The global Women Wear Market size is likely to account for USD 1,913.88 billion in 2025, as per a new report by Million Insights. The market is projected to witness 4.2% CAGR from 2019 to 2025. Changing fashion trend and growing awareness about latest fashion among millennials are driving the growth of the market. In addition, the rise in the number of working women is likely to spur product demand in the coming years.
It is predicted that Asia Pacific would register the highest growth with 5.5% CAGR over the forecast duration. Increasing awareness about changing fashion trend and growing inclination among millennials about adopting these trends are bringing innovation in the market, which in turn, driving the growth. Further, owing to the presence of several local and international brands, there is stiff competition in the market. This competition has resulted in the availability of various cheaper alternatives.
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In 2018, Europe accounted for the highest share in the market with over 37%. Countries such as Italy, France and Germany account for the significant share in the region. Further, the region is a home of several leading brands such as Gucci, Zara SA and Armani. Millennials are of the view that the brands reflect their social status and tend to purchase branded wear.
On the other hand, North America accounted for more than 26% share in the women wear market. Increasing spending on women wear in the United States is the major factor driving regional growth. Presence of several leading companies such as Tommy Hilfiger, Levis Strauss & Co. and Nike further strengthen the regional dominance in the global market.
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Further key findings from the report suggest:
• It is anticipated that the top wear segment would account for USD 657.22 billion in 2025.
• In 2018, footwear category held USD 124.98 billion in the global market.
• By the end of the forecast Europe alone will hold over 37% share in the market.
• Key players operating in the market are PRADA, Burberry, DIOR, Armani, Guccio Gucci S.p.A., MANOLO BAHNIK and Chanel among others.
Million Insights has segmented the global women wear market on the basis of type, distribution channel and region:
Women Wear Type Outlook (Revenue, USD Billion, 2015 – 2025)
• Top Wear
• Bottom Wear
• Sports and Active Wear
• Intimates & Sleepwear
Women Wear Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Women Wear Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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