Factors such as growth of the population and e-retail industry, increase in disposable income of consumers, rapid globalization, increased brand awareness, and surge in fashion consciousness among end users drive the growth of the global western wear market. Europe held the highest market share in terms of revenue 2020, accounting for more than one-third of the market.
According to the report, the global western wear industry generated $74.49 billion in 2020, and is anticipated to generate $136.88 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Factors such as growth of the population and e-retail industry, increase in disposable income of consumers, rapid globalization, increased brand awareness, and surge in fashion consciousness among end users drive the growth of the global western wear market. However, high cost of branded clothes, dynamic fashion trends, and unavailability of raw materials are expected to restrain growth of the western wear market. Contrarily, casual wear is gaining traction among consumers and this factor is expected to present major opportunities for market expansion in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global western wear market, owing to the implementation of the global lockdown.
- Temporary closure of manufacturing facilities, disruptions in the supply chain, and shortage of labor force hampered the market to some extent.
The report offers detailed segmentation of the global western wear market based on type, distribution channel, end user, and region.
Based on end user, the women segment held the highest market share in 2020, accounting for nearly half of the global western wear market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.4% from 2022 to 2031.The report also analyzes the segments such as men and kids.
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Based on distribution channel, the online platforms segment accounted for the largest share in 2020, contributing to more than one-fourth of the global western wear market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.1% from 2022 to 2031. The research also analyzes the segments including specialty stores, supermarkets, hypermarkets, and brand outlets.
Based on region, Europeheld the highest market share in terms of revenue 2020, accounting for more than one-third of the global western wear market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2022 to 2031.
Leading players of the global bioenergy market analyzed in the research include Benetton Group S.r.l., Diesel S.p.A., The Gap Inc., Aditya Birla Fashion and Retail Ltd., Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, MANGO, and Inditex SA.
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