Apparel Global Market Report 2024

The apparel market size has grown strongly in recent years. It will grow from $655.7 billion in 2023 to $703.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historic period in the apparel industry can be attributed to several key factors. These include strong economic growth in emerging markets, an increase in foreign direct investments, growing demand for man-made fibers, and advancements in technology. These factors collectively contributed to the expansion and development of the apparel sector during the historical period.

The apparel market size is expected to see strong growth in the next few years. It will grow to $918.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period in the apparel industry can be attributed to various factors. These include the increasing penetration of social media, a rise in motorcycle sales, the growth of e-commerce, and a growing demand for sportswear and performance wear. Key trends in the forecast period include the use of blockchain technology for a reliable supply chain and intellectual property protection, the integration of artificial intelligence to predict trends in patterns, colors, and styles, a focus on recycling and upcycling to reduce wastage, leveraging the Internet of Things (IoT) for innovative products, and the integration of virtual reality (VR) and augmented reality (AR) technology for a more interactive shopping experience.

The apparel market is experiencing significant growth due to the increasing demand for online shopping. Manufacturers now have the opportunity to showcase and sell their products on a much broader scale through online platforms, expanding their customer base across different geographical locations. This expansion is particularly evident in countries such as India, where e-commerce portals have notably amplified sales of traditional garments. These platforms have enabled producers, previously limited to specific localities where the weaving community was concentrated, to reach a global audience.

The surge in e-commerce is anticipated to be a driving force behind the continued growth of the apparel market. E-commerce, the electronic trading of goods and services online, has transformed consumer shopping patterns, especially in the realm of clothing and fashion items. This shift in consumer behavior toward online platforms has resulted in a substantial increase in apparel purchases made online. For instance, as per a report from the International Trade Administration in 2021, a significant 82% of UK citizens engaged in at least one online purchase. Notably, the UK leads in online purchase prevalence compared to other countries, with consumer e-commerce accounting for 30% of the country's retail industry - exceeding $120 billion in annual revenue. Consequently, the burgeoning trend of e-commerce continues to be a key driver propelling the growth of the apparel manufacturing market.

Apparel manufacturing companies are strategically investing in computer-controlled embroidery systems, aiming to bolster efficiency and minimize operational expenses. These cutting-edge sewing-embroidery machines are integrated with computer-controlled mechanisms, specifically designed to streamline the embroidery process. Operating on pre-programmed digital patterns, these machines can automatically create intricate designs on fabric. Ranging from single needle systems requiring manual thread changing to multi-needle sewing-embroidery machines with multiple heads for automatic color changes, these systems offer diverse capabilities. They can produce an array of fabric effects, including chain stitch embroidery, sequins, appliqué, and cutwork, all guided by digital input. Furthermore, these machines facilitate functions such as design editing, digitized file creation, and real-time monitoring of the entire embroidery process. Notable companies at the forefront of providing such computerized embroidery solutions include Richpeace, ZojeDayu, Happy, Unix, and Damei.

Key players in the apparel market are actively pursuing advanced technologies, notably the adoption of virtual fitting room technology, to secure a competitive edge. Virtual fitting room technology revolutionizes the shopping experience by allowing customers to virtually try on clothing items or beauty products without physically handling the merchandise. For instance, Walmart Inc., a prominent US-based retail giant, unveiled the Zeekit dynamic virtual fitting room platform through its app and website in March 2022. The 'Choose My Model' feature on Walmart's platform offers customers a selection of 50 diverse models, varying in height from 5'2' to 6'0' and sizes ranging from XS to XXXL. This innovation empowers customers to pick a model closely matching their body shape, height, and skin tone, providing a realistic visualization of how a product will look on them before making a purchase.

Major companies operating in the apparel market report are NIKE, Inc., Adidas AG, PVH Corp., Christian Dior SE, Hanesbrands Inc., VF Corporation, Levi Strauss & Co., Kering S.A., Ralph Lauren Corporation, Samsung C&T Corporation, Aditya Birla Fashion and Retail Limited, Shanshan Group Co., United Arrows, Matsuoka Corp, Heilan Group, Youngor Group, Bosideng Corporation, Fujian Septwolves Industry Co. Ltd., Shimamura, Uniqlo, Nishimatsuya, Me & Mom, Allen Solly, Vipshop, Louis Philippe, Peter England, Van Heusen, Fabindia, Decathlon, Under Armour, H&M, Zara, Primark, Mark & Spencer, Next, MoroZoni, Depo, Lee, Colin's, Diesel, Wrangler, Rifle, Big Star, Mustang, Guess, Westland, Tommy Hilfiger, Gloria Jeans, LPP SA., Calvin Klein, Zumiez, Converse, Brooks Brothers, Hollister, Aeropostale, American Eagle Outfitters, Abercrombie & Fitch, Old Navy, GAP, Michael Kors, Coach, Gildan Activewear, Houpa, Chanel, Tee Spring, Inc., Azadea Group, Urban Outfitters, Al Bandar Trading Co, MANGO, Osman Jamjoom Group, Truworths Group.

Western Europe was the largest region in the apparel market in 2023. Asia-Pacific was the second largest region in the apparel market. The regions covered in the apparel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the apparel market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The apparel market consists of sales of formal wear, casual wear, sportswear, plant-based fiber and synthetic fiber, and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary categories of apparel are women's wear, men's wear, and kids' wear. Women's wear pertains to clothing designed for women, and it includes various types of fibers such as man-made fibers, cotton fibers, animal-based fibers, and vegetable-based fibers. Apparel is made available to consumers through different distribution channels, including retail stores and online platforms.

The apparel market research report is one of a series of new reports that provides apparel market statistics, including apparel industry global market size, regional shares, competitors with a apparel market share, detailed apparel market segments, market trends and opportunities, and any further data you may need to thrive in the apparel industry. This apparel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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