Market Size of Apparel Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.36 Trillion |
| Market Size (2029) | USD 1.78 Trillion |
| CAGR (2024 - 2029) | 4.63 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*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.
Apparel Industry Segmentation
Apparel includes all kinds of clothes in different styles and fabrics.
The global apparel market is segmented by end-users into men, women, and children. 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 the market sizes and forecasts in terms of value (USD) for all the above segments.
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| Men | |
| Women | |
| Children |
| Type | |
| Formal Wear | |
| Casual Wear | |
| Sportswear | |
| Nightwear | |
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Apparel Market Size Summary
The global apparel market is anticipated to experience significant growth over the forecast period. This growth is largely driven by the rise in online shopping, which allows manufacturers to expand their customer base geographically. The market's expansion is further fueled by increased sales of traditional garments via e-commerce portals, which offer producers greater exposure. The market also benefits from rising per capita income and a shift in preference for branded products, which are expected to drive the demand for luxury wear. The women's apparel segment is also showing rapid growth, driven by the increasing number of working-class women. Despite being a mature market, the changing fashion trends and evolving retail landscape across brands are key factors contributing to the booming apparel market. Innovative designs, fast fashion trends, and creative marketing strategies are key factors for the apparel industry's growth. The increased exposure to the internet and e-commerce among consumers has improved fashion consciousness and availability of high-end brands and limited edition products. Additionally, local startups with sustainable approaches are gaining customers' interest worldwide. These startups offer different styles, such as formal, casual, and traditional wear, with unique designs and concepts that attract customers. Also, the Asia-Pacific region is expected to hold a significant share of the global apparel market due to various government initiatives in the textile industry. Major companies are planning their expansion to Asian countries to gain a broader consumer base. The market is fragmented in nature, with the presence of various primary and smaller players. The vast distribution network of global brands influences the international markets but faces steep competition from local manufacturers regarding regional fashion preferences and prices.
Explore MoreApparel Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Digital Marketing and Innovative Designs Driving the Market
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1.1.2 Growing Demand for Apparel Personalization and Customization
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1.2 Market Restraints
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1.2.1 Competition from Local Brands with Affordable Pricing
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 End User
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2.1.1 Men
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2.1.2 Women
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2.1.3 Children
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2.2 Type
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2.2.1 Formal Wear
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2.2.2 Casual Wear
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2.2.3 Sportswear
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2.2.4 Nightwear
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2.2.5 Other Types
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Apparel Market Size FAQs
How big is the Apparel Market?
The Apparel Market size is expected to reach USD 1.36 trillion in 2024 and grow at a CAGR of 4.63% to reach USD 1.78 trillion by 2029.
What is the current Apparel Market size?
In 2024, the Apparel Market size is expected to reach USD 1.36 trillion.
