Online Clothing Rental Global Market Report 2024

Online clothing rental services refer to platforms that allow customers to rent apparel and accessories for a specific duration. These services provide a variety of fashion items from different brands, which customers can filter based on categories and styles. The existence of online clothing rental services enables individuals to reduce the need for purchasing new clothes for special occasions, leading to cost savings.

The primary types of clothing styles offered by online clothing rental platforms include western wear, ethnic wear, and others. Western wear encompasses clothing styles from countries in the West, such as the United States, Canada, or parts of Europe, or styles derived from the clothing worn in the 19th-century American West. The dress codes available in online clothing rental services include formal, casual, and traditional wear, offered across low, mid, and premium price ranges. Various end-users of online clothing rental include women, men, and kids.

The online clothing rental market research report is one of a series of new reports that provides online clothing rental market statistics, including online clothing rental industry global market size, regional shares, competitors with a online clothing rental market share, detailed online clothing rental market segments, market trends and opportunities, and any further data you may need to thrive in the online clothing rental industry. This online clothing rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The online clothing rental market size has grown rapidly in recent years. It will grow from $1.57 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historic period can be attributed to changing consumer attitudes towards ownership, heightened environmental awareness, the rise of the sharing economy, a desire for fashion variety without long-term commitment, and the growth of e-commerce and digital platforms.

The online clothing rental market size is expected to see rapid growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be attributed to the rise in sustainability consciousness, the adoption of circular fashion practices, an increased focus on experiential and on-demand fashion, a growing demand for designer outfits, and an increasing desire for shifting fashion proclamations. Key trends expected in the forecast period involve technological advancements in virtual fitting and sizing, the emergence of specialized rental platforms for specific clothing items, collaborations between fashion brands and rental platforms, the integration of artificial intelligence in personalized fashion recommendations, and the expansion of rental services to high-end and designer fashion.

The anticipated growth of the online clothing rental market is expected to be driven by the increasing penetration of mobile devices and the internet. Factors such as economic development, IT infrastructure, supportive government policies, and the degree of urbanization positively influence the growth of mobile and internet usage. Online clothing rental services allow individuals to rent clothing through online platforms, utilizing the internet for both selection and payment. According to Data Reportal, as of October 2021, nearly 62% of the world's population, equivalent to 4.88 billion people, is using the internet. Additionally, in 2021, there were 6.378 billion smartphone users, constituting 80.76% of the global population, according to Bankmycell. Hence, the increasing penetration of mobile devices and the internet is a significant driver for the growth of the online clothing rental market.

The rising demand for textiles and clothing is expected to further propel the growth of the online clothing rental market. Textiles and clothing encompass various fabrics and products designed for protection against cold, heat, or water, made through processes like knitting, felting, or weaving. The growing interest in fashion, coupled with the desire to wear trendy clothing without the commitment of ownership, is fueling the demand for online clothing rental services. Rental platforms cater to this demand by offering a diverse range of fashionable options. In November 2022, the Centre for the Promotion of Imports from developing countries (CBI) reported a 13.1% increase in the value of Europe's garment import industry, reaching €144.5 billion ($157.70 billion) in 2021 from €127.7 billion ($139.37 billion) in 2020. Therefore, the surge in demand for textiles and clothing is a key driver for the growth of the online clothing rental market.

Technological advancements play a crucial role in shaping the online clothing rental market. The integration of technology has enabled online clothing businesses to streamline their operations and processes. For instance, in October 2021, H&M, a Swedish multinational clothing company, introduced a blockchain-based clothes rental service featuring scannable IoT labels on clothing. This innovation allows customers to select garments for immediate rental by scanning IoT-connected stickers with their smartphones. The service, accessible through the Spin app, requires customers to pay up to $11 in daily hire fees. Incorporating technological innovations, including blockchain and IoT, is contributing to the development of sustainable consumption patterns in the online clothing rental market.

Major players in the online clothing rental market are strategically focusing on introducing the latest ready-to-rent collections to maintain a competitive edge. Ready-to-rent collections consist of clothing or accessories available for immediate rental by customers. For example, in May 2022, Nuuly, a US-based clothing subscription service provider, launched the Nuuly Says Gah ready-to-rent collection in collaboration with the US-based clothing label Lisa Says Gah. This collection, available through Nuuly's monthly subscription at $88/month for six pieces, provides customers with the option to purchase items after the rental period.

Major companies operating in the in the online clothing rental market report are Style Lend Company, Rotaro Engineers Private Limited, Rent the Runway Inc., Aark World Private Limited, Mine for Nine LLC, Le Tote Inc., La Reina Inc., Gwynnie Bee, Glam Corner Pty Ltd., Omapal Technologies Pvt. Ltd., Dress Hire, Dress & Go Locação de Vestidos e Acessórios Ltda, Threads (India) Limited, Stylish Play LLC, The Secret Wardrobe Ltd., Nuuly Rent URBN SR LLC, Armoire Style Inc., Haverda sh, The Mr. & Ms. Collection, Tulerie Inc., Curtsy Inc., Wardrobe Icons Ltd., Voice over Long-Term Evolution, Dress Up India Private Limited, Fitzroy Robinson Ltd., The Borrowed Collective Ltd., Designer Wardrobe Ltd., The Clothing Rental, The Wardrobe Company Ltd., The Style Capsule

North America was the largest region in the online clothing retail market in 2023. The regions covered in the online clothing rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the online clothing rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The online clothing rental market includes revenues earned by entities by providing services such as subscription-based renting, budgeting, purchasing the inventory, and online store. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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