Apparel Market to grow at a CAGR of 6.65% from 2022 to 2027; The growing online penetration is a major trend in the market – Technavio

NEW YORK, July 26, 2023 /PRNewswire/ — The apparel market size is estimated to increase by USD 582.93 billion from 2022 to 2027, at a CAGR of 6.65%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report –Request a sample report

Apparel Market 2023-2027 – Vendor Scope

The apparel market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed below –

adidas AG, ASOS Plc, BESTSELLER AS, Columbia Sportswear Co., Fast Retailing Co. Ltd., Groupe Artemis, H and M Hennes and Mauritz GBC AB, Hanesbrands Inc., Industria de Diseno Textil SA, Kering SA, Levi Strauss and Co., LVMH Moet Hennessy Louis Vuitton SE, Nike Inc., PVH Corp., Ralph Lauren Corp., Ross Stores Inc., The Gap Inc., The TJX Companies Inc., Under Armour Inc., and VF Corp. Download the Sample Report

Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Apparel Market

Apparel Market 2023-2027: Segmentation

The market is segmented by end-user (women, men, and children), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America)

The market share growth by the women segment will be significant during the forecast period. This is due to the high demand for women’s apparel which includes changing fashion trends, increasing purchasing power of women, and evolving lifestyles. Furthermore, the rising presence of online platforms is also making it easier than ever for women to shop for clothing online. Women use fashion to reflect their personal style, individuality, and cultural preferences. Hence, these factors are expected to drive segment growth during the forecast period.

APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Because of the economic development in numerous Asian nations, like China, India, and Southeast Asian countries, there is an expansion in disposable income among the working class. Accordingly, individuals have more money to spend on clothes and design which added to the market growth in the Region. Furthermore, there is a growing young population in the region which is also contributing to the growth. Therefore, these factors are expected to drive market growth in the region during the forecast period.

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Apparel Market 2023-2027: – Market Dynamics

Key Drivers

The growing demand for sustainable and ethically produced clothing is a key factor driving market growth. The use of organic or recycled materials, implementing fair labor standards, and reducing waste throughout the supply chain is adopted by many companies. This is due to the increasing environmental and social impact of the apparel by consumers. Furthermore, sustainable materials are used in clothing such as organic cotton, and recycled polyester, and innovative alternatives. As a result, these materials reduce the environmental footprint of the apparel industry. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The online penetration is a major trend in the market. The expanded online penetration of apparel sales has changed the retail business as internet shopping offers unparalleled comfort to purchasers. One of the key benefits of online retailers is that they can stock a lot bigger stock compared with physical stores because of the shortfall of actual space limitations. In addition, these online platforms provide different styles, sizes, colors, and brands and they can easily compare products. Hence, the growing online penetration is expected to drive market growth during the forecast period.

Significant Challenges

The growing presence of local and unorganized players is a significant challenge restricting market growth. Because of the developing presence of local and unorganized players and the low costs of their merchandise, there is a significant decline in the demand for the original brand’s apparel. For example, the products from these minimal-expense counterfeit products adversely affect business sales. In addition, local labels also occupy the shelves devoted to women’s clothing brands. Hence, the increasing number of counterfeit products is expected to restrict market growth during the forecast period.

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What are the key data covered in this Apparel Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the apparel market between 2023 and 2027
  • Precise estimation of the size of the apparel market and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the apparel market across APAC, North America, Europe, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of apparel market vendors

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The headwear market is estimated to grow at a CAGR of 6.57% between 2022 and 2027. The market size is forecast to increase by USD 7,847.52 million. Furthermore, this report extensively covers market segmentation by distribution channel (offline and online), product type (caps and hats, beanies, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The increasing fashion consciousness and desire to enhance personal style is a key factor driving the market growth during the forecast period.

The online children’s apparel market is estimated to grow at a CAGR of 8.58% between 2022 and 2027. The market size is forecast to increase by USD 32.62 billion. Furthermore, this report extensively covers market segmentation by material (natural and synthetic), product (trousers, sports and swimwear, night dress, socks, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The rise in online spending on children’s apparel is a key factor driving the market growth during the forecast period.

Apparel Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.65%

Market growth 2023-2027

USD 582.93 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.43

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 39%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Adidas AG, ASOS Plc, BESTSELLER AS, Columbia Sportswear Co., Fast Retailing Co. Ltd., Groupe Artemis, H and M Hennes and Mauritz GBC AB, Hanesbrands Inc., Industria de Diseno Textil SA, Kering SA, Levi Strauss and Co., LVMH Moet Hennessy Louis Vuitton SE, Nike Inc., PVH Corp., Ralph Lauren Corp., Ross Stores Inc., The Gap Inc., The TJX Companies Inc., Under Armour Inc., and VF Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

  • 1.1 Market Overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.4 Market outlook: Forecast for 2022-2027 
    • Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global apparel market 2017 – 2021 
    • Exhibit 18: Historic Market Size – Data Table on global apparel market 2017 – 2021 ($ billion)
  • 4.2 End-user Segment Analysis 2017 – 2021 
    • Exhibit 19: Historic Market Size – End-user Segment 2017 – 2021 ($ billion)
  • 4.3 Distribution Channel Segment Analysis 2017 – 2021 
    • Exhibit 20: Historic Market Size – Distribution Channel Segment 2017 – 2021 ($ billion)
  • 4.4 Geography Segment Analysis 2017 – 2021 
    • Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)
  • 4.5 Country Segment Analysis 2017 – 2021 
    • Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)

5 Five Forces Analysis

  • 5.1 Five forces summary
    • Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition
    • Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

  • 6.1 Market segments
    • Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
    • Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)
  • 6.2 Comparison by End-user 
    • Exhibit 32: Chart on Comparison by End-user
    • Exhibit 33: Data Table on Comparison by End-user
  • 6.3 Women – Market size and forecast 2022-2027 
    • Exhibit 34: Chart on Women – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 35: Data Table on Women – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 36: Chart on Women – Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on Women – Year-over-year growth 2022-2027 (%)
  • 6.4 Men – Market size and forecast 2022-2027 
    • Exhibit 38: Chart on Men – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 39: Data Table on Men – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 40: Chart on Men – Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Men – Year-over-year growth 2022-2027 (%)
  • 6.5 Children – Market size and forecast 2022-2027 
    • Exhibit 42: Chart on Children – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 43: Data Table on Children – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 44: Chart on Children – Year-over-year growth 2022-2027 (%)
    • Exhibit 45: Data Table on Children – Year-over-year growth 2022-2027 (%)
  • 6.6 Market opportunity by End-user 
    • Exhibit 46: Market opportunity by End-user ($ billion)
    • Exhibit 47: Data Table on Market opportunity by End-user ($ billion)

