According to the market report published by Future Market Insights, titled ‘Winter Wear Market: Global Industry Analysis and Opportunity Assessment 2018-2027’, the revenue generated from winter wear is estimated to be valued over US$ 403,158.1 Mn in 2018, which is projected to increase at a CAGR of 5.8% during the forecast period (2018-2027).
In the global winter wear market companies across the globe are focusing on launch of new products with latest fashion and high quality along with expanding market presence through establishing new manufacturing facilities as well as sales channels to reach potential customers, which are a key factors driving demand for winter wear across the globe. Also, favorable trade policies, growing apparel production globally rise in per capita income, favorable demographics, and shifting consumer preference to branded products boosts the demand for winter wear market during the forecast period.
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Factors such as increasing population, rise in adoption of e-Commerce for selling products globally has led to a surge in the growth of B2C business in the various domains. Over the years, there is drastically change in consumer behavior, and consumers are more shifting towards seeking about products online, and purchasing various products, such as FMCG products, clothes, and others, through e-Commerce attributed to the growth of winter wear market, globally. Growth of global online sales channel along with increasing winter wear product portfolio through new product launch is projected to further accelerate the growth of global winter wear market. Also, the frequently introduction of winter wear targeting men consumers is creating considerable opportunity in the global winter wear market.
In winter wear market manufacturers have also adopted various key differentiation strategies to have a competitive edge with an objective to outperform their competitors. Beside the size of population and per capita spending, other key factors driving the growth of winter wear market are population density, downstream industry effectiveness, and changing economic policies as well as business legislation.
In February 2018, Ministry of Supply- the Boston Company, introduced a novel winter wear jacket ‘mercury intelligent heated jacket’ that can be voice controlled. This winter wear heated jacket have an internal heating system that automatically heats to the right temperature and learns consumer behavior to get better over time. This innovative winter wear jacket helps in keeping consumer warm even in sub-zero temperatures. The heated winter wear jacket has alexa control and is also connected via Bluetooth to the mobile phone which allow consumer to adjust the temperature using the app.
Moreover, increase in penetration of organized retail sector, rise in income level, favorable demographics in the developing countries are another factor accelerating the growth of winter wear market in the near future. Also, abundant availability of raw materials such as wool, silk, cotton, and others in developing countries for the production of apparels and other textile products coupled with significant investments are being made by government under various schemes to encourage more private equity firms as well as train workforce in developing economies are some of the drivers to winter wear market.
The global winter wear market is segmented on the basis of region which includes North America, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, Middle East & Africa, and Japan. Globally among all the regions in winter wear market Europe and North America region is estimated to have a substantial value share. In terms of value, APEJ is the most attractive region in the global winter wear market and growing at a CAGR of 6.3% over the forecast period. The APEJ region is expected to gain 75 BPS during the forecast period.
On the basis of sales channel the winter wear market is segmented into hypermarkets/supermarkets, specialty stores, multi-brand stores, independent small retailers, online retailers, and others. In 2018, the hypermarkets/supermarkets segment accounted for highest revenue share of 10.9% in the global winter wear market and is expected to do so throughout the forecast period.
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Key Players in the Winter Wear Market
Detailed profiles of companies are also included in the global winter wear market report to evaluate their performance, key product offerings, and recent developments. Some of the key players profiled in the global winter wear market study includes Canada Goose Inc., Eddie Bauer LLC, Helly Hansen Company, Patagonia Inc, VF corporation, Gap Inc, NIKE, Inc., Adidas AG, PUMA SE, Under Armour, Inc., Columbia Sportswear Company, ASICS Corporation, New Balance Athletic Shoe, Inc., Michael Kors Holdings Limited, Inditex, LOFT Company, J.Crew Group, Inc., American multinational corporation, Wintergreen Northern Wear and Fjallraven Company.