Seattle, WA -- (SBWire) -- 09/27/2019 --According to industry expert analyst new research report on "Online Clothing Rental Market CAGR of 10.76% during the 2019-2023 ". Bringing out the complete key insights of this industry, this report aims to provide opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years. The global online clothing rental market is anticipated to expand at a compound annual growth rate (CAGR) of 10.76% during the 2019-2023 period, and will reach a value of USD 1.96 Bn by 2023, up from USD 1.18 Bn in 2019.
The online clothing rental market provides services through which consumers can rent garments for a predefined period of time. These services are beneficial for individuals who intend to wear new outfits for special occasions, such as weddings, theme parties, corporate parties, photoshoots, and film shoots. Rental services also provide a cost-effective option for those with budget constraints, which restricts them from purchasing clothing from their choice of brands.
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Prominent industry players:
- Rent the Runway
- Le Tote
- Dress & Go
- Glam Corner
- Drexcode
- Flyrobe
- La Reina
- Style Lend
Segmentation based on product type:
Based on product type, the parties and wedding wear segment had the highest market share (over 40%) in 2019, owing to aggressive marketing through blogs and social media. It is followed by the 'other' apparel rental segment with a market share of 36% in 2019. The growth can be attributed to the popularity of subscription packages offered by companies which encourage people to rent casual clothes online. Changes in lifestyle of the working population has also impacted the clothing rental business. To save time on laundry, and at the same time have a range of clothes to choose from every day, are the reasons why people these days opt for online clothing rental services. Moreover, renting clothes are a cost-effective alternative to purchasing them. The formal wear segment accounted for nearly 22% of the global online clothing rental market in 2019, owing to increasing corporate events and business meetings.
Segmentation based on end user:
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 2019-2023 period. It accounted for a market share of nearly 46% in 2018. Also, men find it time consuming to plan their attire in advance, as in the case of subscription-based facilities.
Regional insights:
North America was the leading region in the global online clothing rental market in 2019 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. Europe is expected to witness a moderate growth rate, since people in Europe still prefer to purchase clothes over renting them online. The Latin America and the Middle East and Africa markets are still at nascent stages, and are expected to expand at low to moderate growth rates. Increasing Internet penetration and the growing adoption of smartphones are responsible for driving the demand for the online clothing rental market in these regions.
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Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players. In the end the Online Clothing Rental Market report presents all the necessary data required to form resulting yielding business strategies for Industry experts, analysts and business decision makers to decide their business strategies and achieve proposed business aims. Finally, Online Clothing Rental market manufacturer report gives you details about the market research findings and conclusion which helps you to develop profitable market strategies to gain competitive advantage. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
*The report could be customized according to the client's specific research requirements. No additional cost will be required to pay for limited additional research.
*Report helps the venture capitalist in understanding the companies better and take informed decisions.
Online Clothing Rental Market Report Offering Key Benefits:
- The study provides an in-depth analysis of the global Online Clothing Rental market with current and future trends to elucidate upon the imminent investment pockets in the market
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends in order to gain a stronger foothold in the Online Clothing Rental market
- The report provides information regarding key drivers, restraints and opportunities with Online Clothing Rental market analysis
- Quantitative analysis of the current market and estimations through 2014-2023 are provided to showcase the financial appetency of the market
- Porters Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the Online Clothing Rental market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
- To strategically profile the key players and comprehensively analyze their growth strategies.
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Online Clothing Rental Market 2018 to 2023 Future Growth Analysis, Industry Sizes, Share and Market Overviews