Clothing Rental Size Trends, Growth Insight, Share, Analysis, Regional and global Industry Forecast To 2033
The online clothing rental market size is predicted to be valued at US$ 2,279.9 million in 2023, rising to US$ 6,244.1 million by 2033. During the projection period, online garment rental sales are expected to expand at a substantial CAGR of 10.6%.
The growing online retail business is one of the primary drivers driving worldwide market growth. A larger urban population with a stronger fashion consciousness is also driving increasing service demand.
Millennials are increasingly wearing branded apparel without really owning it in order to stay up with the ever-changing fashion trends.
Another element driving market expansion is growing awareness about sustainable clothes and the environmental benefits of sharing and recycling apparel.
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Reusing pre-owned clothing, cycling little plastic packaging, and efficiently utilising recyclable, renewable, and manufacturing resources such as power, water, and other materials are becoming more popular, adding to market growth.
With an emphasis on sharing rather than owning, online clothing rental businesses enable brand- and price-conscious customers to try on a range of outfits without purchasing them.
Other factors such as increased internet penetration rates, rising disposable income levels, and rising subscription-based model acceptance are likely to propel the industry even further.
Key Takeaways from the Online Clothing Rental market
• In 2022, formal clothing had a market share of around 31.5%. Formal clothing, such as suits and blazers, is expensive and requires maintenance; therefore, price-conscious and young consumers prefer to rent.
• In terms of business models, the market is divided into two categories: standalone and subscription. As these clothes are worn sparingly on special occasions that do not occur at regular intervals, the standalone segment is expected to account for 76% of the market share during the projected period.
• Women are expected to continue to dominate the market with a 58% share during the forecast period. Women’s clothing places a premium on fashion rental platforms. During the forecast period, the continued demand for western designer dresses among women worldwide is expected to fuel the growth of the online clothing rental market.
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• The online clothing rental market in Germany was valued at US$ 0.090 billion in 2022 and is expected to reach US$ 0.17 billion by 2030, growing at an 8.7% CAGR between 2023 and 2030. The desire for more sustainable and affordable ways to acquire designer clothes has increased the popularity of online clothes rental apps in Germany. Furthermore, due to the cold weather, consumers have a high demand for coats and jackets.
• The online clothing rental market in India was valued at US$ 0.076 billion in 2022 and is expected to reach US$ 0.14 billion by 2030, growing at an 8.8% CAGR between 2023 and 2030. The online rental clothing market in India is expanding as a result of increased internet usage, increased awareness of sustainability, and increased demand for high-end brands at reasonable prices.
• The United States accounts for around 95.0% of the North American online clothing rental market and is expected to grow at a CAGR of 7.4% during the forecast period. The rise in the various new start-ups and the presence of some of the leading brands in the rental clothing market in the United States are driving growth in the online clothing rental market in the region.
Competitive Landscape
The competitive landscape in the online clothing rental market is moderately fragmented, with a mix of established retailers and start-ups. While some retailers seek a better way to manage their inventory through rentals, start-ups seek to expand their business by offering multi-brand product mixes. Among the market’s key players are Le Tote, Gwynnie Bee, Glam Corner, Rent the Runway, and Nuuly.
• In July 2022, Rent the Runway entered into a partnership with Saks Off 5th to offer customers pre-owned designer products on its website, which now includes a “pre-owned” section.
• In April 2022, David Jones expanded its partnership with the fashion rental platform GlamCorner with the launch of Reloop.
• In May 2022, Following collaborations with designers such as Anna Sui and the launch of its resale platform last year, the clothing subscription service Nuuly recently launched its latest ready-to-rent collection.
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