The global online clothing rental market is expected to have a compound annual growth rate of ten per cent till 2023.

Online clothing rental is a service wherein one can rent apparel items on a predefined period. The service is gaining popularity among youngsters as this is the only way they can afford to buy high-end designer wear trendy clothes for events such as weddings, theme parties, photo-shoots and film making.

In 2017, women online clothing rental and ethnic wear segments dominated the global market share. Men‘s end user and western clothing style segments are also anticipated to grow at a robust rate in terms of market share.

North America is the market leader and accounted for a 40 per cent share of the global market in 2017 followed by Europe. In addition, Asia-Pacific is estimated to grow at the highest CAGR, projected to be 11.4 per cent during the forecast period.

The market is increasing in developing economies of the Asia-Pacific mainly because of the need of an economical alternative to direct purchasing each time, gradual increase in social acceptance of rental clothing and overall increase in sales in the online clothing industry.

Increasing internet penetration in developing countries with a promising demographic breakdown, such as India, China, Brazil, and others is expected to fuel market growth over the forecast period.