Albany, NY -- (SBWire) -- 11/05/2018 --Transparency Market Research (TMR) observed that the global market for luxury apparels has a highly competitive and fragmented landscape. Presence of numerous companies offering luxury apparels such as Kering, Versace, Prada, Dolce, and Gabbana, and Burberry Group Inc. are accounting for the leading share in the global luxury apparels market. Due to the increasing branding activities and higher investment in the process, the prominent players are facing the intense competition and expected to further intensify over the forecast period. Additionally, the other players such as Ralph Lauren Corporation and Hugo Boss AG are increasingly investing in the designing of the high fashion clothing is another factor expected to gain momentum for the growth of the global market for luxury apparels.

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According to TMR's report, the global market for luxury apparels was valued at US$1,8842.69 mn and expected to expand with lucrative CAGR of 13.2% over the forecast period from 2016 and 2024 to attain a value of US$60,793.7 mn by the end of 2024. Based on the type of material, the market for luxury apparels is dominated by the cotton segment. This segment accounted for 35.87% of the overall shares in the global market in 2015. Based on the region, Asia Pacific is expected to dominate the global market for luxury apparels and expected to remain dominant over the forecast period owing to the factor such as growing disposable income. Thanks to these factors, the market in the region is expected to expand with a CAGR of 14.75% over the forecast period.

Luxury apparels are the status symbols; thus, demand for the luxury apparels is rising and likely to fuel the growth of the global luxury apparels market. The factors such as rising disposable income and increasing purchasing power of the consumers are driving adoption of the global luxury apparels market and likely to bolstering growth of the global market for luxury apparels. Additionally, the trend of luxury apparels among the millennial generation is driving growth of the market and expected to remain over the forecast period.

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In addition, improving digital marketing and emergence of online marketing mainly in the developing economies such as India and China are making them available in the developed and underdeveloped regions of these economies.

Furthermore, the factors such as changing environmental condition and hotter temperature are increasing inclination toward cotton-based clothing as these are soft and breathable. Availability of the luxury apparels in the cotton material is boosting growth of the global luxury apparels market.