Global Online Clothing Rental Market to Reach $2.35 Billion by 2027

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, GREATER LONDON, UK, November 9, 2023 /EINPresswire.com/ — The global online clothing rental market is poised for a significant upsurge, anticipated to expand from $1.42 billion in 2022 to $2.35 billion in 2027, demonstrating a steady CAGR of 10.6%. Despite temporary disruptions caused by the Russia-Ukraine conflict, the industry remains resilient, fueled by the increasing accessibility of mobile and internet services worldwide.

Driver: Increasing Mobile and Internet Penetration
The surge in mobile and internet penetration plays a vital role in propelling the online clothing rental market. Factors such as economic development, robust IT infrastructure, supportive government policies, and urbanization collectively contribute to the rapid adoption of mobile and internet services. As of October 2021, nearly 62% of the global population, approximately 4.88 billion people, are active internet users, while smartphone users comprise 80.76% of the global population, driving the market’s growth.

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Technological Advancements Reshaping the Industry
The online clothing rental market experiences transformational growth owing to continuous technological advancements. Integration of advanced technologies enables seamless operations and business processes for online clothing businesses. Notably, recent innovations, such as H&M’s blockchain-based clothes rental service featuring scannable IoT labels on garments, exemplify the industry’s progressive approach toward sustainable consumption patterns and enhanced customer experience.

Key Players and Market Segments
Key players such as Style Lend Company, Rotaro, Rent the Runway, and others play a pivotal role in shaping the online clothing rental market. The market segments encompass various categories, including:

• Clothing Styles: Western Wear, Ethnic Wear, Other Clothing Styles
• Dress Code: Formal, Casual, Traditional
• Price Range: Low, Mid, Premium
• End User: Women, Men, Kids

North America Takes the Lead, Asia-Pacific Gears Up for Growth

The future of the online clothing rental market looks promising, driven by technological advancements and a growing emphasis on sustainable consumption patterns.

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Online Clothing Rental Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Online Clothing Rental Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on online clothing rental market size, online clothing rental market drivers and trends, online clothing rental market major players, competitors’ revenues, market positioning, and market growth across geographies. The online clothing rental market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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