According to a recent report by Future Market Insights (FMI), 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.
For example, Gap Inc. launched a new menswear product line named “Hill City” in 2018 to fulfil rising demand for premium men’s apparel that blends highly technical fabrications, style, and high performance throughout the winter months.
The expansion of the winter apparel market is largely attributed to climate change. Several companies are looking at revolutionary technologies to increase the quality and efficiency of their products in preparation of milder winters and record-breaking winter temperatures. The notable trends in the winter apparel industry is sales via retail and online channels are expected to climb when temperatures begin to drop.
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.
According to Climate Central, the cold-weather recreation sector in America has a particularly large stake in warmer winters. Low temperatures, plenty of snowfall, or both are required for activities ranging from downhill skiing to ice fishing and outdoor ice hockey. Winter recreational activities generates billions of dollars in revenue for the US economy each year. Winter sports are also significant in terms of the country’s cultural legacy.
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 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.
- 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.
- 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.
Impact of COVID-19 on the Market
Various sectors and localities experienced a brief slowdown as a result of the covid-19 outbreak. Both the supply and demand sides of the sector were affected by the economic slump.
Aside from that, it had a huge impact on consumer purchasing behaviors, as a considerable percentage of customers switched from reckless to deliberate spending, influencing the winter clothing industry 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.
Browse Full Report at: https://www.futuremarketinsights.com/reports/winter-wear-market
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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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