PORTLAND, Oregon and PUNE, India, April 6, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Online Clothing Rental Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global market was valued at $1,013 million in 2017, and is estimated to reach $ 1,856 million by 2023, registering a CAGR of 10.6% from 2017 to 2023. In 2017, number of women online clothing rental and ethnic wear segments dominated the global market share. While, men end user segment and western clothing style segments are anticipated to grow at a robust rate in terms of market share.
North America is the market leaders and accounted for 40% share of the global market in 2017, followed by Europe in geographical segment. In addition, Asia-Pacific is estimated to grow at the highest CAGR as projected to be 11.4% during the forecast period. The market is increasing in developing economies of Asia-Pacific mainly because of the need of an economical alternative to direct purchasing each time, gradual increase in social acceptance of rental clothes, and overall increase in sales in online clothing industry. Fashion-conscious individuals that lacks the financial resources to purchase the clothing of their choice are expected to make most use of online clothing rental services. Rental services are proved to be a cost-effective option for these end users especially women, who are also thriving on the growth showed in the global online clothing rental market.
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The primary driver of the global online clothing rental market is the increase in ease of use of online retail. Moreover, rapid advancement observed in internet penetration, growing popularity of online shopping portals over the last decade as boost the market. The advancement in mobile internet technology has further driven the demand for online rental by making the process even more convenient. Furthermore, increased e-commerce market within Asia-Pacific also aid the high market growth rate. E-commerce channels are expected to gain popularity in online rental market in the near future with some restraints such as unregulated market, specific rental policies, less social acceptance and knowledge of the platforms among population.
According to Yogiata Sharma, Research Analyst, Consumer Goods Research at Allied Market Research "With new advancements in technology, rise in globalization, upsurge in startups within the online clothing rental business to cater to the thrifty millennials bandwagon showcase the lucrative market opportunities in years to come".
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North America leads the online clothing rental market, followed by the Asia-Pacific region.
Asia-Pacific which is still in its latent phase of adopting the rental clothing trend, is expected to grow at highest CAGR of 11.4% mainly led by India and China.
Women end user segment accounts for the highest market share accounting for nearly 58%, however, the men end user segment is projected to witness highest demand during the forecast period
Overall, the Ethnic wear segment possess higher market share and is expected to witness a considerable growth, owing to their frequent use in festivals, higher cost of rental, and greater maintenance costs.
North America is expected to contribute significantly towards online clothing rental market, due to the increase in fashion consciousness and huge adoption of "No Ownership" trend towards clothes. It is anticipated to dominate the market throughout the analysis period. However, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China.
The key players profiled in this report include Bag Borrow Steal (U.S.), Dress & Go (Brazil), Glam Corner Pty Ltd (Australia), Gwynnie Bee (U.S.), Le Tote (U.S.), Lending Luxury (U.S.), Rent the Runway (U.S.), Secoo Holdings Limited (China), Secret Wardrobe (India), and Share Wardrobe (India).
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research