Knowledge Sourcing Intelligence announces the publication of a new report on “Global Online Clothing Rental Market - Forecasts from2020 to 2025" to their offering.
Online clothing rental refers to those services that offer clothes in rent to individuals. People can rent clothes depending on the occasion for a predefined period rather than purchasing it. The market is poised to witness a healthy growth on account of constantly changing fashion trends across the globe.
According to the report, the Global Online Clothing Rental Market is projected to increase at a CAGR of 16.99% in the coming years.
Globally changing fashion trend
One of the prime factors that is augmenting the global online clothing rental market is the constantly changing trend of fashion across the globe. The rapid urbanization has led to an upsurge in the fashion knowledge especially for the population in the developing and underdeveloped economies. However, their limited financial capabilities further restrict them to buy costly clothes. Thus, renting services play a significant role and the changing fashion industry. The burgeoning requirements for variations in designer brands have led to an upsurge in the adoption of clothing renting services, thereby positively impacting the market growth over the course of the next five years. Furthermore, the booming internet and smartphone penetration along with the expansion of services by the providers on online platforms is also a major factor augmenting the opportunities for the key market players over the next five years. Also, the rising acceptance of buying and renting of pre-owned products also plays a significant role in shaping up the market growth during the coming years. Moreover, the market is also poised to witness a decent growth on account of the rising popularity of the film industry, fashion blogs, and TV industry. However, the recent advent of COVID-19 is considered to be a major factor that may inhibit the market growth to some extent, especially during the period of the next six to eight months. The temporary suspension of events coupled with several government measures such as social distancing and no social gatherings are further projected to a temporary halt in the activities across the TV and Film industry. Also, the reluctance of people towards using pre-owned clothes at the time of pandemic are some of the collective factors expected to hamper the market growth moderately during the short run.
The global online clothing rental market has been segmented on the basis of end-user, product type, and geography. On the basis of end-user, the market has been segmented on the basis of men, women, and kids. By product type, the classification has been done into traditional, formal, and casual. Geographically, the market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
The women segment is expected to hold a decent amount of share in the market owing to the wide adoption of these services by females on account of the constant change in fashion. However, the kids segment is projected to witness a healthy growth due to the burgeoning adoption of rented clothes for kids by their parents due to rapid growth, which further bolsters the need for constant replacement of their clothing. The men’s segment is expected to hold a significant share in the market throughout the course of the next five years.
The major players covered as part of the report are Rent the Runway, Infinite Style by Ann Taylor, TULERIE, and Express among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-online-clothing-rental-market
This report has segmented the global online clothing rental market on the basis following terms: