Dublin, July 16, 2019 (GLOBE NEWSWIRE) -- The "Global Online Clothing Rental Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The global online clothing rental market is anticipated to expand at a compound annual growth rate (CAGR) of 10.76% during the 2018-2023 period and will reach a value of USD 1.96 Bn by 2023, up from USD 1.18 Bn in 2018.
Segmentation Based on Product Type
Based on product type, the parties and wedding wear segment had the highest market share (over 40%) in 2018, 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 2018. 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 have 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 2018, 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 2018-2023 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 2018 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.
Key Topics Covered
1. Executive Summary
1.1 Market scope and segmentation
1.2 Key question answered in the study
1.3 Executive summary
2. Introduction
2.1 Market definitions
2.2 Market trends
2.3 Market drivers
2.4 Market challenges
2.5 Revenue based on product type - (2018) (USD Bn)
2.6 Revenue based on end-user - (2018) (USD Bn)
2.7 Value chain of online clothing rental products
3. Global Online Clothing Rental Market - Overview
3.1 Market overview
3.1.1 Global market revenue - (2015-2017) (USD Bn)
3.1.2 Global forecast market revenue - (2018-2023) (USD Bn)
3.1.3 Geography-wise market revenue - (2018, 2023) (USD Bn)
4. Global Online Clothing Rental Market - Segment Insights
4.1 Parties and wedding wear market
4.1.1 Revenue - (2015-2023) (USD Bn)
4.1.2 Key highlights
4.2 Formal wear market
4.3 Other apparel rental market
5. Global Online Clothing Rental Market - Based on Regions
5.1 North America
5.1.1 Revenue - (2015-2023) (USD Bn)
5.1.2 Key highlights
5.2 Europe
5.3 Asia-Pacific
5.4 Latin America
5.5 The Middle East and Africa
6. Online Clothing Rental Start-Up Firms
6.1 Rent the Runway
6.2 Le Tote
6.3 Dress & Go
6.4 Glam Corner
6.5 Drexcode
6.6 Flyrobe
6.7 La Reina
6.8 Style Lend
7. Conclusion
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