by The global textile and apparel industry produces a wide range of textile goods through weaving, printing, dyeing and sewing. Textiles include products such as synthetic fibers, yarns and fabrics. Apparel includes final products used for clothing such as shirts, pants, skirts, dresses, suits and uniforms. Advancements in fabric design and manufacturing have led to innovations in various performance and technical textiles such as breathable athletic wear, stain-resistant casual clothing, protective fabrics for industrial and military uses. The growing e-commerce industry has also opened new opportunities for textile and apparel companies by connecting them directly to consumers online.
The global textile and apparel market is estimated to be valued at US$ 3067.42 Bn in 2024 and is expected to exhibit a CAGR of 20.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the textile and apparel market is the growing e-commerce industry. The ease of online shopping has boosted the sales of textile and apparel products significantly over the recent years. Consumer preference for digital shopping is expected to remain high even in the post-pandemic era. E-commerce retailers provide a much wider variety of products from different brands on a single platform along with features like reviews, ratings, social proof etc. that help buyers in decision making. They also offer fast delivery, easy returns and convenient payment options. Such benefits have shifted consumer purchasing behavior greatly towards online channels for textile and clothing products which is expected to further propel the market growth during the forecast period. Another driver is rising disposable incomes in developing countries which is enabling consumers to spend more on lifestyle and fashion products.
Segment Analysis
The textile and apparel market is segmented into apparel, home textiles, and technical textiles. The apparel segment dominates the market and accounts for over 60% share. Factors such as rising disposable income, changing fashion trends, and increasing demand for branded apparel from millennials drive the growth of this segment.
PEST Analysis
Political: The governments of various countries impose import duties and quotas on textile and apparel imports to protect domestic industries. However, free trade agreements are reducing such trade barriers.
Economic: The global economic growth and rise in per capita income are increasing consumer spending on apparel and home textiles. Developing economies with large populations like India and China present major opportunities.
Social: Changing lifestyle, fashion consciousness, and increasing spending ability of the growing middle class are major social drivers. Rapid urbanization and exposure to global fashion trends influences product demand.
Technological: Digitization, automation, and Industry 4.0 technologies are transforming production processes. Advancements in fabric engineering and clothing design drive new product innovation and demand.
Key Takeaways
Global Textile And Apparel Market Size is expected to witness high growth.
The Asia Pacific region holds the major share of over 60% of the global textile and apparel market due to strong manufacturing bases and growing domestic demand. China, India, Bangladesh, and Indonesia are the leading producers and exporters. The Asia Pacific market is expected to grow the fastest during the forecast period aided by rising living standards and large consumer base.
Key players operating in the textile and apparel market are IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC, Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow, OpenStack, CloudEndure, and Cloudreach. These players are focusing on automated manufacturing technologies and digital solutions to enhance their operational efficiency and meet the changing demand of customers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