7 Market Segmentation by Distribution Channel

  • 7.1 Market segments
    • Exhibit 48: Chart on Distribution Channel – Market share 2022-2027 (%)
    • Exhibit 49: Data Table on Distribution Channel – Market share 2022-2027 (%)
  • 7.2 Comparison by Distribution Channel 
    • Exhibit 50: Chart on Comparison by Distribution Channel
    • Exhibit 51: Data Table on Comparison by Distribution Channel
  • 7.3 Offline – Market size and forecast 2022-2027 
    • Exhibit 52: Chart on Offline – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 53: Data Table on Offline – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 54: Chart on Offline – Year-over-year growth 2022-2027 (%)
    • Exhibit 55: Data Table on Offline – Year-over-year growth 2022-2027 (%)
  • 7.4 Online – Market size and forecast 2022-2027 
    • Exhibit 56: Chart on Online – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 57: Data Table on Online – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 58: Chart on Online – Year-over-year growth 2022-2027 (%)
    • Exhibit 59: Data Table on Online – Year-over-year growth 2022-2027 (%)
  • 7.5 Market opportunity by Distribution Channel 
    • Exhibit 60: Market opportunity by Distribution Channel ($ billion)
    • Exhibit 61: Data Table on Market opportunity by Distribution Channel ($ billion)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 63: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 64: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 65: Chart on Geographic comparison
    • Exhibit 66: Data Table on Geographic comparison
  • 9.3 APAC – Market size and forecast 2022-2027 
    • Exhibit 67: Chart on APAC – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 68: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 69: Chart on APAC – Year-over-year growth 2022-2027 (%)
    • Exhibit 70: Data Table on APAC – Year-over-year growth 2022-2027 (%)
  • 9.4 North America – Market size and forecast 2022-2027 
    • Exhibit 71: Chart on North America – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 72: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 73: Chart on North America – Year-over-year growth 2022-2027 (%)
    • Exhibit 74: Data Table on North America – Year-over-year growth 2022-2027 (%)
  • 9.5 Europe – Market size and forecast 2022-2027 
    • Exhibit 75: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 76: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 77: Chart on Europe – Year-over-year growth 2022-2027 (%)
    • Exhibit 78: Data Table on Europe – Year-over-year growth 2022-2027 (%)
  • 9.6 Middle East and Africa – Market size and forecast 2022-2027 
    • Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
    • Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
  • 9.7 South America – Market size and forecast 2022-2027 
    • Exhibit 83: Chart on South America – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 84: Data Table on South America – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 85: Chart on South America – Year-over-year growth 2022-2027 (%)
    • Exhibit 86: Data Table on South America – Year-over-year growth 2022-2027 (%)
  • 9.8 China – Market size and forecast 2022-2027 
    • Exhibit 87: Chart on China – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 88: Data Table on China – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
    • Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)
  • 9.9 US – Market size and forecast 2022-2027 
    • Exhibit 91: Chart on US – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 92: Data Table on US – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 93: Chart on US – Year-over-year growth 2022-2027 (%)
    • Exhibit 94: Data Table on US – Year-over-year growth 2022-2027 (%)
  • 9.10 Japan – Market size and forecast 2022-2027 
    • Exhibit 95: Chart on Japan – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 96: Data Table on Japan – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 97: Chart on Japan – Year-over-year growth 2022-2027 (%)
    • Exhibit 98: Data Table on Japan – Year-over-year growth 2022-2027 (%)
  • 9.11 UK – Market size and forecast 2022-2027 
    • Exhibit 99: Chart on UK – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 100: Data Table on UK – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 101: Chart on UK – Year-over-year growth 2022-2027 (%)
    • Exhibit 102: Data Table on UK – Year-over-year growth 2022-2027 (%)
  • 9.12 Germany – Market size and forecast 2022-2027 
    • Exhibit 103: Chart on Germany – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 104: Data Table on Germany – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 105: Chart on Germany – Year-over-year growth 2022-2027 (%)
    • Exhibit 106: Data Table on Germany – Year-over-year growth 2022-2027 (%)
  • 9.13 Market opportunity by geography 
    • Exhibit 107: Market opportunity by geography ($ billion)
    • Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

  • 10.3 Impact of drivers and challenges 
    • Exhibit 109: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

