Market Size of Apparel Industry
|2019 - 2029
|Market Size (2024)
|USD 1.36 Trillion
|Market Size (2029)
|USD 1.78 Trillion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Apparel Market Analysis
The Apparel Market size is estimated at USD 1.36 trillion in 2024, and is expected to reach USD 1.78 trillion by 2029, growing at a CAGR of 4.63% during the forecast period (2024-2029).
- In the apparel market, growth is expected to be aided by increased online shopping. Manufacturers can now sell their products across a much larger platform than before, which means they can expand their customer base geographically. This will boost the growth of the apparel industry.
- E-commerce portals increased sales of traditional garments in a few countries by providing greater exposure to producers who were previously restricted to one geographic area. For instance, in 2022, Amazon launched its luxury offering to Europe, which was earlier restricted within the borders of North America. The expansion of the high-end fashion range to Europe consists of collections from luxury brands made available to purchase via Amazon in the United Kingdom, France, Italy, Spain, and Germany.
- The rising per capita income and the shift in preference for branded products are projected to drive the demand for luxury wear. Additionally, the women's apparel segment shows a rapid growth trend, strongly driven by the increasing number of working-class women. Despite being a mature market, the changing fashion trends and the evolving retail landscape across brands have been critical factors for the booming apparel market. Therefore, competition is steep, so apparel companies often create alliances to present a stronger front. Successful advertising strategies and concentration on specialized needs help apparel companies generate increased revenue.