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The menswear market size is forecast to increase by USD 281.94 billion, at a CAGR of 7.71% between 2023 and 2028. The apparel industry experiences expansion through heightened promotion of men's fashion across diverse channels like social media platforms, in-store displays, and digital avenues such as mobile applications and websites. Strategic engagement via fashion events and trade shows amplifies brand visibility, resonating with evolving men's fashion trends. Digital marketing leverages the ubiquity of the Internet and smartphones, ensuring easy access to fashion information. Proactive investments in advertisements bolster customer adoption, particularly in men's fashion accessories, propelling sales and market growth. Emerging trends reflect increased spending on accessories, indicative of shifting men's style preferences and driving market expansion.
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In the market, the modern class of consumers, including millennials, exhibits a passion for current fashion trends, driving demand for various categories like luxury wear, fashion wear, party wear, and nightwear. With increased digitalization and the proliferation of online shopping apps, consumers have easy access to a wide range of menswear options, leveraging their spending power to make online transactions conveniently. The rise of online retail platforms has heightened awareness of clothing and fashion consciousness, especially among those with exposure to the internet. High-end brands cater to the demand for rare products, capitalizing on festive sales and the purchasing power of consumers in emerging economies. The menswear market thrives on the intersection of luxury, fashion, and digital ease.
The top wear segment is estimated to witness significant growth during the forecast period. This segment includes shirts, t-shirts, sports shirts, tank tops, sweaters, vests, sweatshirts, and work shirts. Men's top wear products are manufactured using materials such as polyester, cotton, or fabric blends. These products have a lower per-unit value compared with the men's bottom wear. Smaller replacement cycles of top wear, compared to those of bottom wear, due to the use of heavier fabrics drive extensive sales of men's top wear, especially t-shirts, shirts, and vests.
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The top wear segment was the largest segment and was valued at USD 234.36 billion in 2018. Customization and personalization of men's top wear is an emerging trend in the market, especially in men's sports top wear. Market players offer personalized men's top wear to match customers' requirements in terms of cloth materials, designs, colours, logo placement, and others. Nike and Adidas are some of the global companies that offer the option of personalizing the top wear products. For easy access to customization, companies offer this option through their websites. Thus, such factors will drive that market during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow at the fastest rate in the market during the forecast period. China, India, Japan, Australia, and South Korea are some of the prominent markets in the region, as they contribute to the growth of the market in focus. Some of the prominent companies operating in the market in this region include Levi Strauss, Nike, UNIQLO, and Edwin. Customers are extensively opting for branded menswear due to its affordable price and easy availability.
Furthermore, growing urbanization and increasing disposable income are extensively driving the growth of the market in the region. However, the presence of counterfeit products is likely to hamper the growth of genuine companies in the region. Counterfeit products are primarily sold through local e-commerce websites in countries such as India and China. Such factors are expected to drive the market in the region during the forecast period.
In the market, several factors drive growth and influence consumer behavior. The modern class of consumers, particularly millennials, exhibit a passion for current fashion and demand occasion-specific clothing, boosting the luxury wear and fashion wear segments. The rise of digitalization and online shopping apps has revolutionized the shopping experience, catering to the fashion consciousness of online users. However, challenges such as maintaining brand authenticity in the online space and meeting the demands of emerging economies while ensuring quality remain pertinent. Festive sales and the availability of rare products capitalize on consumer spending power, further driving the market forward.
The surge in promotional activities propels growth in apparel retail, emphasizing the significance of marketing and branding in amplifying the allure of men's fashion and luxury brands. Market players deploy comprehensive strategies, including campaigns on social media platforms like Facebook and Instagram, alongside in-store promotions featuring signages and audiovisual media.
Additional channels such as mobile applications, websites, email, print, and television are also harnessed for marketing, advertising, and promotional activities. Digital marketing capitalizes on its broad reach, fueled by increasing Internet penetration and smartphone adoption, facilitating easy access to information. This proactive approach to advertisements aims to encourage menswear adoption, culminating in heightened sales and market expansion throughout the forecast period..
In recent years, there has been a noticeable surge in expenditure on men's accessories, which is significantly influencing market growth. Over the past decade, there has been a rapid uptake of men's accessories driven by evolving lifestyles, shifting perceptions of fashion, and an increased emphasis on personal appearance among men. This evolution in men's fashion has led to a greater interest in aligning one's appearance with current clothing trends. Men's accessories such as beanies, belts, wallets, hand gloves, and socks are now highly favored, with consumers selecting these items based on their preferred clothing styles. For example, beanies are often chosen to complement oversized knits, sweaters, and hoodies, adding a touch of style to the overall look.
However, these trends also signify a broader shift in the industry as companies diversify their offerings to include men's wear and accessories, capitalizing on the expanding market. Moreover, the growing preference for fashionable accessories has spurred men to increase their expenditure on fashion products, aligning with evolving trends. These developments are poised to elevate sales volumes of men's accessories and consequently propel market growth throughout the forecast period.
Growing number of unorganized companies is a significant challenge hindering the market expansion. The increasing number of unorganized companies, especially in the local markets, is hindering the growth of the global market. The products offered by the local and unorganized companies are cost-effective and are priced lower than the globally branded menswear. The lack of quality offered by unorganized companies extensively influences customers to switch from one brand to another, thereby negatively impacting customers' buying behavior. The capital needed for the athletic apparel market is moderate; therefore, the global market is witnessing the entry of new market players, especially in APAC and Europe.
Further, in developing countries such as China and India, customers are becoming more fashion-conscious and opting for low-priced, unorganized players for shopping. This situation has diluted international companies ability to increase their prices. Therefore, stiff competition from local and unorganized companies will negatively affect the profitability of established companies and hamper the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adidas AG - The company offers products such as t-shirts and tank tops, joggers, track pants, cricket and football jerseys and pants, hoodies, sweatshirts and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report forecasts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
In the ever-evolving landscape of the market, rapid growth is fueled by the demand for occasion-specific clothing and a surge in the popularity of sportswear due to a health-conscious shift. Traditional retail outlets face competition from digital shopping revolution, as online platforms offer convenience and time-saving advantages. Technology companies play a vital role in enhancing shopping experiences through innovative marketing strategies and security features in online payments. Partnership agreements between fashion brands and online sales platforms facilitate promotional discounts and free delivery, catering to dynamic fashion preferences. From casual denims to formal trousers and ethnic wear, consumer preferences drive the need for all-season wear, reshaping the industry to meet lifestyle needs in a customer-friendly design on shopping websites.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.71% |
Market Growth 2024-2028 |
USD 281.94 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.95 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, Mexico, China, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, AG Adriano Goldschmied Inc., Burberry Group Plc, Capri Holdings Ltd., Guess Inc., H and M Hennes and Mauritz GBC AB, Hermes International SA, Hugo Boss AG, Industria de Diseno Textil SA, Kering SA, Kontoor Brands Inc., Levi Strauss and Co., LVMH Moet Hennessy Louis Vuitton SE, OTB Spa, Patagonia Inc., PVH Corp., Ralph Lauren Corp., The Gap Inc., VF Corp., and Nike Inc. |
Market dynamics |
Parent market analysis, Market forecasting, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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