The global winter wear market size is projected to touch USD 359.8 billion by the end of 2025, as per the report released by Million Insights. It is estimated to grow with a CAGR of 4.3% from 2019 to 2025. Factors such as the growing consumer spending on apparels and dropping temperatures in many countries are projected to fuel the market growth over the estimated period.
Growing preference for fashionable apparel such as cardigans, V neck and hoodies is driving the market. Also, the growth of offline distribution networks such as specialty stores, fashion stores and design stores have contributed significantly in augmenting the sales of the product. Further, customer tendency to travel in snowy destinations and changing fashion trends are positively affecting the market growth in the upcoming years.
Women are the leading consumers of winter wear products especially scarves and shawls in North America. The lucrative discounts and attractive offers available on women winter wear products due to growing demand has propelled the product growth. The growing preference for shawls and scarves is also encouraging manufacturers in continuous product innovation. In the U.S. shawls and scarves category touched USD 2.5 billion in 2018 and is predicted to showcase substantial growth in the coming years.
An increase in global warming and greenhouse gases has resulted in lowering the temperature in many regions resulting in the growing demand for winter wear apparel. Also, the rapidly developing distribution network, rising per capita income and growing demand for branded and high-end products by different customers group are propelling the winter wear market growth over the forecast period.
Abrupt changes in weather conditions due to environmental degradation, have supplemented the sales of winter wear apparel as customers tend to wear cozy products according to changing climatic conditions. Additionally, growing preference for newly launched fashionable products along with lightweight apparel over conventional ones has positively affected the demand for the product.
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Further key findings from the report suggest:
• Sweaters and cardigans are projected to expand with a CAGR of 5.6% from 2019 to 2025.
• On account of the end user, the men segment led the market occupying a 45.0% share in 2018.
• The Asia Pacific led the market in 2018 accounting for a revenue share of 35.2%. The region is predicted to enjoy the dominant position in the near future.
• Due to growing per capita income in Japan. India, China and South Korea, Asia Pacific market is expected to foresee substantial growth in the forecast duration.
• Leading players in this industry include Zara SA; Recreational Equipment, Inc.; Columbia Sportswear Company; Gap Inc.; Crew Group, Inc.; VF Corporation; Patagonia, Inc.; Arc'teryx Equipment, Inc.; American Multinational Corporation Gap Inc.; and The North Face, Inc.
• Leading players are focusing on various strategic initiatives such as capacity expansion, technological innovation and new product development to maintain their dominance in the market.
Million Insights has segmented the global winter wear market on the basis of product, end user, and region:
Winter Wear Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Coats & Jackets
• Sweaters & Cardigans
• Shawls & Scarves
Winter Wear End User Outlook (Revenue, USD Billion, 2015 - 2025)
Winter Wear Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• South Africa