About Clothing Rental Platform
Clothing Rental Platform is a web-based dress rental platform like rent the Runway, Bag Borrow. The style-conscious people rent designer dresses, clothes for special occasions, and accessories. The rental model has a positive impact, especially when it comes to variety and savings. Incorporate the features and recommendations mentioned in this post and create your own advanced online dress rental platform. Geographically, North America is the leading region due to the wide adoption or consumption of stylish fashion apparel followed by Asia pacific. For instance, In India, online clothing rental is slowly catching but is expected to grow at a CAGR of 11.4% by 2023. The demand is growing due to the large demand in the fashion industry that is driving the growth of the market over the forecast period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.7% |
The market is expected to grow in the fashion and apparel industry. It has wide application for renting clothes. Several companies such Rotaro, HURR, Selfridges are operating in the market to provide customers with better offers with various features & unique offering prices and services. The market is a partially fragmented market with the presence of several market players and local players. The demand of the market is driving due to adoption that is triggering the market growth over the forecast period Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Clothing Rental Platform market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Rotaro (United States), HURR (United Kingdom), Selfridges (United Kingdom), Hirestreet (United Kingdom), For The Creators (Thailand), Cocoon (United Kingdom), By Rotation (United Kingdom), MY WARDROBE HQ (United Kingdom), Endless Wardrobe (United Kingdom), BagButler (United Kingdom), Girl Meets Dress (United Kingdom), The Clothing Rental (India), Wrap'd (United States), Dress Bank (United Kingdom), Run the Runway (United States), Le tote (United States) and Bag barrow or steal (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Rentez-vous (United Kingdom), Flyrobe (India) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Clothing Rental Platform market by Type (Knitwear, Trousers & Jeans, Jumpsuits, Coats & Jackets, Ethnic Wear, Performance Wear, Active Wear and Longue Wear) and Region.
On the basis of geography, the market of Clothing Rental Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Category, the sub-segment i.e. Jumps will boost the Clothing Rental Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Buy will boost the Clothing Rental Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Male will boost the Clothing Rental Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Membership, the sub-segment i.e. Light will boost the Clothing Rental Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Purpose, the sub-segment i.e. Casual will boost the Clothing Rental Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising demand through a digital platform such as Facebook, Instagram for product selling and branding.
Market Growth Drivers:
Rising demand for Online rental platforms is expected to purchase and rent any type of clothing with less economic expenditure and long-term use.
Challenges:
Receiving an email about a last-minute cancelation on a dress for tonight's event seems like no fun.
Restraints:
A large number of the competitor in the market
Opportunities:
Rapid growth and rise in urbanization have spawned consumers with more expenditure in the market is another opportunities
Market Leaders and their expansionary development strategies
In November 2019 Flyrobe has acquired By Fashion Rental Service Rent It Bae. The acquisition cost is 60 INR
In September 2020 Fashion rental startup Wardrobe launches nationwide. The Wardrobe, a peer-to-peer fashion rental platform had launched its website across the United States. The start-up has partnered with local dry cleaners to clean garments rented through the platform and support small businesses., and In June 2021 fashion pioneer launches new tech platform for the rental market
Key Target Audience
Supplier, Application Developer, Retailer, freelancer, Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.