Global Apparel Market Set to Surge to USD 1.78 trillion by 2030 at 4.3% CAGR | MarkNtel Advisors - Australia News Network , Free Guest Posting Sites, Article Submission Sites

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Apparel Market, The Global Apparel Market size was valued at around USD 1.34 trillion in 2023 & is projected to reach around USD 1.78 trillion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.3% during the forecast period, i.e., 2024-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Apparel Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2024-2030
Market Size in 2023: USD 1.34 trillion
CAGR (2024-2030): 4.3%

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Global Apparel Market Segmentation Breakdown:

The Apparel Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Type
- Formal Wear- Market Size & Forecast 2019-2030, USD Million
- Casual Wear- Market Size & Forecast 2019-2030, USD Million
- Sportswear- Market Size & Forecast 2019-2030, USD Million
- Sleepwear- Market Size & Forecast 2019-2030, USD Million
- Others (Party Wear, Swimwear, Ethnic Wear, etc.)- Market Size & Forecast 2019-2030, USD Million
By Fiber Type
- Natural Fibers- Market Size & Forecast 2019-2030, USD Million
  - Animal Fibers- Market Size & Forecast 2019-2030, USD Million
  - Mineral Fibers- Market Size & Forecast 2019-2030, USD Million
  - Plant/Vegetable Fibers- Mineral Fibres- Market Size & Forecast 2019-2030, USD Million
- Man-made Fibers- Market Size & Forecast 2019-2030, USD Million
  - Synthetic Fibers- Market Size & Forecast 2019-2030, USD Million
  - Artificial/Regenerated Fibers- Market Size & Forecast 2019-2030, USD Million
  - Inorganic Fibers- Market Size & Forecast 2019-2030, USD Million

Man-made fibers, mainly artificial fibers like polyester, nylon, and acrylic, hold the biggest market share.

By Distribution Channel
- Online Retail- Market Size & Forecast 2019-2030, USD Million
- Offline Retail- Market Size & Forecast 2019-2030, USD Million
  - Fashion Stores- Market Size & Forecast 2019-2030, USD Million
  - Shopping Malls- Market Size & Forecast 2019-2030, USD Million
  - Local Retail Stores- Market Size & Forecast 2019-2030, USD Million

The apparel industry has changed because of online retail, especially e-commerce. As e-commerce giants like Amazon and Myntra gain pace, there is a distinct propensity among customers toward online purchasing fashion products.

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific

Asia-Pacific is dominating the Global Apparel Market as the region has positioned itself as an influencing force in both demand and consumption.

MarkNtel Advisors Highlights Key Market Drivers for Apparel Market:

Growing Popularity of Athleisure and Activewear Globally – The apparel market is experiencing sizable growth because of the growing global demand for athleisure and activewear. This fashion has been fueled because the purchasers search for an extra comfortable lifestyle that blends athletic wear with ordinary informal garb. Factors driving this shift consist of an additional emphasis on fitness & health and changes in workplace dress codes towards more relaxed attire. Athleisure’s versatility enables individuals to seamlessly transition from workout to social settings without changing outfits, making it attractive throughout various demographics.

The result has been increased demand for top-notch and stylish sports apparel that excels during workouts and fits fashionably outside of athletic contexts. Many people have embraced a more active routine while leaning towards easygoing clothing options. Consequently, there is a growing trend among traditional fashion brands and athletic wear companies like Adidas, Athleta, Asics, and Puma to allocate more resources toward developing fresh materials and creative designs along with marketing tactics to appeal to an expanding customer base. This has subsequently driven the overall growth & expansion of the apparel industry.

A Comprehensive Analysis of Leading Companies in Global Apparel Market

PVH Corp.
Inditex
Kering SA
LVMH Louis Vuitton Moët Hennessy
Aditya Birla Group
H&M Hennes & Mauritz Retail Pvt. Ltd.
Nike Inc.
ASICS
Puma
Shein
Reliance Retail
Capri Holdings Limited
Apparel Industries
Toray Industries, Inc.
Steve Madden
Others

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Apparel Market Recent Development:

2024: ASICS’s apparel store was inaugurated in Bahrain by Apparel Group, situated at Marassi Galleria. This significant event signifies the commendable expansion of the revered Japanese athletic apparel label.
2023: Reliance Retailunveiled its latest venture, Yousta, a fashion retail concept aimed at the youth demographic. Yousta’s youth-oriented fashion adventure kicked off with the opening of its first store in Hyderabad’s Sarath City Mall. The brand endeavors to offer stylish clothing at reasonable prices.

What are the growth Challenge driving the Global Apparel Market?

Price Fluctuations & Environmental Concerns Hindering Market Growth – Raw material price fluctuations are a major obstacle for apparel brands, especially in the textile industry. Such volatility causes unpredictable expenses and impedes market expansion prospects. The causes of these fluctuations are diverse and include alterations in demand, geopolitical concerns, and adverse weather conditions leading to reduced crop yields for natural fibers.

Additionally, consumer preferences are shifting to more sustainable options due to growing environmental concerns regarding synthetic apparel, which is predominantly dependent on non-renewable resources and contributes significantly towards microplastic pollution. The shift requires companies to reassess their supply chains and product offerings, while also creating complexities in their revenue generation.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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