Press Release

Apparel Market to Touch USD 1.78 Trillion Mark by 2030 With an Estimated CAGR of 4.3% During 2024-30

The Global Apparel Market size was valued at around USD 1.34 trillion in 2023 & is anticipated to reach around USD 1.78 trillion by 2030. Along with this, the market is projected to grow at a CAGR of around 4.3% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report.

Apparel is utilized on a global scale to convey an individual's style, cultural heritage, and social status, serving as a medium for self-expression. The market development in correlation with fashion trends stimulates growth within the industry. Furthermore, developing urbanization coupled with escalating income levels has amplified demand for contemporary textiles and clothing lines that are driving revenue growth in the industry. Particularly, working-class women have contributed to substantial progress in the female apparel sector globally.

Furthermore, the global demand for athletics and athleisure is driving significant growth in the clothing industry. Customers who value comfort over tradition are drawn to this style, which combines athletic wear with casual everyday wear. Increased interest in health and fitness, social media influencers encouraging active lives, and laxer clothing requirements at work have all contributed to the rise in popularity of this way of living.  Athleisure's versatility enables the effortless transformation from exercise attire to work or social settings without changing clothes, appealing across demographics.

Moreover, the introduction of virtual fitting room technology has caused a drastic shift in the clothing industry. Leading companies in the sector, such as ASOS, Macy's, and Adidas, are working hard to create cutting-edge methods like 3-D modeling that will give them a competitive edge. These days, virtual fitting rooms are changing the game by enabling consumers to try on apparel and accessories without having to physically access the products, which completely transforms the shopping experience.

As they promote circular fashion models, take end-of-life concerns into account when designing products, employ recyclable materials, and put recycling systems in place, more and more businesses are moving toward sustainable practices. This reflects the rising demand from consumers for apparel made of organic, ecological, and eco-friendly materials, further states the research report, “Global Apparel Market Analysis, 2024.”

Apparel Market Segmentation Analysis

Man-made Fibers Segment Holds the Largest Market Share

Based on the fiber type, the market is further bifurcated into natural fiber and man-made fiber. Man-made fibers, including polyester, nylon, and acrylics, contribute to the market share significantly. They have gained popularity due to numerous favorable attributes such as robustness, easy maintenance, and resistance from creasing or shrinking. This makes them highly desirable for clothing purposes. Furthermore, their versatility enables a wide range of utilization, starting with high-performance sportswear through to casual outfits and formal attire, thereby broadening their scope in the competitive market landscape. The cost factor also plays a vital role, as the production of synthetic fibers benefits from economies of scale that render them more economical than natural fibers. As such, manufacturers and consumers often find man-made materials to be an attractive option.

Asia-Pacific Leads the Global Apparel Industry

Asia-Pacific is emerging as the global leader in the apparel market with a strong foothold in both demand and consumption. The region's key players, China and India, have witnessed growing middle-class populations that have propelled fashion and lifestyle product demands significantly. Countries like China, India, and South Korea have received substantial foreign investments in their textile and apparel industries due to favorable government policies that maximize the abundant labor force and low-cost workforce. These nations are considered manufacturing powerhouses amid high demand for these products. Their competitive pricing has enticed global brands and retailers to choose this region as their primary source of sourcing apparel.

In addition, technological progressions such as extensive e-commerce and social media have paved the way for fresh avenues for fashion sales while providing manufacturers with greater outreach to potential customers. These elements, combined with continuous investment towards innovation and sustainability, guarantee that Asia-Pacific will maintain its stronghold in the apparel industry during the forecast period as well.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including PVH Corp., Inditex, Kering SA, LVMH Louis Vuitton Moët Hennessy, Aditya Birla Group, H&M Hennes & Mauritz Retail Pvt. Ltd., Nike Inc., ASICS, Puma, Shein, Reliance Retail, Capri Holdings Limited, Apparel Industries, Toray Industries, Inc., Steve Madden, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the globe?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?