The global hangers market is experiencing robust growth, with a projected market value of USD 483.4 million in 2022 and a forecasted value of USD 1,043.6 million by 2032. The industry is expected to expand at a compound annual growth rate (CAGR) of 8.0% over the next decade, according to a recent report by Future Market Insights (FMI).
Hangers, a quintessential domestic commodity, are utilized for organizing and preserving clothing while preventing creases. They have evolved into an essential product not only for households but also for the retail and hospitality sectors, contributing significantly to the market’s growth. Available in a variety of materials, including plastic, wood, and metal, hangers also come in various designs, such as clip hangers, foldable hangers, and stacking hangers, which cater to diverse needs across residential, commercial, and hospitality applications.
Demand Analysis and Market Outlook
Between 2016 and 2021, the hangers market saw steady growth, recording a CAGR of 7.5%. The demand for hangers is now expected to further escalate with a greater focus on quality, design, and material choice. The rise of online sales platforms and increased consumer preference for eco-friendly products such as wooden hangers have notably influenced the market.
Despite these trends, traditional sales channels through wholesalers and brick-and-mortar retailers are facing challenges from e-commerce, where younger, tech-savvy consumers are opting for convenient, online shopping experiences.
Key Drivers of Growth
The retail and hospitality sectors are pivotal in the expansion of the hangers market. The retail industry, with its demand for stylish and functional hangers, continues to be a major contributor to market growth, while the hospitality sector’s increasing need for hangers for hotels, hostels, and dormitories further boosts sales.
Additionally, intelligent hangers, which offer features such as rain-proofing and clothes drying assistance, have recently entered the market, especially in East Asia, providing new opportunities for innovation.
Regional Insights
- North America is expected to maintain its dominance in the hangers market, accounting for 24% of the market share in 2022. This growth is driven by strong demand from both the residential and commercial sectors, with hangers being a household staple.
- Europe is also poised for significant growth, with a market share of 19% in 2022, thanks to increased retail and hospitality sector activity. The rising trend of smart products, such as intelligence hangers, is expected to further propel the market.
Key Companies Profiled
- M & B Hangers
- Guilin Iango Home Collection
- Whitmor
- MAWA and Mainetti
- Bend and Hook
- Henry Hanger
- Hangers Direct
Tap into Expertise: Discuss with Our Analyst on Email: sales@futuremarketinsights.com
Key Segments Covered In The Hangers Industry Analysis
Hangers Market by Type:
- Metal Hangers
- Wooden Hangers
- Plastic Hangers
- Other Hanger Types
Hangers Market by Application:
- Hangers for Personal Use
- Hangers for Commercial Use
Hangers Market by Region:
- North America Hangers Market
- Latin America Hangers Market
- Europe Hangers Market
- Asia Pacific Hangers Market
- Middle East & Africa Hangers Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube