Apparel Market, 39% of Growth to Originate from APAC, Technavio

NEW YORK, April 25, 2024 /PRNewswire/ — The global apparel market size is estimated to grow by USD 582.93 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.65% during the forecast period. APAC is estimated to contribute 39%. to the growth of the global market.

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The apparel market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

Region Outlook

1. North America
2. Europe 
   • U.K.
   • Germany
   • France
   • Rest of Europe
3. APAC 
4. South America
5. Middle East & Africa
   • Saudi Arabia
   • South Africa
   • Rest of the Middle East & Africa

3. APAC – The Asia-Pacific (APAC) region is set to make a significant mark on the global apparel market. With a projected 39% contribution to global market growth, APAC stands out as a powerhouse of fashion trends and consumer demand.

The region’s economic growth, particularly in countries like China, India, and across Southeast Asia, has increased disposable incomes among the middle class. This newfound purchasing power translates into increased spending on clothing and fashion items, increasing market expansion.

• Moreover, APAC has a youthful population, known for its keen eye on fashion and interest for embracing new trends. This demographic dividend translates into a substantial consumer base that continuously drives demand for apparel.
• The digital revolution further increase market dynamics, with the rising prominence of online retailers such as Amazon and Myntra reshaping the retail landscape. This shift in shopping behavior adds momentum to the growing demand for apparel in APAC.
• Moreover, the convergence of economic growth, demographic trends, and digital innovation sets the stage for high growth in the APAC apparel market, providing exciting opportunities for businesses and consumers alike.

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Research Analysis

The Apparel Market encompasses a vast array of online shopping platforms and E-commerce portals, offering an extensive range of products from Traditional garments to Luxury brands. These portals cater to the demand for Women’s apparel, made from Textile and fiber-based materials, which undergo various processes such as knitting, weaving, stitching, and the use of Yarns and Fabrics. The Apparel Market showcases an impressive collection of Clothing items, including Shirts, Pants, Coats, Skirts, Suits, and Footwear like Heels, Sneakers, and Boots, designed for both Adults and Children. This dynamic industry continues to evolve, providing consumers with an unparalleled shopping experience.

Market Overview

In the dynamic apparel market, brands and consumers collaborate to create trending styles and comfort-driven designs. The commerce sector comprises various classes, such as luxury, formal, casual, and sportswear. Brands utilize innovative concepts, like concept stores and collaborations, to captivate audiences. Technology plays a pivotal role, with trends like contactless shopping, virtual try-ons, and customization shaping the industry. Sustainability is a significant concern, with consumers seeking eco-friendly materials and ethical production methods. The apparel market is a global phenomenon, with major players based in the US, China, and Europe. It’s a world of style, innovation, and sustainability.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio