global Apparel, Footwear, and Accessories market size are projected to grow at a CAGR of XX% from 2022 to 2030.
The apparel industry is represented by those companies that manufacture, produce, and deliver garments ancillary to the task of adorning and covering the human body. All prominent participants in the global apparel manufacturing sector specialize exclusively in one or more of three alternative consumer orientations: that which caters to personal hygiene needs (bathing suit manufacturers, underwear makers), clothing needs (wearable accessories like ties and shoes), or clothes for a purpose (soldiers’ uniforms and protective attire of all types). Footwear is being used to protect the feet from the textures and temperature of the ground, or even gravel roads. There are many different materials that footwear can be made out of such as leather, plastic, rubber, or fabric. In the accessories industry, manufacturers and retailers have to provide consumers with various items like hats, sunglasses, belt buckles, diaper pins, earrings, necklaces, baby bibs, and numerous other types of jewelry.
COVID-19 Impact Analysis
The impact of COVID-19 has affected negatively not only the distribution and sales in different products across several industries but also crushed the supply of raw materials. Many countries have been under lockdown which has effectively stopped them from trading with other countries or regions, to control its spread. The impact on logistics halted supplies from getting from places that use these raw materials where it’s available to areas that need them. This is affecting countries whose capacity to produce products has been cut in half or more resulting in a shortage of products and a potential price rise. This is overall expected to cause a price rise in products in the short run, depending on how quickly things return back to normal once the epidemic subsides.
Apparel, Footwear, and Accessories Market Dynamics
Rising demand from customers for high-quality products at affordable prices, fast fashion, improved logistics and supply chain management, growth in textile and apparel coats, seasonality, inflation rates, low-cost manufacturing centers and increase in e-commerce are creating growth opportunities for the global apparel footwear and accessories market. However, fluctuating raw material prices and fluctuating demand for products due to changes in fashion trends and seasonality may act as a challenge to the market growth.
Ø Rapid growth due to digital marketing
Marketing online for fashion products has become more and more popular over the recent years as consumers gradually became more comfortable shopping for clothes via their computers and other handheld devices. The increase in online apparel sales stems mainly from web-only startups. A boosted exposure to e-commerce and the internet has improved the fashion consciousness of customers. Consumers are better able to access high-end brand clothing, as well as limited edition products. Having influencers marketing these products is also responsible for a jump in sales, but it is still unknown how much impact they are having on this marketplace specifically. With 71% of social media marketers reporting that they have an influencer marketing budget, it seems as though influencer marketing has become a tactic that marketers find valuable, especially when trying to promote fashion products online.
- Fast fashion trends and fluctuating costs
Changes in consumer spending and lifestyles, unfavorable weather conditions, rising labor, and material costs, and fluctuating raw material prices are some of the major restraints to the growth of this market. Moreover, fluctuating demand for products due to changes in fashion trends and seasonality may also act as a challenge to the market growth of apparel, footwear, and accessories.
Apparel Footwear and Accessories Opportunity:
- The tremendous growth in the e-commerce sector
The world continues to change and grow with globalization. New industries are growing, while old ones are evolving. New opportunities are everywhere, and those who are willing to adapt to these changes are the first to reap the rewards. This is why the Apparel, Footwear, and Accessories E-Commerce Sector is thriving. The Internet has changed the way individuals shop, and it’s continuing to do so. The e-commerce sector is growing rapidly, and that growth is only expected to increase.
Based on type, the global Apparel, Footwear, and Accessories market has been divided into Apparel, Footwear, and Accessories. The Apparels segment holds the largest market share in the global Apparel, Footwear, and Accessories market for the year 2021. The Accessories segment is also expected to grow at a high rate due to growing demand for them.
By Distribution Channel
By Distribution Channel, the global Apparel, Footwear, and Accessories market have been segmented as Department stores, Boutiques, Retailers, Speciality stores, Online, and Others. The online segment is expected to witness the highest growth in the forecasted period due to the increasing adoption of the internet.
Based on region, the global Apparel, Footwear, and Accessories market have been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Apparel, Footwear, and Accessories market followed by the Asia Pacific region.
North America Market
The North American apparel industry is very important to the economy. Canada has been steadily moving toward higher-end niche markets, as well as specialty items that involve a lot of research and development regarding performance apparel, such as sportswear and protective clothing. Some companies who have previously moved their production overseas in order to save on costs are now looking for ways to increase the output of both high-end and short-run manufactured apparel. Short runs, in particular, seem to be susceptible to the increasingly fast-paced trends in the fashion world so many Italian firms have invested in North America because they can contract with smaller businesses in Canada (and other countries) who specialize in such items.
Asia Pacific Market
Rising consumer spending, increasing online penetration, and growing adoption of mobile phones in consumer electronics are the factors attributing to the growth of the Apparel, Footwear, and Accessories market in the Asia Pacific region. Contribution from emerging countries such as India and China is expected to propel market growth in the near future.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as H and M, Inditex (Zara), Gap, Nike, Adidas, Burberry, and Prada lead the global Apparel, Footwear, and Accessories business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- H and M
- Inditex (Zara)
- Michael Kors
- Ralph Lauren
Scope of the Report
Global Apparel, Footwear, and Accessories Market, by Type
Global Apparel, Footwear, and Accessories Market, by Industry
- Department stores
- Specialty stores
Global Apparel, Footwear, and Accessories Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: XX Billion|
|CAGR||XX% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||H and M, Inditex (Zara), Gap, Nike, Adidas, Burberry, Kering, LVMH, PVH, Hermes, Michael Kors, Ralph Lauren, Uniqlo, Prada, and others|
|Key Market Opportunities||The tremendous growth in the e-commerce sector|
|Key Market Drivers||Rapid growth due to digital marketing|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Apparel, Footwear, and Accessories market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Apparel, Footwear, and Accessories market historical market size for the year 2020, and forecast from 2021 to 2028
- Apparel, Footwear, and Accessories market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Apparel, Footwear, and Accessories market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Apparel, Footwear, and Accessories Market FAQs
- What is the study period of this market?
- The study period of the global Apparel, Footwear, and Accessories market is 2020 – 2030
- What is the growth rate of the global Apparel, Footwear, and Accessories market?
- The global Apparel, Footwear, and Accessories market is growing at a CAGR of ~ XX% over the next 7 years
- Which region has the highest growth rate in the global Apparel, Footwear, and Accessories market?
- Asia Pacific is expected to register the highest CAGR during 2022 – 2030
- Which region has the largest share in the global Apparel, Footwear, and Accessories market?
- North America holds the largest share in 2021
- Who are the key players in the global Apparel, Footwear, and Accessories market?
- H and M, Inditex (Zara), Gap, Nike, Adidas, Burberry, Kering, LVMH, PVH, Hermes, Michael Kors, Ralph Lauren, Uniqlo, Prada, and others are the major companies operating in the global Apparel, Footwear, and Accessories market.
- Do you offer Post Sale Support?
- Yes we offer 16 hours of analyst support in order to solve the queries
- Do you sell particular sections of a report?
- Yes we provide regional as well as country-level reports. Other than this we also provide the sectional report. Please get in contact with our sales representatives.
- What is the study period of this market?