Transparency Market Research delivers key insights on the global winter wear market. In terms of revenue, the global winter wear market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global winter wear market report.
In the report, TMR predicts that the global winter wear market would be largely driven by factors such as rise in direct-to-consumer (DTC) strategy. Winter wear designer, manufacturer and distributor across the globe are making significant investments in DTC strategy to increase their revenue in the market. This is expected to boost the demand for global winter wear market in the coming years.
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According to the winter wear market report, the product segment includes sweaters and cardigans; jackets, coats, and blazers; scarves, shawls, wraps, stoles, and mufflers; sweatshirts, hoodies, and pullovers; thermals; gloves; and accessories. Jackets, coats, and blazers segment is expected to dominate, in terms of value whereas in terms of volume, the global winter wear market is expected to be dominated by the others segment. The gloves segment is projected to expand at a rapid rate during the forecast period. Demands for low-cost winter wear products such as gloves, scarves, shawls, wraps, stoles, mufflers, thermals, etc. are expected to grow at a relatively faster rate during the forecast period.
In terms of fabric, the man-made segment holds a large share of the winter wear market, followed by the natural segment. Among natural fabric-based winter wear, cotton and wool are the largest used fabrics. The global demand for cotton has decreased for manufacturing winter wear. Down, fleece, etc. are other natural fabrics used in making winter wear.
In terms of distribution channel, the offline segment dominated the winter wear market in terms of value and volume. However, with rise in Internet penetration and increase in the number of smartphone users, online sale of winter wear is increasing across the globe.
The winter wear market is highly fragmented. A high number of small, medium, and large companies operate in the market at the global and domestic level. Companies work on product innovation to increase their market reach.
Global winter wear fashion brands are aggressively entering the Asia Pacific region. Millennial consumers in China and India have a high disposable income and are ready to spend on branded winter wear apparel. This is leading to increase in supply of branded winter wear across the region.
Winter Wear Market: Prominent Regions
Presently, Asia Pacific dominates the global winter wear market followed by Europe. The region, with its huge population and increasing disposable income, is a major winter wear market across the globe. Rise in demand for branded jackets, coats, and blazers is expected to result in the segment dominating the market during the forecast period. Sweaters, cardigans, sweatshirts, hoodies, and pullovers are other winter wear apparel that witness a high demand in Asia Pacific. Low-cost winter wear products such as gloves, scarves, shawls, wraps, stoles, mufflers, and thermals are the fastest growing winter wear apparel in the region.
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Demand for winter wear in Asia Pacific is expected to increase significantly during the forecast period. The Asia Pacific winter wear market is driven by rising number of products demand in China and India. China is the largest winter wear market in the Asia Pacific region. In China, cotton and wool (among natural fabrics) are prominent fibers used in the manufacturing of winter wear. In 2016, as per International Wool Textile Organization (IWTO), the share of wool in retail was highest in China at 23%.
Winter Wear Market: Key Players
Key players operating in the global winter wear market includes Gap Inc., VF Corporation, Inditex, Canada Goose Inc., Hennes & Mauritz AB, Amer Sports Corporation, Fenix Outdoor International AG, Newell Brands Inc., Eddie Bauer LLC., and Wintergreen Northern Wea. Companies are extensively focusing on introducing innovative products in order to gain market share.
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