Menswear Market Picks Up Pace with Ever-Evolving Online Sales Channels; Developing Nations Remain Instrumental for Retailers
New York, NY -- (SBWire) -- 12/07/2018 --The global men's wear market is expected to grow moderately, and is influenced by many factors within the market. Factors such as rise in trendy clothing, metrosexual mentality of the people, availability of sufficient disposable income, brand awareness by celebrity endorsements, developments in the clothing products and innovation in these products to suit various purposes, increase in the use of footwear, ethnic wear, and shits and t-shirts, etc., are primarily driving the global men's wear market. The APEJ region followed by North America region shows higher market attractiveness index and is more lucrative for the growth of the men's wear market.
The global men's wear market is poised to reach US$ 540,454.6 Mn by the end of 2022 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2022.
5 Forecast Highlights on Global Men's Wear Market
- The APEJ (Asia-Pacific excluding Japan) region is more lucrative a region for men's wear and hence favors the men's wear market by showing a healthy CAGR of 4.6% during the period of forecast. APEJ followed by North America, shows high market attractiveness, owing to prevalence of higher and increasing population along with greater disposable incomes. New trends and developments in the clothing sector has raised the bar of people adopting trendy and premium clothes and presence most of the super finicky individuals is driving the premium and the super-premium segment. The men's wear market is poised to reflect higher growth rate in China and India
- The super–premium segment runs at a higher pace to reflect a robust CAGR of 5.2% followed by the premium segment. However, these segments have a less market share by revenue, as compared to the economy segment in the price-based category. The economy segment is also poised to show steady growth rate during the forecast period
- The 26-36 segment by demographics is anticipated to reflect a modest CAGR of 5.2% during the period of forecast, 2017-2022, and shows an equally good market share during 2017-2018. The 18-25 segment shows the highest market share by revenue, and a steady growth rate with a gain in the BPS by the end of 2022. According to Fact.MR, 66+ and 18-25 segments can be said to have similar growth rates during the forecast period
- The online sales channel shows steady growth pattern during the period of forecast but a less market share by revenue. The modern trade segment dominates other segments in terms of revenue market share and growth rate and is expected to grow even higher to reflect a CAGR of 4.9% during 2017 to 2022 forecast period. Specialty store segment reflects significant growth rate followed by the online segment. The franchise store segment is expected to grow slow during the forecast period
- Accessories segment is poised to show a moderate growth rate yet possess a higher market share by revenue, a revenue of more than US$ 63,200 Mn has been slated during 2017. Ethnic wear segment by category reflect the highest growth rate followed by t-shirts/tops/shirts segment and both these are expected to experience a gain in the BPs by the end of 2022. The accessories and the sportswear segments show more or less equal growth rate during the period of forecast.
The report has also profiled leading players in the global market for men's wear, which would remain active through 2022. These include companies like Burberry Group Plc., Adidas AG, Hugo Boss AG, PVH Corp., NIKE Inc., LVMH Moet Hennessy Louis Vuitton S.E, Kering S.A, Industria de Diseno Textil S.A, H & M Hennes & Mauritz AB and The Gap Inc.
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