According to the latest research report titled, “Apparel Market (2024 – 2029)” by Mordor Intelligence, the Saudi Arabia real estate market is estimated at USD 1.36 trillion in 2024 and growing at a CAGR of 4.63% during the forecast period.
The apparel market is poised for growth, fueled by the surge in online shopping, enabling manufacturers to reach a broader customer base. Increased disposable income and a preference for branded items are expected to drive demand for luxury wear. The women’s apparel segment is experiencing rapid expansion, attributed to the rising number of working-class women. Despite being mature, the market is dynamic due to shifting fashion trends and evolving retail landscapes, leading to intense competition. Apparel companies often form alliances to enhance competitiveness, while targeted advertising and catering to specialized needs drive revenue growth.
Report Summary
Which are the Top Companies in the Apparel Market?
The global apparel market is fragmented, with numerous primary and smaller players. Developing regions have unorganized markets offering diverse products. Global brands’ extensive distribution networks impact international markets but face tough competition from local manufacturers due to regional fashion preferences and pricing variations. In May 2023: German sportswear giant Adidas, in partnership with designer Rich Mnisi, unveiled a special apparel collection for Pride 2023.
Prominent players in the Apparel Market:
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Key Highlights from the Apparel Market Report
1. E-Commerce Driving the Apparel Business
These factors help in boosting e-commerce sales in the apparel market. The growth in online apparel sales is mainly attributed to web-only startups.
2. Asia-Pacific: Leading the Charge as the Fastest Growing Market for Apparel
The Asia-Pacific region is poised to dominate the global apparel market, propelled by government initiatives in the textile industry. Notably, China’s governing body, CNTAC, outlined development objectives, growth strategies, and priority tasks for the textile and apparel sector in its 14th five-year plan (2021-2025). China remains a significant global exporter of garments.
India’s expanding population, rising disposable income, and evolving fashion trends are set to drive growth in its apparel market. As a significant exporter of textiles, India plays a key role in promoting market expansion. Government initiatives like the Amended Technology Upgradation Fund Scheme and the Advance Authorization Scheme aim to bolster textile and apparel production. Additionally, the Government of India has approved the RoSCTL scheme until March 2024 to enhance the export competitiveness of the Indian apparel market by rebating state and central taxes and levies on garment and made-up exports.
What are the Latest Developments in the Apparel Market?
Mordor Intelligence Report on the Apparel Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the apparel industry. Get a glance at the Apparel Market Report (2024 – 2029)
About Mordor Intelligence
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With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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