The online clothing rental market is expected to flourish tremendously in North America Europe and APEJ region with 90% of market share in terms of value through the forecast period (2019-2029). Expanding preference for western style clothes and designer dresses is influencing the market throughout. Manufacturers are now focussing on product innovation and collaborations with key players which are the main factors responsible for boosting the market.
“Owing to the rising urbanization, rising disposable income and widening of fashion industry in Europe and North America and every other corner, demand for online clothing has witnessed a hike. Manufacturers are focussing on product launches and offerings, which will help the market witness proper growth, boosting the use globally,” states the FMI Analyst.
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Online Clothing Rental Market – Important Highlights
- North America, Europe and APEJ region exhibits lucrative opportunity with top players covering almost 90% of the market share.
- On the basis of business model, hybrid model is expected to expand in terms of value over the forecast period.
- Men and kids segment is set to rise exponentially and will dominate the market with CAGR 10.3 and 10.4% respectively.
- Market is expected to register US$ 1952.4 million through the forecast period with CAGR of 9.8%.
Online Clothing Rental Market – Critical Factors
- Demand is largely noticed due to increased fashion consciousness and large investment in buying clothes.
- Inclination towards western style clothing and designer dresses is helping the market witness steady growth.
- Rapid industrialization, rising disposable income and adoption of smartphones and other electronic devices is accelerating the demand for online clothing.
Online Clothing Rental Market – Key Restraints
- Rising number of online stores has created vast competition and it acts a restraint for new players, restricting their entry.
- Environment safe and cost efficient technique is expensive at times, causing losses too.
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Expected Impact on Market by Coronavirus Outbreak
The pandemic has definitely led to a fall of small and big industry in terms of profit or production. This particular sector has not experienced much of a loss because it greatly belongs in industries where online dealing is required, therefore, maintaining social distancing too. Though people are shifting towards a better and safe lifestyle yet the huge number of positive cases across Europe and USA has only caused entire economy to droop down sharply, thereby, reducing production but this market will gain momentum again even though it’s complicated but cost-efficiency might help the industry.
North America and Europe is expected to witness a considerable amount of growth, presenting ample opportunities like it did in the past. The key players are focussing on product innovation and up gradation.
Key players include Rent the Runway, Poshmark, Elanic Services Pvt Ltd., Dress & Go, GlamCorner Pvt Ltd., Envoged, Etashee, Secoo Holdings Ltd, and Secret Worldwide.
They are operating on the basis of market shares, strategies and product offerings and innovation. Key players are also working on expanding the online market globally and working on every geographical region.