PUBLISHER: Grand View Research | PRODUCT CODE: 1751430
PUBLISHER: Grand View Research | PRODUCT CODE: 1751430
The global apparel market is anticipated to reach USD 2.26 trillion by 2030 and is anticipated to expand at a CAGR of 4.2% during the forecast period, according to a new report by Grand View Research, Inc. The growing availability of apparel through online stores and e-commerce websites, increasing technology adoption in the textile industry, and a significant rise in demand from developing economies such as India are expected to drive the growth of this market.
Innovation in manufacturing technology and materials used in making, design, supply chain, and distribution has positively influenced the global apparel market. In recent years, multiple companies operating in the apparel industry have improved efforts to address various consumer requirements by adding categories to the portfolio. This includes sportswear, athleisure, activewear, baby wear, and application-specific apparel. Enhanced product categories, improved customer communications, and rising consumer inclination toward online shopping are projected to generate newer opportunities.
Growing disposable income levels of customer across various regions, entry of multiple companies and brands in Asia Pacific, and rising demand for sustainably developed apparels are adding to the growth experienced by this market. Recycling and sustainability initiatives have also developed significant influence on the industry. Multiple companies have launched special collections featuring recycled apparels equipped with novel designs and high quality. This is likely to deliver new opportunities for this market in forecast period.