The Western Wear Market is expected to reach $136,881.41 million

According to a new report published by Allied Market Research, titled ‘Western Wear Market’, the Western wear market was valued at US$74,497.50 million in 2020, and is estimated to reach US$136,881.41 million by 2031, growing at a CAGR of 5.37% from 2022. to 2031.

Europe dominated the global Western apparel market in 2020, accounting for three-sevenths of total sales.

Western clothing is defined as a category of men’s and women’s clothing consisting of casual or tailored formal garments with Western accents. Some of the western clothing includes shirts, jackets, hats and trousers. The report focuses on the types of products, such as casual and formal wear. The growth in disposable income and the expansion of electronic clothing retailing have led to a surge in demand for Western clothing. The increase in the youth population and fashion consciousness among consumers are fueling this market growth. Dynamic fashion trends cause a decline in sales of existing clothing; So, to cope, clothing brands are turning to sponsoring fashion events and celebrity wardrobes to set specific fashion trends. Manufacturers are partnering with packaging companies to offer innovative packaging for apparel, such as biodegradable barrier tray, which is expected to drive market growth in the near future.

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Online sales have become an important source of income for Western clothing brands. The online sales market is expected to grow at a high growth rate in the near future, due to the rapid increase in the customer base of online and mobile users in emerging markets, the rise in m-commerce sales, improvement in logistics services and the convenience of payment options. . The e-commerce market in Asia Pacific is expected to grow steadily in the future. This presents a great opportunity for the western apparel market during the forecast period, driving the growth of the market.

The formal wear segment is expected to dominate the Western apparel market share during the forecast period. However, casual wear is expected to receive significant attention from consumers from different cultures.

The prominence of luxury brands and social media trends are expected to drive the growth of the Western apparel market over the forecast period. E-retail is one of the key factors driving the growth of the Western apparel market as this channel makes products available to consumers in different regions. Accordingly, the social media platform features emerging new fashion trends, increasing promotion and product awareness.

Key findings of the study

In terms of value, the formal wear segment is expected to grow at a CAGR of 4.8% during the forecast period.
The Asia Pacific region is expected to dominate, with the highest CAGR of 6.6% in terms of value. Europe is expected to maintain its position through 2031, with a CAGR of 4.1% in terms of value.
The online platforms segment is estimated to account for more than a quarter of the total market by 2020.
China and Japan together accounted for about half of the total Western apparel market in Asia and the Pacific in 2020.
In the global western apparel market, India is expected to grow at a CAGR of 8.0% in value terms.
In 2020, Europe accounted for approximately one-third of the total Western apparel market, and this position is expected to be maintained over the forecast period. The development of lifestyle and increase in disposable income of consumers is expected to drive the Asia Pacific market.

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Some of the major players operating in the western apparel industry are Benetton Group Srl, Diesel SpA, The Gap Inc., Aditya Birla Fashion and Retail Ltd. Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, MANGO and Inditex SA.

Other Western clothing brands such as Gianni Versace SpA, Chanel SA LVMH Moët Hennessy Louis Vuitton SE and Hermès International SA are gaining popularity among the youth population, fueling the growth of the Western clothing market.

FREQUENTLY ASKED QUESTIONS?
Q1. What is the total market value of the Western Apparel Market Report?
Question 2. What would be the forecast period in the market report?
Q3. What is the market value of the Western clothing market in 2021?
Q4. What base year is calculated in the Western Wear Market Report?
Question 5. Which top companies hold the market share in the western wear market?

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Similar report:-
Intimate apparel market https://www.alliedmarketresearch.com/intimate-wear-market

Footwear market in Asia Pacific https://www.alliedmarketresearch.com/asia-pacific-footwear-market

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Wilmington, Delaware. Allied Market Research provides global corporations as well as medium and small businesses with unparalleled quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan, CEO of Allied Market Research, is leading the organization towards delivering high-quality data and insights. We maintain professional business relationships with various companies and this helps us in mining market data that helps us generate accurate research data tables and confirm the utmost accuracy of our market forecasts. All data presented in the reports published by us is obtained through primary interviews with top executives of leading companies in the concerned domain. Our secondary data sourcing methodology includes in-depth online and offline research and discussion with expert industry professionals and analysts

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