Allied Market Research published a report, titled, “Western Wear Market by End User (Men, Women, Kids), by Type (Casual, Formal), by Distribution Channel (Online Platforms, Specialty Stores, Supermarkets, Hypermarkets, Brand Outlets), : Global Opportunity Analysis and Industry Forecast, 2020-2031″. According to the report, the global western wear industry generated $74.5 billion in 2020, and is anticipated to generate $136.8 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031.
Prime determinants of growth
Factors such as growth of the population and e-retail industry, increase in disposable income of consumers, rapid globalization, increased brand awareness, and surge in fashion consciousness among end users drive the growth of the global western wear market. However high cost of branded clothes, dynamic fashion trends, and unavailability of raw materials are expected to restrain growth of the western wear market. Moreover, casual wear is gaining traction among consumers, which is presenting major opportunities for market expansion in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global western wear market, owing to implementation of global lockdown.
- Temporary closure of manufacturing facilities, disruptions in the supply chain, and shortage of labor force hampered the market to some extent.
Request Sample Report @https://www.alliedmarketresearch.com/request-sample/4568
The women segment to maintain its leadership status throughout the forecast period
Based on end user, the women segment held the highest market share in 2020, accounting for nearly half of the global western wear market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.4% from 2022 to 2031, owing to high western wear demand from this segment. Also, owing to the rise in working female population the demand for formal women cloths is also rising which is likely to boost the market growth during the forthcoming time period.
The online platforms segment to maintain its lead position during the forecast period
Based on distribution channel, the online platforms segment accounted for the largest share in 2020, contributing to more than one-fourth of the global western wear market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.1% from 2022 to 2031. This is because more people are opting for online applications or sales channel to buy various products.
Europe, followed by Asia-Pacific& North America to maintain its dominance by 2031
Based on region, Europe, followed by Asia-Pacific & North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global western wear market. Players operating in the Europe western wear market are innovating new products, which in turn, is driving the region growth. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2022 to 2031. This is attributed to a billion new consumers interested in buying new products.
For Purchase Enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/4568
Leading Market Players: –
- Aditya Birla Fashion and Retail Ltd. (ABFRL)
- Hennes & Mauritz AB (H&M)
- Marks & Spencer Plc
- Bestseller (Vero Moda)
- Inditex SA(Zara)
- Benetton Group
- crema diesel spa
- Forever21 Inc.
- GAP Inc.
Key findings of the study
- In terms of value, the formal wear segment is expected to grow at a CAGR of 4.8% during the forecast period.
- Asia-Pacific is expected to dominate, registering highest CAGR of 6.6%, in terms of value. Europe is projected to maintain its position throughout 2031, growing at a CAGR of 4.1%, in terms of value.
- The online platforms segment is estimated to account for more than one-fourth share of the total market in 2020.
- China and Japan collectively accounted for approximately half of the total Asia-Pacific western wear market in 2020.
- In the global western wear market, India is expected to grow at a CAGR of 8.0%, in terms of value.
- In 2020, Europe accounted for approximately one-third share of the total western wear market, and is expected to maintain its position during the forecast period. Developing lifestyle and rise in disposable income of consumers are expected to drive the Asia-Pacific market.
