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Apparel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Apparel Market is segmented by End User (Men, Women, and Kids), Type (Formal Wear, Casual Wear, Sports Wear, Night Wear, and Other Types), and Geography.

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Apparel Market Snapshot

Apparel Market
Study Period: 2016 - 2026
Base Year: 2020
CAGR: 5.5 %

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Market Overview

The global apparel market is anticipated to record a CAGR of 5.5% during the forecast period (2020-2025).

  • Rising per capita income, favorable demographics, and a shift in preference to branded products are projected to drive the demand for the market.
  • The adoption of luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wears among millennials. The increasing fashion trends, coupled with the evolving retail landscape across brands, have been the key factor for the booming apparel market, despite being a matured market.
  • As competition is steep, apparel companies often create alliances to present a stronger front. Successful advertising strategies and concentration in specialized markets help in allowing apparel companies to generate increased revenue.

Scope of the Report

The global apparel market is segmented by end user into men, women and kids. By type the market is segmented into formal wear, casual wear, sports wear, night wear, and other types. The market is also segmented by geography into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

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Key Market Trends

Growing Inclination toward Online Sales

Online apparel sales have seen a boom over the recent years as consumers have gradually become more comfortable making wardrobe purchases from their computers and handheld devices. The growth in online apparel sales is mainly attributed to web-only startups. A boosted exposure to the internet and e-commerce has improved the fashion consciousness and availability of high-end brands and limited edition products. Using influencers has made an impact on how beauty companies market their products and look to increase sales. With 71% of social media marketers reporting that they have an influencer marketing budget, it is clear to see that marketers are finding value in influencers.

Apparel Market - Summary

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North America Holds a Prominent Share

North America is among the major markets for apparel. Canadian apparel manufacturing firms have increasingly moved toward niche markets, designing and producing high-end clothing, as well as specialty and high R&D garments, including performance apparel, such as sportswear and protective clothing. Some large firms that have off-shored their apparel production to control costs are also operating short-run and replenishment facilities in the region in order to respond to the fast-changing trends in the retail industry and to produce high-end apparel. To remain competitive in the global market, leading apparel manufacturers are adopting new technologies and automation throughout the supply chain. Digital technology adoption is increasing in the sector, which includes the development of an omnichannel or multichannel approach to sales.

Apparel Market - 2

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Competitive Landscape

The global apparel market is a fragmented market with the presence of various major and smaller players in the market. The market in the developing regions has a strong unorganized market offering a wide array of products. The outspread distribution network of global brands has an influence in the international markets but faces a steep competition at the hands of local manufacturers with respect to regional fashion preferences and prices. Some of the major players in the market are PVH Corp., Kering S.A, LVMH, and Inditex.

Apparel Market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables and Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By End User

      1. 5.1.1 Men

      2. 5.1.2 Women

      3. 5.1.3 Kids

    2. 5.2 By Type

      1. 5.2.1 Formal Wear

      2. 5.2.2 Casual Wear

      3. 5.2.3 Sports Wear

      4. 5.2.4 Night Wear

      5. 5.2.5 Other Types

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 PVH Corp.

      2. 6.4.2 Inditex

      3. 6.4.3 Kering SA

      4. 6.4.4 LVMH

      5. 6.4.5 Aditya Birla Group

      6. 6.4.6 Hennes & Mauritz AB

      7. 6.4.7 Nike Inc.

      8. 6.4.8 Adidas AG

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Apparel Market market is studied from 2016 - 2026.

The Apparel Market is growing at a CAGR of 5.5% over the next 5 years.

PVH Corp., Inditex, Kering S.A., LVMH are the major companies operating in Apparel Market.

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