Analysis of Apparel Accessories market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global appeal accessories market is anticipated to surpass US$ 12.6 Bn in 2021 and expand at a CAGR close to 6% over the next ten years. According to Fact.MR, East Asia dominates the global apparel accessories market and is foreseen to maintain its dominance in terms of market share over the forecast period. This regional market is estimated to expand at a CAGR of around 6% through 2032.
Apparel Accessories Market Size (2022)
US$ 13.36 Billion
Projected Market Value (2032F)
US$ 24 Billion
Global Market Growth Rate (2022-2032)
Asia Pacific Market Share (2022)
North America Market Share (2022)
Market Share of Economical Apparel (2022)
Key Companies Profiled
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Historically, from 2017 to 2021, the market for apparel accessories exhibited a moderate growth rate of 4.4% CAGR. Economies of the Asia Pacific such as India, China, Thailand, Malaysia, and South Korea are steering market growth.
This is due to the easy availability of raw materials, low labor cost, trade policies, and growth rate of the economy.
On a global scale, it is been observed that the increasing disposable income of the middle-class population is changing spending behavior. This is influencing consumers to lean towards high-cost apparel accessories.
After scrutinizing the statistics and shift in dynamics, the global apparel accessories market is expected to flourish at close to 6% CAGR over the decade.
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Collaborations Between E-commerce Channels Will Expand their Customer Base
Regional governments of developing economies have taken numerous initiatives to promote industrialization.
Several exemptions and subsidies were offered, which induced an inclination in manufacturers to expand geographically, and this will drive the growth of the market.
Also, several regional governments are promoting the export of goods and trade across the globe, which is likely to attract manufacturers to these regions, such as East Asia and South Asia.
Online sales channels have exhibited enormous volume growth in the past year during the outbreak of COVID-19.
Franchised outlets and specialty stores were muted, and a healthy sales volume was witnessed by online sales channels.
Manufacturers have deployed their resources to strengthen their online sales channels as well as joined hands with numerous e-Commerce platforms to cater to a wide range of consumers worldwide.
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Rapid Price Fluctuations May Hamper the Market Expansion
Price fluctuations have been observed in raw materials. Surging prices of raw materials have significantly impacted the overall cost of end products, and this hinders the equilibrium of the market.
Heightening raw material prices have affected the operational revenues of companies, which proportionally pulls down the margin of manufacturers.
Stringent government regulations regarding environmental pollution may probably turn out to be a roadblock for the market.
Several raw materials, including fabrics, synthetics, leather, and rubber are the most polluting substances for the environment, causing air and water pollution.
Regulatory bodies have taken severe steps to cut down pollution, which has led to certain restrictions for manufacturers.
The market is top consolidated and bottom fragmented in nature, Tier-1 manufacturers hold more than one-third market share.
Whereas, regional manufacturers operate strategically and offer products at lower price points.
Floating counterfeit products in the market is one of the most potential threats for tier-1 manufacturers. This substantially hampers annual revenue as well as tends to destruct the brand image.
Upcoming Startups Will Enhance the Buying Standards of Consumers
Benefitting from the immense growth prospects in the apparel industry, new start-ups are stepping forward with unique designs and product ranges to catch the attention of consumers. These new entrants are adopting innovative business models that evolve with time and are based on the latest trends.
For instance, founded in 2013, Oura is a provider of the wearable ring for tracking sleep quality and activity. The ring analyzes the quality of rest and recovery by measuring heart rate, respiration rate, body temperature, and movement. The device identifies deep sleep, REM sleep, light sleep, and periods of wakefulness.
Several companies are developing new software and hardware including smartwatches, and fitness trackers, gaining immense popularity among millennials and the adult population. For instance, Misfit Wearables is a brand of consumer wearables hardware and software. Its product includes smartwatches, fitness trackers, and accessories.
The company also provides an online customization platform for selecting products, which allows customers to personalize products based on color and straps. It also provides a series of mobile apps in the areas of smart home automation and personal fitness tracking.
Existence of Numerous Sales Channels Enfolds the Highest Growth in the Region
With an incremental dollar opportunity of around 2.8 Bn, Asia Pacific is presumed to be the most lucrative market for apparel accessories.
Countries such as China, India, Indonesia, Malaysia, Thailand, and South Korea are the most prominent countries in the region.
Certain key factors such as low labor cost, increasing disposable income, steady economic growth, ease in the availability of raw materials, and numerous government initiatives are poised to fuel market growth in the region over the forecast period.
Besides, India holds the world’s largest youth population. The growing affordability level of millennials is expected to fuel demand for apparel accessories over the assessment period.
Increase Impact of Westernization on Foster Demand for Apparel Accessories
In China, the manufacturing of apparel accessories is expected to rise on the back of industrialization and emerging infrastructure and is expected to expand at nearly 6% CAGR through 2032.
The Asia Pacific is presumed to witness immense growth in the sales of apparel accessories along with a larger chunk of the market share.
China is presumed to be the epicenter for the production of apparel accessories, owing to the multitude of avenues, including production facilities, technological advancements, easy availability of raw materials, and numerous favorable government initiatives.
Increasing Popularity of Online Shopping Propels the Market Growth
The market in the U.S. is expected to witness a growth rate of over 3% CAGR during the assessment period. North America’s market is slightly lucrative, followed by Europe, and is expected to contribute significantly to the growth curve of the global market over the decade.
The U.S is presumed to steer demand for apparel accessories owing to development policies about industrialization and the mature infrastructure present in the country.
Emerging Trend of Wearing Fashionable Clothes in Lower Income Populace has Fuelled the Demand for Economic Apparels
Economical apparel accessories are expected to corner a significant market share of nearly 40% through 2032.
A bigger portion of demand has been seen from developing economies such as China and India. Owing to price concerns and comparatively less disposable income than developed economies, the population here is price-sensitive and prefers economical products.
The rising Popularity of Online Platforms has Boosted the Demand for Apparel Accessories
Technology is considered to be a vital factor in the growth of the consumer goods industry. The proportion of sales through modern trade channels may reach a tipping point over the forthcoming period.
Creators are striving to shift their large consumer bases towards online platforms, thereby enabling them to customize products and conduct transactions on branded websites.
An increase in sales of fashion apparel through online distribution channels, especially on company-owned websites of manufacturers and on various e-commerce websites such as Amazon, Walmart, and various other local e-commerce portals across the globe is anticipated to create immense opportunities for leading manufacturers of absorbent cotton Apparel Accessories.
The majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks.
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By 2032, the Apparel Accessories landscape is slated to reach a valuation of US$ 24 Billion.
The economic apparel segment is expected to grow the fastest, at a CAGR of ~6%.
As per Fact.MR’s projections, the market for Apparel Accessories in Europe will likely expand at a 40% CAGR.
Based on Sales Channel type, the sale of Apparel Accessories through the modern trade segment for sales of Apparel Accessories captures the highest share, documenting a 6.1% value CAGR.
From 2022 to 2032, the Apparel Accessories industry is poised to flourish at a 6% CAGR.
As of 2022, Fact.MR expects the Apparel Accessories industry to be valued at US$ 13.36 Billion.
According to Fact.MR, a CAGR of 4.4% was recorded for the Apparel Accessories market from 2017-2021.
As of 2021, the Apparel Accessories market was valued at US$ 12.6 Billion.
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