London, United Kingdom, May 11, 2023 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) 's report highlights Menswear Market Information By Type, Season, Distribution Channel, And Region - Forecast till 2032, the market will achieve USD 988.24 billion by 2032 at a 6.20% CAGR.
Menswear Market Overview
In 2022, the global menswear market was estimated to be worth USD 575.1 billion. The menswear market is expected to increase from USD 610.75 billion in 2023 to USD 988.24 billion by 2032, at a compound annual growth rate (CAGR) of 6.20% between 2023 and 2032. Growing fashion concerns among males, as well as the proliferation of e-commerce, have contributed to the market's growth.
Market Synopsis
Market The adoption of a luxury lifestyle by consumers has affected millennials' purchasing power to choose luxury clothes. People often invest in trendy clothing, party dress, and even sleepwear. Rapid development and increased urbanisation result in a modern consumer class with more disposable income, which develops a growing interest in contemporary fashion.
Menswear is seeing an upsurge in demand for occasion-specific clothing. The digitalization of online shopping applications, men's improved spending power, and their expanding awareness of apparel are expected to fuel long-term market CAGR.
expanded Internet and e-commerce exposure has expanded fashion awareness as well as the availability of luxury brands and one-of-a-kind things. Companies have changed their focus to men's apparel in recent years due to increased purchasing power in burgeoning markets such as China and India. The growing influence of the media and advertising methods used by e-commerce platforms, such as celebrity endorsements, promotional discounts, and seasonal sales, is expected to fuel industry growth in the future years.
Furthermore, as the number of Internet users has grown, so has the volume of online transactions and the average amount of money spent online. Users are willing to purchase things quickly due to the ease, convenience, and time-saving benefits of online purchasing. Several luxury businesses are forming alliances with technology companies to improve the shopping experiences of their customers. As a result, such things contribute to the revenue of the menswear market.
Increased internet and e-commerce exposure has increased fashion consciousness and the availability of high-end brands and unique products. Companies have targeted men's apparel in recent years as a result of rising purchasing power in emerging markets such as China and India.
Along with men's wear businesses such as Ralph Lauren, Burberry, and Armani, well-known designers see men's wear as a market with enormous potential. Furthermore, when men's purchasing power increases around the world, the situation improves.
Celebrity appearances in movies, television, news, publications, posters, and talk programmes have a tremendous influence on fashion and wearing patterns. Celebrities affect fashion by wearing what is currently fashionable, but they also create trends. Their looks at airports, red carpet events, and premieres have a significant fashion influence. This has been consistently establishing new fashion trends.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2032: USD 988.24 Billion |
| CAGR | 6.20% CAGR (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Season, Distribution Channel, and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing adoption of fashion among men |
Key Companies in the Menswear market include –
- Adidas AG
- Burberry Group Plc
- Gap Inc
- Giorgio Armani S.p.A
- H&M Hennes & Mauritz AB
- Kering S.A.
- Levi Strauss & Co.
- Nike Inc.
- Prada S.p.A.
- PVH Corp.
- Ralph Lauren Corporation
- Zara S.A. (Industria de Diseño Textil, S.A.)
Browse In-depth Market Research Report (128 Pages) on Menswear Market: https://www.marketresearchfuture.com/reports/menswear-market-11509
Segmentation
The global menswear market is segmented on the basis of type, season, distribution channel, and region.
By type, the menswear market is segmented into trousers, denims, shirts and t-shirts, ethnic wear, and others. Of these, the others segment dominated the market with 35% of market revenue and is expected to remain dominant over the forecast period.
By season, the menswear market is segmented into summer wear, winter wear, and all-season wear. Of these, the all-season wear segment held largest share and is likely to remain dominant over the forecast period.
By distribution channel, the market is segmented into supermarkets and hypermarkets, exclusive stores, multi-brand retail outlets, online stores, and others. Of these, the supermarkets and hypermarkets segment held largest share in the revenue and is likely to be dominant over the forecast period.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
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Regional Analysis
This market will be dominated by the North American menswear market. The market is growing as a result of rising demand for luxury items, strong purchasing power, and celebrity endorsements. Retailers in the region are integrating digital marketing displays and payments to improve the in-store experience in order to gain momentum with offline businesses. The area will be the next key market for menswear over the projection period due to the robust economic expansion and the digital revolution.
From 2023 to 2032, the Asia-Pacific menswear market is predicted to develop at the quickest CAGR. In recent years, China and India have seen substantial expansion in their menswear industry. This is because manly buyers value quality and fashion and prefer to buy high-grade clothing. Today's youth are heavily influenced by actors and fashion models. They want clothing that is both versatile and trendy. In India, there are various festivals for which men must dress differently.
Indian companies are developing relationships with well-known designers to boost the quality and fashion of menswear. Furthermore, the Chinese menswear market is being driven by the country's rapid economic development, the rising spending power of China's urban middle-class customers, brand awareness, and desire for high-quality garments. The future of online shopping for men will continue to grow as customer acceptance of the Internet as an alternative purchasing channel grows. Furthermore, China's menswear market had the biggest market share, while India's menswear market was the fastest expanding in the Asia-Pacific region.
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