Men’s Wear Market Segmented by Product, Distribution Channel, Key Players and Industry Forecast till 2025.
According to a report, “Men’s Wear Market Size, Share & Trends Analysis Report By Product (Clothing, Accessories, Footwear), By Distribution Channel (Offline, Online) By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global men’s wear market size is expected to reach 741.2 billion by 2025, registering a CAGR of 6.3%, as per a new report by Grand View Research Inc. The market is driven by the rising popularity of personal grooming among male adults. This is ascribed to the increased number of campaigns for maintaining formal as well as casual styles on social media websites such as Instagram and Pinterest. E-commerce portals such as Amazon and eBay have gained enormous traction over the past few years and are largely contributing to the market’s expansion.
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The clothing and apparel industry has witnessed an increasing number of fashion shows prominently in Paris, London, New York, Los Angeles, Milan, Rome, Barcelona, and Berlin. This has garnished men’s fashion with apt publicity and attention. Furthermore, some of the popular magazines such as Men’s Vogue, Fantastic Man, ZQ, and Nylon Guys are playing a vital role in driving brand awareness among buyers.
Clothing or apparel emerged as the largest men’s wear market segment in 2018 and is likely to remain a leading segment during the forecast period. Product innovation by key players is aimed at targeting the purchasers with convenient product retail price and is expected to remain a favorable factor for market growth. For instance, in January 2018 Raymond Group launched a new product line of Khadi apparels under the brand names, Next Look and Ethnix. These brands offer shirts, long kurtas, trousers, short kurtas, etc. at affordable rates.
Men’s Wear Market Highlights
- The men’s clothing and apparel industry is has observed a checkered growth in 2020, on account of the unprecedented disruption of the supply chain caused by the COVID-19 pandemic Decline in trade activities from significant export markets, including India and China has hampered the industry growth
- Despite the recent slump, the industry is anticipated to recover over the analysis timeframe, given the growing popularity of e-commerce or online sales platforms. Also, luxury apparel is a lucrative space for potential manufacturers to target
- The market giants have entered into strategic alliances and collaborations to enhance product innovation capabilities and stay ahead of the market competition. 2020 marked a year of groundbreaking collaborations when fashion houses like Dior, Gucci, and Prada teamed up with more affordable brands like Adidas and the North Face to present innovative products at the Dior Men’s Pre-Fall 2020 show
- Online channel is set to expand at the highest CAGR of 11.4% from 2019 to 2025. Fashion brands are virtually connecting with their consumers and are offering AI-based searching platforms to provide better style and fit.
- The coronavirus outbreak has fundamentally altered the face of online shopping platforms as brands are striving to recreate the experience of brick and mortar stores, virtually. For instance, men’s fashion brand Suitsupply has launched their AI fashion search engine called the ‘Shop Your Fit’, amid the pandemic
- North America generated the highest revenue of USD 148.5 billion in 2018, on account of the presence of luxury brands such as Ralph Lauren, Tommy Hilfiger, Calvin Klein, and Hollister in the region
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Grand View Research has segmented the global men’s wear market on the basis of product, distribution channel, and region.