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The headwear market is estimated to grow by USD 7.84 billion at a Compound annual growth rate (CAGR) of 6.57% between 2022 and 2027. Enhanced marketing strategies by key competitors serve as a pivotal driver in the headwear market. By implementing innovative promotional tactics, such as influencer collaborations, targeted advertising campaigns, and engaging social media initiatives, leading players can effectively reach their target audience and drive sales. These improved marketing approaches not only boost brand visibility but also stimulate consumer interest and demand for headwear products.
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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 offline segments are estimated to witness significant growth during the forecast period. The increased demand for headwear in specialty retail stores drives the growth of the sub-segment. A broad range of Headwear brands and products can be found in specialty stores. Further, departmental stores are also a significant contributor to the offline segment of the market in the global distribution channel segment in terms of revenue.
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The offline segment was the largest segment and was valued at USD 12.72 billion in 2017. The revenue generated by the offline segment of the market has declined over the years, owing to the rising preference for online shopping. However, to improve their sales via the online route, traders are setting up new outlets locally and regionally. Hence, competition between Companies is intensifying. Retailers are taking a new approach to business and retailing strategies, e.g. price competition as well as a broad range of products, in order to maintain competitiveness within the market. Owing to such developments, the offline segment is anticipated to grow during the forecast period.
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APAC is estimated to contribute 38% 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 headwear industry in APAC is expanding significantly and offers a great market environment. Factors such as a large number of people, rising household income, changing fashion patterns, and increased awareness of the importance of sun protection are creating a high demand for headwear in this region. Additionally, the regional market in focus is growing as outdoor activities, sports, and tourism become more and more popular. Overall, the APAC market offers profitable prospects to regional, domestic, and foreign competitors. As a result, the regional market in focus is expected to witness significant growth during the forecast period.
The headwear market, an integral segment of the fashion industry, is witnessing significant traction among consumers, especially with the onset of winter apparel seasons. Bolstered by the proliferation of E-commerce and online sales channels, brands are strategically utilizing social media, influencer marketing, and brand partnerships to enhance visibility and engagement. Collaborations with sports organizations and the introduction of co-branded collections are amplifying consumer interest, particularly in items like hats & caps, baseball caps, and sun visors. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing fashion consciousness and desire to enhance personal style are driving growth in the market. The market is witnessing remarkable growth fueled by a surge in fashion consciousness and a desire for personalized style. Consumer demand for contemporary and stylish headwear is a pivotal force shaping the global market landscape. As individuals become increasingly fashion-savvy, they seek headwear accessories that resonate with their unique preferences, allowing them to express their fashion sensibilities. The rising popularity of trendy headwear options like caps, hats, and beanies, along with innovative designs and symbols introduced by brands like Superdry, underscores this trend. To cater to this discerning consumer base, headwear manufacturers such as Adidas and PUMA are focusing on developing aesthetically appealing products like caps, hats, and beanies. Consequently, these factors are poised to propel market growth and dictate trends in the forecast period, as the industry responds to evolving fashion industry dynamics and consumer demands.
Athleisure and sports-inspired headwear is a primary trend in the market. Athleisure and sport-inspired clothing, which is a very important trend in the market, has become increasingly popular. Growing consumer demand for headwear that mixes fashion with performance qualities is driving this trend. In addition to enhancing their active and sports lifestyles, customers are looking for headwear that provides practical benefits. This includes utilizing materials that drain away moisture to keep the head dry and at ease while engaging in physical activity.
Various head sizes may be accommodated, as well as optimal preferences can be achieved thanks to the flexible closures of heads. A selection of headwear in this trend, which is produced with these characteristics for meeting the needs of athletes, fitness fanatics, and individuals who make a living from their activity, includes sports caps, visors, or performance beanies. Therefore, the growing prevalence of athleisure and sports-Inspired headwear is expected to drive the growth of the market focus during the forecast period.
The greater availability of counterfeit products is a major challenge faced in the market. Counterfeiting of products continues to pose a challenge for the market, with both brand reputation and customer protection being jeopardized. Since counterfeit headwear is often made with subpar materials or incompetent production requirements, it damages the reputation and worth of legitimate brands. This is due to the simplicity of copying designs, logos, and marks which creates a flood of infringing headwear products on the world market for women's apparel, men's clothing, and luxury goods.
Counterfeiting of popular sports teams' uniforms such as hats and caps is frequently the target with unauthorized copies flooding the global market in clothing, textiles, or luxury goods which misleads customers and hurts a legitimate brand's reputation. Hence, the presence of counterfeit products is expected to be a significant challenge for the market in focus during the forecast period.
The market research and growth 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 market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
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 headwear such as bucket hats, beanies, and baseball caps.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 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, heavily influenced by fashion industry trends and varying weather conditions, particularly emphasizes winter apparel. Leading industry players continuously innovate to meet unique customer requirements, offering a diverse range of winter headwear products. For instance, Southern California's renowned headwear brand, Melin, introduces the 'Infinite THERMAL Collection', endorsed by professional snowboarder Louie Vito, featuring limited-edition designs in colors like maroon, frost, navy, and olive. This collection not only caters to fashion preferences but also addresses the functional needs of consumers during colder seasons. Additionally, alongside traditional winter hats, headbands, and headscarves, specialized headwear items are designed to provide comfort and protection against extreme temperatures, further expanding the market's offerings.
Additionally, the market is undergoing a transformative phase, driven predominantly by the surge in E-commerce and online sales channels. Brands are leveraging influencer marketing, sponsorships, and brand partnerships to extend their reach and captivate new consumer segments. The introduction of limited-edition and co-branded collections has heightened consumer interest, attracting both fashion enthusiasts and sports organizations alike. Offering a diverse array of headwear options including hats & caps, sun visors, and specialized designs, the market caters to varied preferences.
While offline sales remain significant, the rise of online platforms is reshaping the landscape. Unique collaborations and trends like turbans and bandanna caps appeal to a younger demographic, underscoring the market's adaptability. Despite challenges posed by factors like climate change and the coronavirus pandemic, the headwear market continues to flourish, fueled by technological advancements and digital marketing strategies.
The market forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Headwear Market Scope |
|
Market Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.57% |
Market growth 2023-2027 |
USD 7.84 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.14 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, Akubra Hats Pty Ltd., Capri Holdings Ltd., Christy and Co. Ltd., Columbia Sportswear Co., FLEXFIT LLC, Giorgio Armani S.p.A., Hats.com LLC, Kering SA, Lock and Co. Hatters, Maus Freres SA, New Era Cap LLC, Nike Inc., PUMA SE, PVH Corp., Ralph Lauren Corp., Sports Direct International plc, SUPERDRY PLC, 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 market trends and analysis 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 Distribution Channel
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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