The global Textile and Apparel Market is estimated to be valued at US$ 2662.69 Bn or Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
The textile and apparel market comprises of fabrics and garments used for various purposes such as clothing, home furnishing and technical/industrial uses. Major textile products include materials such as cotton, polyester, nylon and natural fibers. Apparel products include fashion clothes, sportswear, denim, suits, activewear and more. Textile and apparel products find wide application across various industries including fashion, healthcare and construction. Key advantages of textile and apparel products are comfort, appearance, durability and functionality depending on the type and quality. Rising population, increasing disposable incomes and changing fashion trends are major factors driving the demand for textile and apparel across the globe.
Market key trends:-
One of the key trends spurring growth in the textile and apparel market is digitalization. It is transforming the entire value chain from design and production to marketing and sales. Textile manufacturers are increasingly adopting digital technologies such as AI, IoT, 3D printing and blockchain to enhance productivity, reduce lead times and meet evolving customer needs. For instance, AI is being used for product design, forecasting demand patterns as well as defect detection during manufacturing. Further, 3D body scanning and virtual prototyping allows manufacturers to customize apparel designs as per body measurements without requiring physical prototypes. Emerging technologies are also enabling better traceability of raw materials and transparency in supply chains. On the consumer side, digital channels like smartphones, tablets and smart mirrors are enhancing shopping experiences through virtual modeling, personalized recommendations, faster delivery options and loyalty programs. The digitization of textile and apparel industry is expected to revolutionize operations, lead to cost efficiencies and boost sales over the forecast period.
Porter’s Analysis:-
- Threat of new entrants: The textile and apparel market requires large capital investments for setting up manufacturing units and distribution networks which pose barriers for new entrants.
- Bargaining power of buyers: The textile and apparel market has large number of buyers globally. However, buyers have moderate bargaining power due to availability of substitutes.
- Bargaining power of suppliers: The textile and apparel market has large number of suppliers and raw material suppliers globally. However, suppliers have low to moderate bargaining power due to availability of substitutes.
- Threat of new substitutes: The threat of substitute products is moderate. Synthetic fabrics and second-hand clothing are alternatives but cannot fully substitute natural fibers.
- Competitive rivalry: The global textile and apparel market is highly fragmented and competitive due to presence of numerous regional and international players.
Key Takeaways:-
The Global Textile And Apparel Market Growth is expected to witness high, exhibiting CAGR of 3.8% over the forecast period, 2023 to 2030, due to increasing demand for fashionable and trendy clothing. The market size for 2023 is estimated at US$ 2662.69 Bn.
Regional analysis reveals Asia Pacific dominates the global textile and apparel market and is expected to grow at the fastest rate, supported by large population, improving economic conditions and rising per capita expenditure on clothing in major countries like China and India.
Key players operating in the textile and apparel market are Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex).
Read More - https://www.trendingwebwire.com/textile-and-apparel-market-share-and-demand-analysis/
