Evolve Business Intelligence has published a research report on the Global Apparel, Footwear, and Accessories Market, 2021–2030. The global Apparel, Footwear, and Accessories market are projected to exhibit a CAGR of around XX% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as 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.
The global Apparel, Footwear, and Accessories market are projected to be valued at USD xx by 2030, recording a CAGR of xx% during the forecast period.
The apparel manufacturing industry consists of companies that make clothing, accessories and footwear for both men, women, and kids. All the major stakeholders in the clothing manufacturing market create a variety of products to cater to the needs of their consumers. Footwear is made of different materials and provides protection for the foot by covering it to shield the user from ground surfaces. Some of these materials include leather, rubber, plastic and fabric. The accessories industry is the one that deals with different items like hats, socks, scarves, belts, necklaces, bracelets, pins and other objects of everyday use.
There are three major market drivers that have helped propel the growing apparel, footwear, and accessories industry. The rise of the middle class has led more people to purchase new items of clothing and accessories. The improvement of the economy has led to people having more disposable income to spend and companies have taken advantage of this by introducing new forward-thinking designs and increasing brand loyalty. Internet shopping has dethroned brick and mortar stores and allowed anyone to shop with ease. This has led to companies advertising their products heavily to get them in front of customers.
COVID-19 has caused a supply problem for raw materials and for any products made from them. Some countries’ borders are shut down, and many products aren’t delivered because of transport problems. This makes it harder to get raw materials to production areas. Reduced production can cause shortages which may mean higher prices in the short run, depending on how quickly things return to normal after COVID-19 seems to be over.
The global Apparel, Footwear, and Accessories market has been segmented based on type, Distribution Channel, and region.
By type, the global Apparel, Footwear, and Accessories market has been segmented 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 and Footwear segment is also expected to grow at a high rate due to the increasing trend for them.
By applications, the global Apparel, Footwear, and Accessories market has been segmented as Department stores, Boutiques, Retailers, Specialty stores, Online, and Others. The online segment is expected to gain the highest momentum during the forecasted period as most startup brands do not have their presence in an offline store, however, department stores dominate the segment currently.
Geographically, the global Apparel, Footwear, and Accessories market have been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The North American region is anticipated to be dominating the Apparel, Footwear, and Accessories Market due to the presence of large players in the region, and the Asia Pacific Market for Apparel, Footwear, and Accessories is expected to be the fastest-growing market over the forecasted years.