  • 11.2 Vendor landscape
    • Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption
    • Exhibit 111: Overview on factors of disruption
  • 11.4 Industry risks
    • Exhibit 112: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered
    • Exhibit 113: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 114: Matrix on vendor position and classification
  • 12.3 Adidas AG
    • Exhibit 115: Adidas AG – Overview
    • Exhibit 116: Adidas AG – Business segments
    • Exhibit 117: Adidas AG – Key news
    • Exhibit 118: Adidas AG – Key offerings
    • Exhibit 119: Adidas AG – Segment focus
  • 12.4 ASOS Plc
    • Exhibit 120: ASOS Plc – Overview
    • Exhibit 121: ASOS Plc – Business segments
    • Exhibit 122: ASOS Plc – Key news
    • Exhibit 123: ASOS Plc – Key offerings
    • Exhibit 124: ASOS Plc – Segment focus
  • 12.5 Fast Retailing Co. Ltd.
    • Exhibit 125: Fast Retailing Co. Ltd. – Overview
    • Exhibit 126: Fast Retailing Co. Ltd. – Business segments
    • Exhibit 127: Fast Retailing Co. Ltd. – Key news
    • Exhibit 128: Fast Retailing Co. Ltd. – Key offerings
    • Exhibit 129: Fast Retailing Co. Ltd. – Segment focus
  • 12.6 Groupe Artemis
    • Exhibit 130: Groupe Artemis – Overview
    • Exhibit 131: Groupe Artemis – Product / Service
    • Exhibit 132: Groupe Artemis – Key offerings
  • 12.7 H and M Hennes and Mauritz GBC AB 
    • Exhibit 133: H and M Hennes and Mauritz GBC AB – Overview
    • Exhibit 134: H and M Hennes and Mauritz GBC AB – Business segments
    • Exhibit 135: H and M Hennes and Mauritz GBC AB – Key news
    • Exhibit 136: H and M Hennes and Mauritz GBC AB – Key offerings
    • Exhibit 137: H and M Hennes and Mauritz GBC AB – Segment focus
  • 12.8 Industria de Diseno Textil SA 
    • Exhibit 138: Industria de Diseno Textil SA – Overview
    • Exhibit 139: Industria de Diseno Textil SA – Business segments
    • Exhibit 140: Industria de Diseno Textil SA – Key offerings
    • Exhibit 141: Industria de Diseno Textil SA – Segment focus
  • 12.9 Kering SA
    • Exhibit 142: Kering SA – Overview
    • Exhibit 143: Kering SA – Business segments
    • Exhibit 144: Kering SA – Key offerings
    • Exhibit 145: Kering SA – Segment focus
  • 12.10 Levi Strauss and Co.
    • Exhibit 146: Levi Strauss and Co. – Overview
    • Exhibit 147: Levi Strauss and Co. – Business segments
    • Exhibit 148: Levi Strauss and Co. – Key news
    • Exhibit 149: Levi Strauss and Co. – Key offerings
    • Exhibit 150: Levi Strauss and Co. – Segment focus
  • 12.11 LVMH Moet Hennessy Louis Vuitton SE 
    • Exhibit 151: LVMH Moet Hennessy Louis Vuitton SE – Overview
    • Exhibit 152: LVMH Moet Hennessy Louis Vuitton SE – Business segments
    • Exhibit 153: LVMH Moet Hennessy Louis Vuitton SE – Key news
    • Exhibit 154: LVMH Moet Hennessy Louis Vuitton SE – Key offerings
    • Exhibit 155: LVMH Moet Hennessy Louis Vuitton SE – Segment focus
  • 12.12 Nike Inc.
    • Exhibit 156: Nike Inc. – Overview
    • Exhibit 157: Nike Inc. – Business segments
    • Exhibit 158: Nike Inc. – Key news
    • Exhibit 159: Nike Inc. – Key offerings
    • Exhibit 160: Nike Inc. – Segment focus
  • 12.13 PVH Corp.
    • Exhibit 161: PVH Corp. – Overview
    • Exhibit 162: PVH Corp. – Business segments
    • Exhibit 163: PVH Corp. – Key offerings
    • Exhibit 164: PVH Corp. – Segment focus
  • 12.14 Ralph Lauren Corp.
    • Exhibit 165: Ralph Lauren Corp. – Overview
    • Exhibit 166: Ralph Lauren Corp. – Business segments
    • Exhibit 167: Ralph Lauren Corp. – Key offerings
    • Exhibit 168: Ralph Lauren Corp. – Segment focus
  • 12.15 The Gap Inc.
    • Exhibit 169: The Gap Inc. – Overview
    • Exhibit 170: The Gap Inc. – Business segments
    • Exhibit 171: The Gap Inc. – Key news
    • Exhibit 172: The Gap Inc. – Key offerings
    • Exhibit 173: The Gap Inc. – Segment focus
  • 12.16 Under Armour Inc.
    • Exhibit 174: Under Armour Inc. – Overview
    • Exhibit 175: Under Armour Inc. – Business segments
    • Exhibit 176: Under Armour Inc. – Key offerings
    • Exhibit 177: Under Armour Inc. – Segment focus
  • 12.17 VF Corp.
    • Exhibit 178: VF Corp. – Overview
    • Exhibit 179: VF Corp. – Business segments
    • Exhibit 180: VF Corp. – Key news
    • Exhibit 181: VF Corp. – Key offerings
    • Exhibit 182: VF Corp. – Segment focus

13 Appendix

  • 13.2 Inclusions and exclusions checklist 
    • Exhibit 183: Inclusions checklist
    • Exhibit 184: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 185: Currency conversion rates for US$
  • 13.4 Research methodology
    • Exhibit 186: Research methodology
    • Exhibit 187: Validation techniques employed for market sizing
    • Exhibit 188: Information sources
  • 13.5 List of abbreviations
    • Exhibit 189: List of abbreviations

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Originally published at https://www.prnewswire.com/news-releases/apparel-market-to-grow-at-a-cagr-of-6-65-from-2022-to-2027-the-growing-online-penetration-is-a-major-trend-in-the-market—technavio-301885321.html
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