As per a Allied Market Research study, global online clothing rental market was valued at $1,013 million in 2017 and is expected to reach $1,856 million by 2023, registering a compound annual growth rate of 10.6 per cent from 2017 to 2023. In 2017, women’s online clothing rental and ethnic wear segments dominated the global market share. Men’s and western clothing segments were anticipated to grow at a robust rate.
Asia-Pacific was estimated to grow at the highest CAGR, at 11.4 per cent, during the period. The market is increasing in developing economies of Asia-Pacific mainly because of the need for an economical alternative to purchasing, a gradual increase in social acceptance of rental clothes, and an overall increase in sales in the online clothing industry, the report added.