How is the Online Clothing Rental Market Expected to Grow in the Coming Years?
The online clothing rental market size has grown consistently in the recent years. It will surge from $1.73 billion in 2024 to $1.92 billion in 2025, growing at a compound annual growth rate (CAGR) of 11.0%. This growth in the historic period can be credited to growing consumer interest in non-ownership models, environmental consciousness, the surge of the sharing economy, the desire for fashion diversity without long-term stakes, and growth of e-commerce and digital platforms.
Over the next several years, the market size is set to witness robust growth, reaching $2.9 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. Key growth drivers forecasted are sustainability consciousness, adoption of circular fashion practices, growing preference for fashion on-demand and designer outfits, along with technology advancements in virtual fitting and sizing.
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What are the Key Drivers for the Growth of the Online Clothing Rental Market?
Increased mobile and internet penetration are anticipated to fuel the growth of the online clothing rental market. With developments in IT infrastructure, supportive government policies and urbanization, consumers have easy access to online platforms where they can rent apparel and accessories for different occasions. For instance, Finder’s reports show that smartphone ownership in the UK rose from 87 percent in 2021 to 89 percent in 2022. Furthermore, as per the International Telecommunication Union, nearly 5.4 billion people, or 67 percent of the global population, were using the internet in 2023, marking a 45 percent increase since 2021.
What Segments does the Online Clothing Rental Market Comprise?
– By Clothing Styles: Western Wear, Ethnic Wear, Other Clothing Styles
– By Dress Code: Formal, Casual, Traditional
– By Price Range: Low, Mid, Premium
– By End User: Women, Men, Kids
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Who are the Major Market Players in the Online Clothing Rental Market?
Companies like Rent the Runway, Le Tote, HURR Collective, Bag Borrow or Steal, The RealReal, Snag Tights, Style Lend, Vinted, Portray, Wardrobe Society, Kidizen, Your Closet, ShopLooks, Rented, Dress & Go, ShareWardrobe, Cladwell, Borrowed & Blue, Armarium, La Tote, Trendy Butler, ReDress, Chic By Choice, Modsy, Rent My Wardrobe are some of the key players in the online clothing rental market.
What Trends are Emerging in the Online Clothing Rental Market?
Technological advancements like virtual fitting, AI-based fashion co-ordination, specialized rental platforms and collaborations between fashion brands and rental platforms are significantly shaping the online clothing rental market.
Which is the Largest Region in the Online Clothing Rental Market?
North America was the largest region in the online clothing rental market in 2024. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa.
What Does The Online Clothing Rental Market Report 2025 Offer?
Online clothing rental allows customers to rent apparel and other accessories for a specific time period. These services offer a range of fashion items from various brands that customers can select based on categories and styles. This not only helps customers save money but also reduces the need for new clothes, particularly for special occasions.
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