According to the latest research report titled, “Apparel Market (2024 – 2029)” by Mordor Intelligence, the Saudi Arabia real estate market is estimated at USD 1.36 trillion in 2024 and growing at a CAGR of 4.63% during the forecast period.
The apparel market is poised for growth, fueled by the surge in online shopping, enabling manufacturers to reach a broader customer base. Increased disposable income and a preference for branded items are expected to drive demand for luxury wear. The women’s apparel segment is experiencing rapid expansion, attributed to the rising number of working-class women. Despite being mature, the market is dynamic due to shifting fashion trends and evolving retail landscapes, leading to intense competition. Apparel companies often form alliances to enhance competitiveness, while targeted advertising and catering to specialized needs drive revenue growth.
Report Summary
- Market Size (2024): USD 1.36 trillion
- Market Size (2029): USD 1.78 trillion
- CAGR (2024 – 2029): 4.63%
- Study Period: (2019-2029)
- Forecast Units: Value (USD trillion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Market Drivers: Digital Marketing and Innovative Designs Driving the Market and Growing Demand for Apparel Personalization and Customization
Which are the Top Companies in the Apparel Market?
The global apparel market is fragmented, with numerous primary and smaller players. Developing regions have unorganized markets offering diverse products. Global brands’ extensive distribution networks impact international markets but face tough competition from local manufacturers due to regional fashion preferences and pricing variations. In May 2023: German sportswear giant Adidas, in partnership with designer Rich Mnisi, unveiled a special apparel collection for Pride 2023.
Prominent players in the Apparel Market:
- PVH Corp.
- Inditex
- Kering SA
- LVMH
- Aditya Birla Group
- Hennes & Mauritz AB
- Nike Inc.
- Adidas AG
- Puma
- Shein
- H&M Hennes & Mauritz Retail Pvt. Ltd.
- Reliance Retail
Other Reports that Might be of Your Interest
- Swimwear Market Report: The Swimwear Market size is estimated at USD 13.25 billion in 2024, and is expected to reach USD 15.35 billion by 2029, growing at a CAGR of 2.98% during the forecast period (2024-2029)
- Luxury Apparel Market Report: The Luxury Apparel Market size is estimated at USD 110.13 billion in 2024, and is expected to reach USD 151.32 billion by 2029, growing at a CAGR of 6.56% during the forecast period (2024-2029)
Key Highlights from the Apparel Market Report
1. E-Commerce Driving the Apparel Business
- Innovative designs, fast fashion trends, and creative marketing strategies are key factors for the apparel industry’s growth.
- The increased exposure to the internet and e-commerce among consumers has improved fashion consciousness and availability of high-end brands and limited-edition products.
- Using influencers has impacted how fashion companies market their products and look to increase sales.
- For instance, in November 2022, Steve Madden announced its first-ever African collaboration with South African media personality Bonang Matheba.
- The apparel, footwear, and accessory brand stated that this collaboration is part of their 10-year celebration in Africa.
- Additionally, local startups with sustainable approaches are gaining customers’ interest worldwide.
- These startups offer different styles, such as formal, casual, and traditional wear, with unique designs and concepts that attract customers.
- In addition, online apparel sales have seen a boom over recent years as consumers have gradually become more comfortable making wardrobe purchases from their computers and handheld devices.
- For instance, according to the International Trade Administration US Department of Commerce, 55% of Canadians performed online retail purchases via their mobile devices as of January 2022, and this tendency is increasing.
- Customers in the millennial generation (those between the ages of 18 and 34) are leading the trend, with 47% of them making at least one weekly purchase online.
These factors help in boosting e-commerce sales in the apparel market. The growth in online apparel sales is mainly attributed to web-only startups.
2. Asia-Pacific: Leading the Charge as the Fastest Growing Market for Apparel
The Asia-Pacific region is poised to dominate the global apparel market, propelled by government initiatives in the textile industry. Notably, China’s governing body, CNTAC, outlined development objectives, growth strategies, and priority tasks for the textile and apparel sector in its 14th five-year plan (2021-2025). China remains a significant global exporter of garments.
India’s expanding population, rising disposable income, and evolving fashion trends are set to drive growth in its apparel market. As a significant exporter of textiles, India plays a key role in promoting market expansion. Government initiatives like the Amended Technology Upgradation Fund Scheme and the Advance Authorization Scheme aim to bolster textile and apparel production. Additionally, the Government of India has approved the RoSCTL scheme until March 2024 to enhance the export competitiveness of the Indian apparel market by rebating state and central taxes and levies on garment and made-up exports.
What are the Latest Developments in the Apparel Market?
- In September 2023: H&M India revealed its expansion plans in Hyderabad by inaugurating its third store in the city. The company currently boasts 55 stores spread across 28 cities in the country.
- In August 2023: Reliance Retail introduced its youth-oriented fashion brand ‘Yousta’ with the opening of its inaugural store in Hyderabad’s Sarath City Mall. The ‘Yousta’ range is also available on e-commerce platforms such as Ajio and JioMart.
Mordor Intelligence Report on the Apparel Market segments the market based on product type, application, and geography:
- By End-User (Market Size & Forecast based on Value (USD trillion), 2024-2029)
- Men
- Women
- Children
- Commercial Real Estate
- By Type (Market Size & Forecast based on Value (USD trillion), 2024-2029)
- Formal Wear
- Casual Wear
- Sportswear
- Nightwear
- Other Types
- By Geography (Market Size & Forecast based on Value (USD trillion), 2024-2029)
- North America
- United States
- Canada
- Mexico
- Rest of America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the apparel industry. Get a glance at the Apparel Market Report (2024 – 2029)
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Other Related Reports that Might be of Interest
- Children’s Wear Market Report: The Children’s Wear Market size is estimated at USD 272.17 million in 2024, and is expected to reach USD 353.20 million by 2029, growing at a CAGR of 5.35% during the forecast period (2024-2029)
- Running Apparel Market Report: The Running Apparel Market size is expected to grow from USD 13.07 billion in 2023 to USD 16.30 billion by 2028, at a CAGR of 4.51% during the forecast period (2023-2028)
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