Market Size – USD 1,590.17 Billion in 2020, Market Growth – at a CAGR of 4.3%, Market Trends – Increasing investment in the development of smart clothes.
The global clothing market size is expected to reach USD 2,230.07 Billion in 2028 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth in the clothing market can be attributed to increasing demand for branded clothing. Branded clothing significantly impacts any kind of business by displaying a business name and logo and hence offers a strong marketing opportunity. Branded clothing helps in providing an easy demonstration of an enterprise’s corporate culture. For instance, button-down shirts give an idea of professional work culture, whereas tee shirts represent a fun-filled casual environment. Companies also go for branded baseball caps for on-field employees. Moreover, branded clothing is garnering immense traction in organized retail stores, where identical employees’ clothing makes them easily identifiable by customers.
Increasing investment by market players in designing and manufacturing of smart clothing is fuelling market revenue growth. Smart clothing, through the use of advanced analytics systems and conductive fabrics, enables wearers to collect and measure real-time health-related data. Smart clothing is an advancement in wearable wellness and health products for consumers. Smart clothing delivers insights for efficient management of health by automatically tracking bio-signals and efforts put in workouts, such as cycling, weightlifting, and running, among others.
Some Key Highlights From the Report:
- By fibre type, the synthetic fibres segment contributed to the largest market revenue share in 2020. The majority of synthetic/man-made fibres have better elasticity and are resistant to easy wrinkling. Fabrics produced from synthetic fibres are usually more cost-effective, durable, and readily available than other fibre types.
- By usage, the women’s wear segment accounted for the largest revenue share in 2020, owing to an improved women-to-men ratio as well as an increasing number of working women. Constant changes in clothing trends, endorsement by renowned personalities, and the availability of dedicated magazines displaying the latest fashion statements are driving segment revenue growth. Additionally, increasing innovations by market players in designing occasion-specifications clothing accessories for women is boosting revenue growth of this segment.
- By distribution channel, the online segment is expected to grow at a faster rate over the forecast period. Online sales of clothing have witnessed spiraling growth in the past couple of years due to the better comfort and convenience it provides to consumers to make purchases from their smartphones and computers. Increasing internet penetration and the emergence of e-commerce have significantly enhanced fashion consciousness and easy availability of high-end, limited-edition products.
- The market in the Asia Pacific accounted for the largest market revenue share in 2020 and is expected to register the fastest revenue growth rate over the forecast period, owing to a larger consumer base and rising disposable income, particularly among middle-class income. Additionally, the presence of leading market players in the region causes market growth.
The market in the Asia Pacific accounted for the largest revenue share in 2020 and is expected to register the fastest revenue growth rate over the forecast period, attributed to the presence of a large consumer base and rising disposable income, particularly in the middle-class income group. Additionally, the presence of leading market players in the region is another factor that boosts the market growth.
Market in North America contributed to a significant revenue share in 2020, attributed to increasing research and development in high-performance clothing and protective garments. In addition, the rise in the number of sports activities and the increasing demand for protective clothing in the defense sector in the region is fuelling market revenue growth.
The competitive landscape of the global clothing market is moderately fragmented with a number of key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major companies in the market include Nike Inc., Christian Dior SE, Adidas AG, Hanesbrands Inc., Inditex, Aditya Birla Group, Levi Strauss & Co., Kering SA, PVH Corporation, and United Arrows.
Anuj Kharde is working as a content writer in Reports and Data. He has completed his graduation in BBA and currently pursuing MBA from Pune. His hobbies are reading books and football.