New York, US, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Knitwear Market Summary:
Knitwear Market Research Report: Information by Material Type, Category, End-use, Distribution Channel, Region - Global Forecast till 2030, Knitwear Market is expected to over USD 1605.69 Billion in 2030, rising at a CAGR (Compound Annual Growth Rate) of 12.10%.
Market Scope:
Fabrics used in the production of a wide variety of garments are typically produced from yarns made from wool or other natural or synthetic fibers. Knitwear refers to this type of clothing and it is appropriate for daily use. These textiles are then employed in the production of seasonal clothing and athletic apparel. Men's and women's knitwear are now essential wardrobe items. Knitwear from a variety of online retailers can be worn with a variety of different looks. Online retailers make it simple to buy this knitwear at a fantastic price. There are various options for warm outerwear, including sweaters, cardigans, lightweight hoodies, jumpers, and many more.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 1605.69 Billion |
| CAGR | 12.10% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Material Type, Category, End-use, Distribution Channel, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Usage of Biodegradable Fabrics |
| Awareness about fashion and social media influencing |
Competitive Dynamics:
In order to make technological advances, these businesses frequently form joint ventures or come together in partnerships for specific initiatives, mergers, and acquisitions. Ultimately, they want to create products and services that are cutting-edge in their field, affordable, and highly successful at solving the problems they're meant to address. The list of major Knitwear Market Key Players is as follows:
- Adidas AG (Germany)
- Gildan Activewear Inc. (Canada)
- Loro Piana S.p.A. (Italy)
- Puma SE (Germany)
- Ralph Lauren Corporation (the USA)
- The Nautical Company (UK) Ltd
- Victoria's Secret (the USA)
- Maglificio Ripa S.p.a (Italy)
- LENZING AG (Austria)
- Ecowool (New Zealand)
- Sana Hastakala (P) Ltd. (Nepal)
- Gap Inc.
- Hackett Ltd
- Marks and Spencer Group plc.
- Nike Inc.
Market USP:
Market Drivers
The key drivers driving expansion in the knitwear market are elevated fashion consciousness, the impact of social media, and rising levels of disposable money. Yoga pants, swimsuits, gym and training shorts, etc., are just a few examples of the many specialized garments that individuals today own. Similarly, this is helping to fuel the growth in interest in knitting and other types of clothing.
E-commerce and online buying have grown in popularity as a result of customers' widespread usage of the internet and mobile devices. The prospect for growth for luxury brands is the widespread availability of those brands' whole product lines via online stores. This is generating innovative new brand rivalry and encouraging new entries to the market.
The rise in disposable income, shifts in consumer preferences, and social media's growing sway have all contributed to a surge in the demand for clothing and accessories. The rising trend of young people to shop online and their preference for opulent lifestyles are also driving the expansion of the knitwear industry. Natural-based knitwear goods are growing in popularity due to the growing interest in eco-friendly materials.
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Market Restraints
It appears that the knitwear market is extremely disorganized. This is because those with less disposable income typically shop for knitwears at independent retailers or factory shops. As a result, the potential for fakes rises and local businesses must compete with established ones. If this continues, it could slow the expansion of the global knitwear industry.
COVID-19 Analysis:
The global pandemic caused by Coronavirus has afflicted people all over the world. As a result, it has had a chilling effect on every sector of the economy, save one: the pharmaceuticals. People are under mandatory curfew in practically all countries throughout the world. All countries have closed their borders, so soon there will be no way to move between countries. Many employees have lost their jobs as a result of the closure of the company. Since this has an impact on the overall fashion sector, it has also impacted Knitwear Market Development.
Total revenue generation of market leaders has been harmed by the Lockdown situation. The majority of people around the world stayed in and did not go shopping for clothing during epidemic times. Revenues in the apparel business fell drastically. In the wake of the Covid19 incident, it is expected that Knitwear Market Share would increase dramatically. This is because after the lockout was lifted, several brands began offering promotional pricing in the form of promotions, coupons, and other incentives.
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Market Segmentation:
Based on material type
Because of their high absorption rate and ability to fight wrinkles, natural materials are expected to dominate the market.
Based on Distribution channel
Online mode is becoming increasingly popular among today's youth.
Regional Analysis:
North America (the United States and Canada) and Latin America make up the American region, the second largest market for knitwear garments. The extended winter season and subsequent strong demand for warm clothes is to blame for this. Since the United States is home to the headquarters of numerous designer labels, it plays an important role in the development of the knitwear market.
The European region, which consists of countries like Germany, the United Kingdom, France, Russia, and Italy, is growing and accounts for the third-largest part of the knitwear market. People's disposable income and vogue preferences are to blame.
Rapid development is expected to continue in the Asia-Pacific area, which includes major economies like China, Japan, India, Australia, and South Korea, during the next few years. The knitwear sector has found a promising new market in the emerging countries. The increasing disposable income and interest in clothing styles are to blame. Because of the low cost of labor, many major fashion labels obtain their garments and accessories from these nations.
Slower but steady growth may be seen in the remainder of the world, which includes the Middle East and Africa, despite lower levels of technological and industrial development and a general lack of awareness.
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1605.69 billion
