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Online Clothing Rental Market Size, Industry Analysis Report By Product Type (Formal, Casual, Traditional), By Distribution Channel (Online, Offline), By End User (Men, Women) & Region – Forecasts By 2023 - 2030

  • PUBLISHED ON
  • 2022-06-12
  • NO OF PAGES
  • 266
  • CATEGORY
  • Retails & Consumer
Online Clothing Rental Market- Overview

It is estimated for the global online clothing rental market to witness growth at a CAGR of 9.1% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 7.9% during the previous forecast period of 2018 to 2021. Online clothing rental refers to services that allow customers to rent garments and other accessories for a specific time. The presence of these services enables people to reduce the need for getting new clothes for special occasions and thus, saves them money.

Online Clothing Rental Market- Growth Factors

The growing demand of a larger audience to often wear trendy clothes is estimated to boost the growth of the market during the forecast period. Also, the growing demand of the to wear heavily priced clothes without actually paying a hefty price is also estimated to boost the rental market during the forecast period as people opt to rent out clothes instead of purchasing them on a frequent basis and this demand of the audience is driving the growth of the market. The increasing demand to look rich to boost the social status is also boosting the growth of the market during the forecast period. The increasing online channels opting to rent out clothes is also driving the growth of the market during the forecast period. However, the higher rent of these clothes is estimated to hamper the growth of the market during the forecast period.

Online Clothing Rental Market- Market Trends

• The growing demand of a larger audience to often wear trendy clothes is estimated to boost the growth of the market during the forecast period.
• Also, the growing demand of the to wear heavily priced clothes without actually paying a hefty price is also estimated to boost the rental market during the forecast period as people opt to rent out clothes instead of purchasing them on a frequent basis and this demand of the audience is driving the growth of the market.
• The increasing online channels opting to rent out clothes is also driving the growth of the market during the forecast period. However, the higher rent of these clothes is estimated to hamper the growth of the market during the forecast period.

Online Clothing Rental Market- Segmentation

The global online clothing rental market is segmented on product type, distribution channel type and end user type.

Based on product type, the market is segmented into,
• Formal
• Casual
• Traditional

Based on distribution channel, the market is segmented into,
• Online
• Offline

Based on end user, the market is segmented into,
• Men
• Women

Online Clothing Rental Market – Regional Analysis

It is estimated for the region of Asia Pacific to drive the growth of the market during the forecast period. The growth in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The US region is also estimated to witness a notable growth rate in the market.

Online Clothing Rental Market – Key Market players

Clothing Rental; Rent the runway; Flyrobe.com; Share Wardrobe; Secoo Holding Limited; Gwynnie Bee; Le Tote; Swapdom; Style Lend; Dress Hire. are the major players that are driving the growth of the market during the forecast period.

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


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