According to a new report published by Allied Market Research, titled, “Workwear Market,” The Workwear Market Size was valued at $16.2 billion in 2021, and is estimated to reach $29.1 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
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According to the CXOs of the top companies, the workwear market is expected to grow due to rise in importance of work wear as a reflection of professionalism at workplace, particularly in the manufacturing and corporate sectors. Furthermore, the increase in occurrence of workplace accidents on the global level is expected to promote the adoption of appropriate work apparel and the footwear. In addition, the factors that drive the growth of workwear market are growth in the service sector due to emergence of new employment opportunities. Increase in penetration of the service industry has created huge opportunity for the work wear market. Moreover, rise in awareness among the corporates regarding the benefits of work wear such as production of employees and easiness in identification are expected to boost the market growth.
The CXOs further added that innovation in fiber to provide the employee comfort by absorbing excess sweat is expected to be the major market driver during the forecast period. In addition, companies are developing smart wearable materials capable to sense lightning, and heating. Thus, smart wearable is projected to help provide safety to industrial employee and further increase market demand… Surge in demand for comfortable lightweight and fashionable apparel for working professionals worldwide have propelled the growth of the market. Furthermore, the rise in demand for durable and comfortable apparel coupled with the availability of customized products is going to make positive impact on the market in the upcoming future.
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As a result of the above-mentioned factors, a substantial increase in sales of workwear products including PPE kits, masks, and work apparels for both men and women increased and surge in hospital demand for such products particularly in previous two quarters, which has also increased demand for workwear in the market. Thus, despite growing influence of the pandemic on nearly every economic area, Workwear Market Size has witnessed remarkable growth in recent period. As a result of rise in demand for workwear and the rapid growth of e-commerce industry throughout the world has increased the availability of variety of workwear product are the key drivers to the growth of the market in the upcoming future.
The workwear market is expected to witness significant growth, owing to rise in importance of workwear as it depicts professionalism and easiness in identification of employees at workplace mainly in corporate sectors and in the manufacturing units. Moreover, the increasing inclination of corporates and the manufacturing units toward the security of the working employees due to the increase in accidents at workplace on global level is the key driver to the market growth. Furthermore, the rapid growth of e-commerce industry throughout the world increases the availability of variety of workwear products, which is going to make positive impact on Workwear Market Trends.
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Leading players are majorly investing in production of stain free and sweat resistant fabrics owing to surge in demand for such fabrics among the consumers. Moreover, it is one of the major drivers increasing R&D efforts in the workwear industry. At present many leading market players have focused on R&D to develop new technologically enhanced workwear. It was also founded that globally the spending on R&D in the workwear is about 7 to 8% of the total revenue of individual market players. And according to the research on Workwear Market Analysis, it was also discovered that the major players are spending about 12% of their annual sales on the R&D activities. On other hand, 6% of annual sales are invested on R&D activities by the small and the medium players who try to expand their footprint by enhancing online retailing to fulfill the increasing Workwear Market Demand across the globe.
Some of the key players in the workwear industry include 3M, A. Lafont, SAS, Adidas AG, Adolf Würth GmbH & Co, Aramark, Asics Corporation Carhartt, Inc., Chemical Guys, Fila Holding Corp, New Balance Inc., Nike, Inc., Puma SE, The Gap, Inc., Under Armour, Inc., and VF Corporation.
Key findings of the study
- By type, the apparel, segment dominated the global market in 2021, and is expected to retain its dominance throughout the market Workwear Market Forecast period.
- On the basis of end user, the men segment accounted for a major share in the workwear market in 2021, and is expected to grow at a significant CAGR during the workwear forecast period.
- Depending on distribution channel, the specialty stores segment accounted for a major share of the market in 2021, and is expected to grow at a significant CAGR during the forecast period.
- Asia-Pacific accounted for highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period.
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