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 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 a 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 fueling market revenue growth. Smart clothing, through 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 fiber type, synthetic fibers segment contributed to largest market revenue share in 2020. Majority of synthetic/man-made fibers have better elasticity and are resistant to easy wrinkling. Fabrics produced from synthetic fibers are usually more cost-effective, durable, and readily available as compared to other fiber types.
- By usage, women’s wear segment accounted for 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 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, online segment is expected to grow at a faster rate over forecast period. Online sales of clothing have witnessed spiraling growth in past couple of years due to better comfort and convenience it provides to consumers to make purchases from their smartphones and computers. Increasing internet penetration and emergence of e-commerce have significantly enhanced fashion consciousness and easy availability high-end, limited-edition products.
- Market in Asia Pacific accounted for largest market revenue share in 2020 and is expected to register fastest revenue growth rate over forecast period, owing to a larger consumer base and rising disposable income, particularly among middle-class income group. Additionally, presence of leading market players in the region that cause market growth.
- Major players 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
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