The global winter wear market is expected to surpass a valuation of US$ ~280.0 Bn in 2020 and at a CAGR of approximately ~5.0% through 2031.Manufacturers are focusing their efforts on premiumization of their existing winter wear brands in order to reduce raw material price volatility, limit market volume growth, and meet growing demand for premium brands.
| Total Addressable Market – USD 280 million | Region
|
| CAGR for Next 5 Years – 5% | CAGR %
|
| Market Growth in terms of Value – 6.0% | Country
|
| Market Growth in terms of Volume –5.5% | CAGR %
|
Climate change is largely to blame for the growth of the winter wear business. In anticipation for warmer winters and record-breaking winter temperatures, several companies are looking at breakthrough technologies to improve the quality and efficiency of their products.
When the temperatures start to drop, sales through retail and online channels are projected to increase. Gap Inc., for example, introduced the “Hill City” menswear brand in 2018 to meet increased demand for premium men’s gear that combines highly technical fabrications, style, and high performance throughout the winter months.
Nowadays, the younger generations are getting attracted to recreational activities such as hiking, fishing, snow skating and many other winter sports. In order to play or take part in winter sports the consumers are expecting high branded winter wears.
The cold-weather recreation sector in America, according to Climate Central, has a particularly strong stake in warmer winters. For sports ranging from downhill skiing to ice fishing and outdoor ice hockey, low temperatures, plenty of snowfall, or both are required. The US economy earns billions of dollars each year from winter recreational activities. In terms of the country’s cultural legacy, winter sports are also noteworthy.
Furthermore, firms in the winter wear industry are focusing their efforts on increasing the value of their products. For example, in November 2018, Oros Apparel released Solarcore insulation, a space-based insulation that makes one of the warmest winter jackets in the market. The company utilized aerogel material technology, which was initially designed for NASA spacesuits, to make innovative winter wear gear.
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Key Takeaways from the Winter Wear Market Study
- Players in the market are also focusing on adopting various marketing strategies such as celebrity endorsement, product premiumization, marketing campaigns, events, expanding digital presence to connect directly to customers. These factors are likely to accelerate the growth of the global winter wear market in the near future.
- In terms of material type, woollen winter wear products are expected to rise at ~4% CAGR due to rising snow events and winter sports in order to keep the body warm.
- In terms of product type, jackets/coats segments is estimated to account for the relatively highest value share in the winter wear market. The segment is expected to remain dominant during the forecast period.
- The U.S. is expected to hold a noteworthy value share of ~83.0% in North America owing to the rapid upsurge of recreational activities in the region.
Who is Winning?
Leading manufacturers of winter wear are focused on aggressive promotional strategies and advertisements that have driven sales growth of winter wear globally.
Major players present in the winter wear market are Nike Inc., Aero Group, Fenix Outdoor Group, Wintergreen Northern Wear, Helly Hansen Company, Forever 21, Inc., J.Crew Group, Inc., American Multinational Corporation Gap Inc., Zara SA, Patagonia, Inc., Columbia Sportswear Company, Gap Inc., and VF Corporation among others.
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Impact of COVID-19 on the Market
As a result of the covid-19 outbreak, various sectors and locations faced a temporary standstill. The economic downturn impacted both the supply and demand sides of the industry. Apart from that, it had a significant impact on consumer purchasing behaviour, as a significant number of customers shifted from impulsive to thoughtful spending, influencing the winter clothing business to some extent.
The global outbreak of covid-19 ushered in a period of unprecedented trade disruption. Consumers acquired short-term habits that, in some cases, have become permanent as a result of the pandemic. The transition to digital was the most major behavioral change that happened as a result of the epidemic.
Global Winter Wear Market by Category
By Product Type:
- Jackets/Coats
- Sweaters/ Cardigans
- Scarves, Shawls & Wraps
- Sweatshirts & Hoodies
- Hats, Caps, & Gloves
- Others
By Material Type:
- Cotton
- Wool
- Velvet
- Fur
- Leather
- Others
By Consumer Orientation:
- Men’s Winter Wear
- Women’s Winter Wear
- Kids Winter Wear
By Size:
- Small
- Medium
- XL
- Double XL
- Online Retailers
- Others Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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