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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 market in APAC is set for robust growth, led by China, India, Japan, Australia, and South Korea. Key players like Levi Strauss, Nike, UNIQLO, and Edwin drive the market growth with affordable branded options. Urbanization and rising incomes fuel market expansion, while counterfeit products in India and China pose a threat. The growing trend of online menswear purchases and increased disposable income are key growth drivers in the region.
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Purchasing power influences trends in fashion apparel during holiday sales, especially for luxury brands offering promotional discounts. The apparel sector is rapidly growing with the downpour in online and e-commerce platforms, creating heightened awareness among consumers. Purchasing power drives the demand for both affordable and high-end fashion apparel, with holiday sales acting as catalysts for increased spending. Luxury brands strategically leverage promotional discounts to attract discerning shoppers, while the online and e-commerce landscape continues to evolve, shaping the future of apparel retail.
The growing number of promotional activities is driving the market expansion. Marketing and branding have become critical to enhance the appeal of apparel and luxury goods, including menswear. Market players are engaging customers through strategic campaigns on social media platforms, such as Facebook and Instagram. In-store marketing also plays a key role in the growth of the market, as promotions are being carried out through signages and audiovisual media, among others. Some players also use mobile applications, websites, e-mail, as well as print and television media as a part of their marketing, advertising, and promotional activities. Digital marketing helps in increasing the sales of products because of its broad reach. The increased penetration of the Internet, the growing adoption of smartphones and tablets, and the rise in the popularity of social media platforms provide easy access to information on the go.
Moreover, these factors and campaigns imply that players are proactively investing in advertisements to encourage customers to adopt their products, including menswear products. Therefore, the growing number of marketing campaigns will increase the sales and market expansion during the forecast period.
Increasing spending on men's accessories is an emerging trend shaping the market growth. In the past decade, the market has witnessed rapid adoption of men's accessories due to changing lifestyles, appearance, and sense of fashion among men. Men's perception of fashion has changed, and they are now interested in keeping their appearance in line with the latest apparel fashions. Some of the most preferred accessories by men include beanies, belts, wallets, hand gloves, and socks. Customers choose such accessories based on their apparel style. For instance, beanies enhance the appearance of oversized knits, sweaters, and hoodies, giving a stylish look to the wearer.
However, these factors indicate that companies are expanding their portfolios to include menswear and accessories to capture the growing market. Also, increasing preference for stylish accessories has influenced men to increase their spending on fashion products to match the changing trends. These factors are likely to increase the volume of sales of men's accessories and, therefore, drive the growth of the market in focus during 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.
All-season wear is gaining popularity across America and Europe, driven by advancements in high-tech apparel. From athletic gear to composite materials, denims are evolving to meet diverse consumer needs. Retail stores are adapting to the demand for versatile and functional clothing suitable for any climate or activity. This trend towards all-season wear reflects a shift towards more sustainable and adaptable fashion choices. With innovations in high-tech apparel, consumers can now enjoy comfort and performance without compromising style, making it a preferred choice across continents.
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.
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.
The market epitomizes the dynamic landscape of the apparel industry, continually evolving to reflect shifting men's fashion trends and preferences. From timeless men's suits to relaxed men's casual wear, the realm of men's clothing offers a diverse array of choices to cater to every style inclination. Esteemed men's fashion brands and visionary men's fashion designers constantly push boundaries, redefining men's style and shaping men's wardrobes worldwide. Men's grooming is integral, complementing attire with meticulous attention to detail. Fashion for men extends beyond clothing, encompassing men's fashion accessories and sophisticated men's footwear selections. Influential men's fashion influencers and insightful men's fashion blogs further propel trends, inspiring sartorial enthusiasts to curate their signature looks in the ever-evolving realm of men's fashion.
Menswear 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, 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. |
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