The global apparel market size was valued at USD 1,700.52 billion in 2023. The market is expected to expand from USD 1,749.67 billion in 2024 to USD 2,307.04 billion by 2032, exhibiting a CAGR of 3.52% over the study period.
The global market is an extensive and volatile sector, which includes a broad range of products from daily casual wear to high-end fashion. The surging number of the working population has bolstered the purchasing power of consumers, leading to market growth.
There was a reduction in sales of apparel, which can be attributed to the cancellations of mega celebrations and events and mass shutdown of public places and offices, as stated by the Harry Rosen head, one of Canada’s major men’s clothing retailers. Despite this, the industry is witnessing a rebound in the post-COVID-19 era and the long-term rising trend of clothing is intact due to relaxation in lockdowns across nations.
Fortune Business Insights™ provides this information in its research report, titled “Apparel Market, 2024-2032”.
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Segmentation:
Broad Selection of Shades to Lead to Casual Wear/Fashion Wear Segment Dominance
On the basis of type, the market is categorized into casual wear/fashion wear, formal wear, swimwear, outerwear, sportswear & activewear, agricultural work clothing/farm apparel, work wear, ethnic wear, sleepwear, and others. The casual wear/fashion wear segment is slated to occupy the largest share during the forecast period, which can be credited to the broad selection of styles, shades, sizes, and designs that depict inclusivity, allowing consumers to match their clothing as per the present fashion trends and tastes.
Huge Applications of Synthetic Materials in Workwear to Boost Segment Expansion
In terms of material, the market is classified into synthetic, cotton, wool, leather, denim, satin, and others. The synthetic segment obtained the largest apparel market share in 2023 owing to the massive applications of synthetic materials in sleepwear, workwear, activewear, sportswear, fashion wear or casual wear, and others attributed to improved features.
Rising Demand for Female Fashion to Bolster Segment Growth
In terms of end-user, the market is segregated into men, women, children, and unisex. The women segment registered the largest share in 2023 due to surging demand, which encourages retailers and designers to make women’s fashion a priority, serving the ever-changing preferences of a huge audience.
Mass Segment Dominated Attributed to Ease of Availability
On the basis of category, the market is classified into mass/economy, premium, and luxury. The mass segment captured the largest share in 2023, which can be credited to the ease of accessibility and availability, which motivates consumers to visit stores frequently, resulting in rising purchases.
Tailored Assistance Offered by Sales Executives Fuels Supermarkets/Hypermarkets Expansion
Based on distribution channel, the market is divided into supermarkets & hypermarkets, specialty stores/branded stores, department stores, online/e-commerce, and others. The supermarkets & hypermarkets segment occupied the largest market share in 2023, fueled by tailored assistance provided by sales executives present in such stores, offering suggestions for styling and complementary goods and addressing any associated concerns that further contribute to the experience.
From the regional perspective, the market is classified into Asia Pacific, the Middle East & Africa, South America, Europe, and North America.
Report Coverage
The competitive strategies deployed by leading companies to gain a competitive edge have been mentioned in the report. Besides this, it highlights the leading segments, the latest trends, and the impact of the COVID-19 pandemic on the market growth. In addition, it offers detailed insights into the key factors impacting the market growth.
Drivers and Restraints: