing occupied the largest market share of approximately 48.0% in 2018. Formal dress, such as suits and jackets, is expensive and requires maintenance, so young price-sensitive consumers consider lease as a better option. The casual clothing sector is also expected to have a significant market share during the forecast period. For example, players who cannot buy sportswear can rent them through an online portal.Regional Analysis

In 2018, North America online clothing rental market held a revenue share of approximately 40% and is anticipated to have a significant CAGR in the near future. In North America, the United States contributes most and is foreseen to record an annual compound rate of 8.0% or more during the forecast period.

Europe online clothing rental market is the second-largest with a share of approximately 27% in 2018. Western Europe dominates with high purchasing power and fashion awareness in countries such as France and Italy.

At the same time, the Asia-Pacific online clothing rental market is predicted to register faster growth due to high demand from developing countries like India and China. Increasing consumer awareness and dissemination on the Internet are one of the main engines of growth in the region. India and China represent more than 34% of the world's population, which is expected to increase consumer demand in these countries, supporting overall growth.

Leading Company

CaaStle has its own Gwynnie Bee and Express brand, American Eagle Outfitters Inc. and rental services for external retailers, including As Taylor of Ascena Retail Group Inc. They charge a flat rate per active subscriber to provide all aspects of the offer, from the Logistics to the laundry.

Key Players

Some of the key market players are Linen rental, Flyrobe.com, Rent the Runway, Style Lend, Catwalk rental, Liberent, Secoo Holding limited, Share Wardrobe, Gwynnie Bee, Le Tote, Dress Hire, and Swapdom.