According to a new report published by Allied Market Research, titled, “Rainwear Market by Product Type, Material, End-Use, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”. The global rainwear market size was valued at $1,045.0 million in 2020, and is projected to reach $1,862.6 million by 2030, registering a CAGR of 6.0% from 2021 to 2030.
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Apparels are those garments that feature and perform multiple functions apart from just their aesthetics and basic protection of the wearer. Rainwear has been gaining importance as a fashion statement, particularly among millennial men and women. The color-blocking street style trends are increasing and gaining strong ground in the market. Moreover, water-repellant trench coats and transparent lace raincoats are becoming popular due to innovative designs. Hence, the rainwear market is estimated to witness significant rainwear market growth during the forecast period.
High prices and significant popularity of rainwear’s product lead to the advent of counterfeit brands, which are usually prevalent in developing economies where customers are highly price-sensitive. This factor hampers the sale of existing original rainwear products in these economies.
On the basis of material, polyester fabric material is less expensive and its manufacturing involves less time. Polyester fabric material is most commonly used in various countries. It is considered as a sustainable alternative for people who do not prefer nylon and other material. Owing to large range of applications and advantages of such type of material, this segment is expected to exhibit a considerable growth rate.
On the basis of product type, the jackets segment was the highest contributor to the market. and is expected to sustain its dominance during the forecast period. Rain jackets are very popular among working professionals, youngsters, athletes, camping and hiking groups, bikers, among others.
Region-wise, North America dominated the rainwear market in 2020, and is expected to sustain its dominance during the rainwear market forecast period. The key factors driving the growth of the rainwear market in the region are high purchasing capacity of majority of the population and high demand for luxury and superior quality products.
The players operating in the global rainwear market have adopted various developmental strategies to expand their market share and increase profitability in the market. The key players profiled in this report include Fox Umbrellas Ltd, Prince Rainwear Pvt. Ltd, The North Face, Patagonia, Black Diamond Equipment, Wildcraft, NZ Seasonal Wear Private Limited, Stutterheim, Columbia Sportswear Company, and Ducktail Raincoats.
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The Covid-19 pandemic has a vital impact on the growth of the global Rainwear Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Rainwear Market.
Key findings of the study:
○ By product type, the jackets segment held the highest share, accounting for 36.3% of the global rainwear market.
○ Based on end-user, the men segment held the major share of 47.3% of the market.
○ Region wise, North America held the major share in the market, and is expected to remain dominant throughout the forecast period.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Rainwear Market market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Rainwear Market Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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