Apparel Market (Clothing) Global 2022 Forecast Report By The Business Research Company
The market for apparel manufacturing market reached a value of nearly $685 billion in 2017. Asia Pacific is the largest market for apparel manufacturing companies, accounting for around 44% of the global market. The USA is the largest country in terms of value in the apparel manufacturing market.
Apparel manufacturing establishments are engaged in the manufacturing of hosiery, socks, knitting of fabric, cutting and sewing of apparel manufacturing and accessories and their sale.
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Apparel Manufacturing Market Size
The apparel manufacturing market is expected to grow at a growth rate a growth rate of around 11% to nearly $1.2 trillion by 2022.Growth in the historic period resulted from rising disposable incomes, technological development and economic growth. Going forward, government initiatives and rising e-commerce will drive growth. Factors that negatively affected growth in the historic period are high prices of raw materials and rising inventory levels. Factors that could hinder the growth of this market in future are reduction in free trade and rising penetration of counterfeit goods.
The global market for apparel manufacturing is relatively fragmented. Major players in the market are Christian Dior, Hennes & Mauritz AB (H&M), Nike Inc., Adidas and VF Corp.
Christian Dior was the largest company in the apparel manufacturing market in 2017 with 5.0% share of the market. It is a holding company engaged in the production, distribution, and retail of fashion accessories and beauty products. The company operates retail stores under the names Le Bon Marché, DFS Galleria, Sephora, Ile de Beauté and Ole Henriksen. It offers various other services such as publications under the brand Les Echos- Investir, yachts under the brand Royal Van Lent-Feadship, Cova pastry shops, and real estate activities under the brand La Samaritaine.
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Some of the major drivers of the market are:
Growth of E-commerce – Increase in demand for online shopping is expected to help the apparel manufacturing market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the apparel manufacturing market.
Government Regulations – Governments in developing countries are relaxing certain laws which will help drive the growth of the apparel manufacturing market.
However, the market is expected to face restraints from several factors such as –
Reduction In Free Trade – Many developed and developing economies are imposing restrictions on free trade to boost their local economy.
Counterfeit Products – The consumer preferences are changing rapidly, which has a negative impact on the apparel manufacturers.
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