Global Workwear Strategic Analysis Report 2023-2030 - Rising Inclination Towards 'Business Casuals' Among the Millennials Changing the Corporate Wear Dynamics
Thursday, December 14, 2023
DUBLIN , Dec. 6, 2023 /PRNewswire/ -- The "Workwear - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
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Global Workwear Market to Reach $25.3 Billion by 2030
The global market for Workwear estimated at US$17.2 Billion in the year 2022, is projected to reach a revised size of US$25.3 Billion by 2030, growing at a CAGR of 5% over the analysis period 2022-2030. Apparel, one of the segments analyzed in the report, is projected to record 4.8% CAGR and reach US$19.5 Billion by the end of the analysis period. Growth in the Footwear segment is estimated at 5.7% CAGR for the next 8-year period.
The workwear industry has experienced significant impacts due to the COVID-19 pandemic. The spike in the unemployment rate worldwide in 2020 and 2021 has directly influenced the demand for workwear. The number of unemployed people in millions for the years 2019, 2020, 2021, and 2022 reflects the scale of this impact. Furthermore, the business wear market faced challenges with bankruptcy cases and store closings, redefining workwear trends.
Workwear, as a segment, encompasses a range of clothing designed for specific occupational needs. To understand the market outlook, it's essential to analyze the competitive landscape. The global key competitors' percentage market share in 2023 and their competitive market presence provides insights into the industry's structure.
Workwear market dynamics also vary by region. The market analysis highlights the unique opportunities and challenges in specific regions. India and China, for example, offer significant growth opportunities due to their large working-age populations and relatively untapped markets.
One noticeable trend is the prominence of casual wear in work settings, which raises concerns regarding the traditional workwear segment's future. Workwear distribution is another aspect to consider, with direct sales dominating over rentals.
Competition in the workwear market is highly fragmented, and recent market activity underscores industry developments and the strategic moves made by world brands. To succeed in this competitive landscape, workwear manufacturers must focus on functionality advancements, as product differentiation is key. However, high entry barriers can pose challenges for new players.
The U.S. Market is Estimated at $4.7 Billion, While China is Forecast to Grow at 8.3% CAGR
The Workwear market in the U.S. is estimated at US$4.7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$5.5 Billion by the year 2030 trailing a CAGR of 8.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 4.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.
What`s New?
-- Special discussions on the global economic climate and market sentiment
-- Coverage on global competitiveness and key competitor percentage market
shares
-- Market presence analysis across multiple geographies -
Strong/Active/Niche/Trivial
-- Online interactive peer-to-peer collaborative bespoke updates
-- Access to digital archives and trademarked research platform
-- Complimentary updates for one year
-- Access to curated YouTube video transcripts of market sentiments shared
by CEOs, domain experts and market influencers via interviews, podcasts,
press statements and event keynotes
MARKET TRENDS & DRIVERS
-- COVID-19 Crisis Aids Workwear Evolution to New Sartorial Code Marked by
Comfort
-- Sustainability: A Key Trend in the Future Workwear and Protective
Clothing Market
-- Advanced Materials Enable High-Performance, Eco-Friendly Clothing
-- Need Grows for Distinct Workwear across Industries
-- Inclination towards 'Business Casuals' as Workwear among the Millennials
Change the Corporate Wear Dynamics
-- Blurring of Lines between Work, Home, Rest, and Travel for Millennials
Drive Demand for Casual Workwear
-- Global Millennial Population Facts & Figures: Important Opportunity
Indicators
-- Rise in Significance of Functional Workwear Benefits Market Growth
-- Functional Clothing Gains Prominence Amid the Pandemic
-- Latest Fabric Technologies Make It Worthwhile to Invest in Modern
Workwear
-- Uniforms for Creative Workspaces: A Novel Workwear Trend
-- Growth in Working Women Population Boosts Demand for Women's Workwear
-- Women's Workwear Brands Gain Prominence
-- Corporate Wear Continues to be a Dynamic Market
-- Advent of Smart Technologies Fuel Demand for Workwear Wearables
-- Superior Attributes of FR Workwear over Traditional Workwear Benefit
Market Adoption
-- Workwear for Older and Plus-size Consumers: A Segment with Huge Untapped
Potential
-- Workwear Catches the Fancy of Designers to Emerge as Major Fashion Trend
-- Increasing Popularity of Organic Workwear Lends Traction to Market
Growth
-- Imagewear: A Lucrative Market
-- Multi-Functional Workwear Continue to be in Demand in the Oil and Gas
Industry
-- Taking Worker Safety to New Levels
-- Healthcare and Social Care Industry Witnesses New Trends
-- As the Hospitality Sector Emerges from the Pandemic, Workwear Gains
Important Place as Part of Competitor Strategies
-- Hotel Occupancy Rate: 2018-2022
-- US Revenues Per Available Room (RevPar): 2019 to 2023
-- Multiple Benefits Drive Demand for Embroidered Workwear
-- Innovative Boots & Accessible Shirts Add Exciting Dimensions to
Construction Workwear
-- INNOVATIONS & ADVANCEMENTS
-- Nanotechnology: A Growing Area of Interest
-- Emergence of E-Textiles
-- 3D Printing: A Game Changer
-- Fabrics with Moisture Management, Stretch Fabrics, Organic Fabrics and
Anti-Microbial Fabrics
-- BioFabrics
-- Tencel: The Wonder Fabric
-- GlenGuard FR by Glen Raven
-- Carhartt's Full Swing Enhances Outwear Comfort
-- Innovations in Flame Resistant Workwear
-- Favorable Demographic and Economic Trends Strengthens Market Prospects
-- Increase in Urban Population
-- World Urban Population in Million and as Percentage of Total Population
for the Period 1950-2050P
-- Expanding Middle Class
-- Global Middle Class Population (in Millions) and as a Percentage of
Total Population: 2005, 2015, 2025 & 2035
FOCUS ON SELECT PLAYERS (Total 375 Featured)
-- Alexandra
-- ALSICO NV
-- Asatex AG
-- A. Ronai LLC
-- Alfredo Grassi SpA
-- Amco Apparel Mfg., Co.
-- APC Workwear Ltd.
-- APEX Medical Corporation
-- AIRWAIR Intl. Ltd. - Dr. Martens
-- Arbesko AB
-- A.LAFONT SAS
-- Anbu Safety Industrial Co., Ltd. (China)
-- Armor General Trading
-- Anchortex Corporation
-- Aimmax Medical
For more information about this report visit https://www.researchandmarkets.com/r/tigqmp
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