Email
Print
Readymade Garment Market Overview
Readymade Garment Market size is estimated to reach $1,269.7 billion by 2027, growing at a CAGR of 8.3% during the forecast period 2022-2027.
Readymade garments are mass-generated, finished textile products of the
clothing industry. Once the
clothes arrive at a washing machine, the synthetic fabrics discharge very small
strands termed microfibers. Tracksuits are finished in powerful fabric to bear
the wear and tear of running and exercise. Typically, cardigans are open-fronted and possess buttons. Garments that are bound are rather thought-out as a
gown. Readymade garments are categorized into outer clothing which involves
workwear and uniforms, leisure wear and sportswear.
Readymade Garment Market Report Coverage
The report: “Readymade Garment Market Report
- Forecast (2022-2027)” by Industry ARC, covers an in-depth analysis of the
following segments in the Readymade
Garment Market.
By Product Type: Inner Clothing and Outer
Clothing.
By Application: Formal Wear, Sports Wear,
Casual Wear, Safety Apparel and Others.
By Distribution Channel: Supermarkets & Hypermarkets, Independent
Retail Stores, Specialty Stores, Online Stores and Others.
By Geography: North America (the US, Canada and Mexico), Europe (Germany, France, the UK,
Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South
Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South
America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest Of
The World (the Middle East and Africa).
Key Takeaways
- Geographically, Asia-Pacific (Readymade Garment market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the presence of top exporters of readymade garments including leisure wear and sportswear in the Asia-Pacific region.
- Readymade Garment Market growth is being driven by the surging trend of fashion and its impact on buyers. However, the adverse influence on the atmosphere by the production of sportswear and leisure wear is one of the major factors hampering the growth of the Readymade Garment Market.
- Readymade Garment Market Detailed Analysis on the Strengths, Weaknesses and Opportunities of the prominent players operating in the market would be provided in the Readymade Garment Market report.
Readymade Garment Market: Market Share (%) by Region, 2021
For more details on this report - Request for Sample
Readymade Garment Market Segment Analysis - By Product Type
The Readymade Garment Market based on product type can be further segmented into Inner Clothing and Outer Clothing. The Outer Clothing Segment held the largest Readymade Garment market share in 2021. This growth is owing to the soaring count of purchases of different assortments of outer clothing by wearers for distinct occasions and seasons. Outer clothing indicates clothing that is not worn next to the skin. Such clothing includes coats, blazers, jackets, gloves and scarves. The expanding application of protective outer clothing to protect against scratches or extreme weather conditions is further propelling the growth of this segment. Furthermore, the Inner Clothing segment is estimated to grow with the fastest CAGR of 9.1% during the forecast period 2022-2027 owing to the extensive application of inner clothing by people across all age groups as per their specific requirements.
Readymade Garment Market Segment Analysis - By Application
The Readymade Garment Market based on the application can be further segmented into Formal Wear, Sports Wear, Casual Wear, Safety Apparel and others. The Formal Wear Segment held the largest Readymade Garment market share in 2021. This growth is fuelled by the surging application of formal wear for corporate meetings and office workers across the world. Tracksuits and cardigans are not suited for formal purposes across the globe. The soaring application of formal wear to create the best first impression with a perfect professional approach is further propelling the growth of the Formal Wear segment. Furthermore, the Sports Wear segment is estimated to grow with the fastest CAGR of 10.3% during the forecast period 2022-2027 owing to the soaring application of tracksuits in sports activities to be worn over competition clothing by athletes.
Readymade Garment Market Segment Analysis - By Geography
Asia-Pacific (Readymade Garment Market) held the largest Readymade Garment market share of 37% in 2021. The growth of this region is owing to the stable economic condition in the Asia-Pacific region. The constant boost in adventure tourism involving sportswear is further propelling the growth of the Readymade Garment Industry, thereby contributing to the Readymade Garment Industry Outlook in the Asia-Pacific region. Furthermore, the North America region is estimated to be the region with the fastest CAGR over the forecast period 2022-2027. This growth is driven by factors like the surging fashion and clothing industry in the North American region. The extensive application of casual wear like cardigans is further fuelling the progress of the Readymade Garment Market in the North American region.
Readymade Garment Market Drivers
Surging Applications of Microfibers:
Technically, microfibers indicate synthetic fibers that are finer than any other fiber in nature. Microfibers are normally processed from polyester, polyamide, acrylic, modal, lyocell and viscose. The thickness of the yarn utilized is lower than 1.0 denier. “Microfibers are two times finer than silk, three times finer than cotton, eight times finer than wool and one hundred times finer than a human hair”. The fabrics prepared from microfibers are effortless to preserve owing to being machine-washable and they do not lose form. Fabrics prepared from microfibers can also be made windproof and breathable. The surging applications of microfibers are therefore fuelling the growth of the Readymade Garment Market during the forecast period 2022-2027.
Soaring Innovations in Sports Wear Technology:
For Ready-to-Wear (RTW) garments, having an adequately good fit means that a manufacturer must target to cover at least 80% of the surveyed sizes, the 10% of each of the extremes not being provided for. GRDXKN (Grid Skin) targets establishing sportswear that would safeguard the body during an accident. Suppose one falls off of the bicycle as one hurtles down a mountain cycling path or falls off the skateboard attempting to grind a rail. Usually, the skin would be cut up and bruised. However, GRDXKN technology would avert this from happening. These kinds of soaring innovations in Sports Wear Technology are therefore driving the growth of the Readymade Garment Industry, thereby contributing to the Readymade Garment Industry Outlook during the forecast period 2022-2027.
Readymade Garment Market Challenge
Fitting Limitations of Readymade Garments:
One needs to be aware of the correct size of the Garment. Otherwise, the readymade garment would not fit the wearer. Suitable fitting is not available at times. Moreover, readymade garments are costlier than tailor- and home-made garments. One of the best-knit cardigans of 2022 is H&M Rib Knit Cardigan priced at $19.99. Certain readymade garments are less durable owing to poor quality in stitching. Also, readymade garments have a specific purpose and cannot be used for other purposes. For example, tracksuits constitute typical sportswear and cannot be utilized to go to a wedding or to attend a funeral. These issues are thus hampering the growth of the Readymade Garment Market.
Readymade Garment Industry Outlook
Product launches, mergers & acquisitions, investments, expansions of capacity and plant turnarounds are key strategies adopted by players in the Readymade Garment Market. The top 10 companies in the Readymade Garment market are:
- Louis Vuitton Malletier SAS
- Nike, Inc.
- The Gap, Inc.
- VF Corporation
- Hennes & Mauritz AB
- Zara
- Hanesbrands Inc.
- Under Armour
- Benetton Group
- PVH Corporation
Recent Developments
- In August 2022, Swiss National Bank raised its holdings in PVH Corp. by 7.5% at during the 1st quarter. The firm owned 168,000 shares of the textile maker’s stock. Swiss National Bank owned around 0.25% of PVH worth $12,870,000 at the end of the latest recording period.
- In May 2021, the Power of Nutrition and PVH Corp. declared a novel partnership. This would assist in checking undernutrition in the readymade garment (RMG) industry. This would be done by launching vital nutrition services and backing for working mothers and pregnant women in PVH suppliers’ factories in Bangladesh.
- In April 2020, Louis Vuitton recycled a ready-to-wear manufacturing site in Central Paris. The aim was to manufacture medical garments for regional hospitals. Coronavirus Patients were treated here.
Relevant Reports:
For more Consumer Products and Services Market related reports, please click here