Apparel Market Snapshot
|Fastest Growing Market:||North America|
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The global apparel market is anticipated to record a CAGR of 5.8% during the forecast period (2022-2027).
The COVID 19 pandemic adversely affected many industries worldwide, and the apparel industry is one of them. With consumption at a standstill and stockpiles in warehouses, business objectives have shifted to liquidation tactics and inventory management while monitoring post-pandemic consumer behavior modifications. Moreover, formal wear and sportswear businesses took a hit as consumer behavior turned towards procuring essentials and avoiding discretionary spending due to higher unemployment rates and lower consumer needs. According to the McKinsey Global Fashion Index, sportswear sales fell by 40 % during 2020 and recovered to pre- covid level by mid-2021.
Rising per capita income, favorable demographics, and a shift in preference for branded products are projected to drive the demand for the market. The adoption of a luxury lifestyle among consumers has influenced millennials' purchasing power to opt for luxury wear. Despite being a matured market, the increasing fashion trends and the evolving retail landscape across brands have been the key factor for the booming apparel market.
As competition is steep, apparel companies often create alliances to present a stronger front. Successful advertising strategies and concentration in specialized markets help apparel companies generate increased revenue.
Scope of the Report
Apparels include all kinds of clothes with different styles and preferred fabrics. The global apparel market is segmented by end users into men, women, and kids. By type, the market is segmented into formal wear, casual wear, sportswear, nightwear, and other types. The market is also segmented by geography into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report offers market size and forecast value (USD million) for all the above segments.
|By End User|
Key Market Trends
Digital Marketing and Innovative Designs Driving the Market
Innovative designs, preferable fashion choices, and perfect marketing strategy are always a boon to the industry. 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 impacted 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. Local startups with sustainable approaches are gaining customers' interest worldwide. These startups offer different styles ranging from formal to casual and traditional wear with unique designs and concepts which please customers' interests. In addition, online apparel sales have seen a boom over 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.
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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, specialty, and high R&D garments, including performance, sportswear, and protective clothing. Some large firms that have off-shored their apparel production to control costs are also operating short-run replenishment facilities in the region to respond to the fast-changing retail industry trends and 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, including developing a multichannel approach to sales.
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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 influences the international markets but faces steep competition at the hands of local manufacturers in terms of regional fashion preferences and prices. Some of the major players in the market are PVH Corp., Kering S.A, LVMH, and Inditex.
- In January 2022, PVH launched its new apparel collection through one of its brands, Tommy Hilfiger. The collection includes outerwear, cold-weather accessories, and AAPE's streetwear style with TOMMY JFANS' iconic street prep. Key styles include puffer jackets, the 2-in-1 plaid sherpa fleece windbreaker, the classic TOMMY JFANS flag denim jacket, and a reversible camo vest jacket.
- In August 2021, Adidas launched a new lineup labeled Standard-19. The new collection by Adidas consists of 32 items, featuring hooded jackets and sweatshirts, trousers, shorts, merino wool top layers, primeknit leggings, and a parka for men and women. The company offers these products under premium training and workout outfits worldwide in dedicated outlets and the company's own online retail platform.
- In August 2021, Nike launched its first collection with Japanese brand Sacai classics. The apparels include jackets of different style and bottom wear with water-repellent nylon, adjustable sleeves, and hoods. These apparel are designed and themed for the upcoming Olympics.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By End User
5.2 By Type
5.2.1 Formal Wear
5.2.2 Casual Wear
5.2.5 Other Types
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 PVH Corp.
6.4.3 Kering SA
6.4.5 Aditya Birla Group
6.4.6 Hennes & Mauritz AB
6.4.7 Nike Inc.
6.4.8 Adidas AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Apparel Market market is studied from 2016 - 2027.
What is the growth rate of Apparel Market?
The Apparel Market is growing at a CAGR of 5.8% over the next 5 years.
Which region has highest growth rate in Apparel Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Apparel Market?
Europe holds highest share in 2021.
Who are the key players in Apparel Market?
PVH Corp., Inditex, Kering S.A., LVMH, Aditya Birla Group are the major companies operating in Apparel Market.