Global Apparel Market to Reach $652.94 Billion in 2023, Fueled by Online Shopping Trends

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, GREATER LONDON, UK, December 7, 2023 /EINPresswire.com/ -- The global apparel market is poised for substantial growth, with the market size projected to increase from $610.12 billion in 2022 to $652.94 billion in 2023, marking an impressive Compound Annual Growth Rate (CAGR) of 7.0%. the market is anticipated to rebound and achieve a market size of $830.69 billion by 2027, maintaining a CAGR of 6.2%.

Driver: Increasing Demand for Online Shopping
The burgeoning demand for online shopping is identified as a significant driver for the growth of the apparel manufacturing market. Manufacturers can now access a larger customer base through online platforms, expanding their reach geographically. This trend is notably impactful in countries like India, where e-commerce portals have played a crucial role in boosting the sales of traditional garments, providing exposure to producers previously limited to specific regions.

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Major Players in the Apparel Market
Prominent companies shaping the apparel market landscape include Nike Inc., VF Corp, Adidas AG, Hanesbrands Inc., Levi Strauss & Co., Kering SA, Under Armour Inc., Mitsui, Berkshire Hathaway Inc., and Itochu Corp. These key players contribute to industry innovation and offer diverse and appealing apparel options.

Segments of the Global Apparel Market
1. Type:
• Womens Wear
• Mens Wear
• Kids Wear
2. Distribution Channel:
• Retail Stores
• Online Stores
3. Type of Fiber:
• Man-Made Fibers
• Cotton Fibers
• Animal-Based Fibers
• Vegetable-Based Fibers

Regional Insights: Western Europe Leads, Asia-Pacific Follows
Western Europe emerged as the largest region in the apparel market in 2022, with Asia-Pacific securing the second-largest position. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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https://www.thebusinessresearchcompany.com/report/apparel-global-market-report

Apparel Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Apparel Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on apparel market size, apparel market drivers and apparel market trends, apparel market major players, apparel market competitors' revenues, market positioning, and market growth across geographies. The apparel market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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