Knitwear Market Insights
The global Knitwear Market Size is expected to reach USD 1605.69 billion by 2030, registering a CAGR of 12.10% during the estimated period of 2024-2030.
The US knitwear market is a significant segment of the apparel industry, encompassing a wide array of products such as sweaters, cardigans, pullovers, dresses, and accessories. With consumers increasingly prioritizing comfort and sustainability in their clothing choices, knitwear has witnessed sustained demand. The market size is substantial, with revenues amounting to billions of dollars annually.
Knitwear refers to clothing articles made from wool or other yarns that are knitted together to form a fabric and they can be worn daily. These textiles are also used to create seasonal and athletic apparel. Knitwear has become essential in the wardrobes of both men and women. On e-commerce sites, there is a massive choice of knitwear that can be paired with any outfit.
Regional Analysis
The market in Asia Pacific is expected to grow significantly, owing to the strong presence of major manufacturers in the region. Major knitwear manufacturers prefer emerging countries such as India China, South Korea, etc. owing to the low cost of production and lower labor cost. The growing trend of using knitwear as fashion apparel, particularly in the younger population is expected to further augment the growth of the target market in the region. Rising penetration of the e-commerce industry in countries in the region is also expected to provide lucrative opportunities to manufacturers in the market.
The market in Europe is expected to register considerable, growth owing to increasing awareness towards a healthy lifestyle in countries in the region, especially among the millennial population. In addition, increasing disposable income, and changing trends in the fashion industry are fuelling the growth of the target market. The Europe region is mostly cold, which is also expected to increase demand for seasonal outfits, such as sweaters, hoodies, etc., which is expected to further augment the growth of the market in the region. Markets in North America, Latin America, and Middle East, and Africa are expected to witness moderate growth in the global knitwear market.
Market Segmentation
The knitwear market is segmented based on product type, material type, application, consumer group, and distribution channel. The growth among these segments will help you analyze meager growth segments in the industries and provide the users with an expressive market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
· T-Shirts and Shirts
· Sweaters and Jackets
· Sweatshirts and Hoodies
· Shorts and Trousers
· Evening Dresses
· Suits
· Leggings
Based on product type, the knitwear market is divided into t-shirts and shirts, sweaters and jackets, sweatshirts and hoodies, shorts and trousers, evening dresses and suits, and leggings.
Material Type
· Natural
· Synthetic
· Blended
Based on material types, the knitwear market is segmented into natural, synthetic and blended.
Application
· Outerwear
· Innerwear
· Sportswear
· Others
· Based on application, the knitwear market is segmented into outerwear, innerwear, sportswear, and others.
Consumer Group
· Men
· Women
· Kids
Based on consumer groups, the knitwear market is segmented into men, women, and kids.
Distribution Channel
· Online
· Offline
Based on the distribution channel, the knitwear market is segmented into online and offline. The online segment is estimated to grow at a higher CAGR as the younger generation is becoming more interested in online shopping.
Key Players
Some of the Prominent Players in this market are:- Adidas AG, Gap Inc., Gildan Activewear Inc., Hackett Ltd, Abercrombie & Fitch Co., Loro Piana S.P.A., Marks and Spencer Group plc, Nike Inc., Puma SE, Ralph Lauren Corporation, Lactose, The Nautical Company Ltd., Fast Retailing Co., Ltd., Victoria’s Secret, YOOX NET-A-PORTER GROUP
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