Western Wear Market to Reach $99,423 Million, Globally, By Top Key Players: Benetton Group S.r.l., Diesel S.p.A., The Gap Inc., Aditya Birla Fashion and Retail Ltd. Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, MANGO, and Indit

Despite the slow growth rate against casual wear, formal wear has loyal consumer group. On a macro-level, most of the business leaders and corporates still follow business attire, thus preferring formal wear on special occasion and events. However, the casual wear segment is expected to gain traction over the forecast period.

The global western wear market size was $71,132 million in 2016, and is expected to reach $99,423 million by 2023, registering a CAGR of 4.8% during the forecast period. Western wear is a clothing style derived from 19th century American old west region. Jeans, t-shirts, and jackets are the prevalent clothing forms of this style among men and women. This category of clothes is widely accepted by many cultures, as they offer comfort, durability, and variety.

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Factors such as growth of the population and e-retail industry, increase in disposable income of consumers, and surge in fashion consciousness among end users have a positive impact on the global western wear industry. Earlier, western wear was restricted in metropolitan regions only; however, owing to rapid globalization, increased brand awareness, and larger consumer group, the demand is increasing across all regions. Social media trends primarily drive the global western wear market, as this form of media is used by the young fashion-conscious individuals. Fluctuations in western wear trends are caused by celebrities, fashion bloggers, and channels on social media, which act as trend setters.

However, high cost of branded clothes, dynamic fashion trends, and unavailability of raw materials are expected to restrain growth of the western wear market. Nonetheless, casual wear is gaining traction among consumers, presenting major opportunities for market expansion. Online platforms are preferred to purchase western wear, as they provide attractive offers and vast availability of apparels. In addition, quick delivery service and flexible return policies offered by online sites propel sales through this platform.

The report segments the global western market on the basis of type, distribution channel, end user, and geography. Based on type, the market is bifurcated into formal and casual. On the basis of distribution channel, it is divided into online platforms, specialty stores, supermarkets, hypermarkets, and brand outlets. End users of western wear include men, women, and kids. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The formal wear segment dominated the global market in 2017, in terms of revenue. However, the casual wear segment is expected to witness a significant growth rate during the forecast period. At present, the demand for chinos, brightly colored trousers, and fashionable shirts is outpacing sales of formal shirts and trousers, partly due to preference of semi-formal apparel at work.

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Based on end user, the men segment is progressing at a rapid growth rate than the women segment. Fashion designers have always been experimenting with women’s fashion in terms of material, design, and pallet. Thus, the women segment has dominated not only the global fashion market, but also the western wear market.

Asian countries, such as China and India, possess a large number of youth population. This fashion-conscious population is expected to lead to surge in demand for western wear. Formal western wear is mandatory for employees in numerous organizations located in this region; however, few organizations have shown acceptance of casual western wear. Exponential growth in the number of potential buyers in India is expected to drive the market growth.

Major players operating in the Global Western Wear Market are Benetton Group S.r.l., Diesel S.p.A., The Gap Inc., Aditya Birla Fashion and Retail Ltd. Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, MANGO, and Inditex SA.

Other western apparel brands in the value chain include Gianni Versace S.p.A., Chanel S.A. LVMH Moët Hennessy Louis Vuitton SE., and Hermès International S.A.

Key Benefits for Stakeholders

• This report provides quantitative analysis of the current trends, estimations, and dynamics from 2016 to 2023, which assist in identifying the prevailing opportunities in the global western wear market.
• Major countries in each region are mapped based on the revenue contribution to the global market.
• Market player positioning of the industry has been provided to provide a clear understanding of their competitive strengths.
• Porter’s Five Forces analysis is used to illustrate the potential of suppliers and buyers in the industry.
• Comprehensive analysis of factors that drive and restrict the market growth is provided.

LIST OF FIGURES

FIGURE 01. SNAPSHOT: WESTERN WEAR MARKET
FIGURE 02. KEY PLAYERS: WESTERN WEAR MARKET
FIGURE 03. WESTERN WEAR MARKET SEGMENTATION
FIGURE 04. TOP INVESTMENT POCKETS, 2017-2023
FIGURE 05. LOW BARGAINING POWER OF SUPPLIERS
FIGURE 06. HIGH BARGAINING POWER OF BUYERS
FIGURE 07. LOW THREAT OF NEW ENTRANTS
FIGURE 08. MODERATE THREAT OF SUBSTITUTION
FIGURE 09. HIGH INTENSITY OF COMPETITIVE RIVALRY
FIGURE 10. MARKET PLAYER POSITIONING, 2016
FIGURE 11. DRIVERS AND RESTRAINTS: WESTERN WEAR MARKET, 2017-2023
FIGURE 12. GROSS NATIONAL INCOME PER CAPITA, ANNUAL GROWTH, 2011-2015 (%)
FIGURE 13. GLOBAL URBAN POPULATION, 2011-2016 (%)
FIGURE 14. GLOBAL INTERNET USERS, 2008-2016 (%)
FIGURE 15. GLOBAL WESTERN WEAR MARKET, BY TYPE, 2017 (%)
FIGURE 16. COMPARATIVE SHARE ANALYSIS OF CASUAL WESTERN WEAR MARKET, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF FORMAL WESTERN WEAR MARKET, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 18. GLOBAL WESTERN WEAR MARKET, BY DISTRIBUTION CHANNEL, 2016 (%)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR ONLINE PLATFORMS, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 20. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR SPECIALTY STORES, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR SUPERMARKETS, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 22. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR HYPERMARKETS, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR BRAND OUTLETS, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 24. GLOBAL WESTERN WEAR MARKET, BY END USER, 2017 (%)
FIGURE 25. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR MEN, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 26. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR WOMEN, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 27. COMPARATIVE SHARE ANALYSIS OF WESTERN WEAR MARKET FOR KIDS, BY COUNTRY, 2016-2023 ($MILLION)
FIGURE 28. WESTERN WEAR MARKET, BY REGION, 2016 (%)
FIGURE 29. U.S. WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 30. CANADA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 31. MEXICO WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 32. UK WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 33. GERMANY WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 34. FRANCE WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 35. ITALY WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 36. SPAIN WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 37. REST OF EUROPE WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 38. CHINA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 39. INDIA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 40. JAPAN WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 41. AUSTRALIA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 42. SOUTH KOREA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 43. REST OF ASIA-PACIFIC WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 44. BRAZIL WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 45. ARGENTINA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 46. UAE WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 47. REST OF LAMEA WESTERN WEAR MARKET, 2016-2023 ($MILLION)
FIGURE 48. ADITYA BIRLA FASHION AND RETAIL LTD.: NET SALES, 2015-2017 ($MILLION)
FIGURE 49. ADITYA BIRLA FASHION AND RETAIL LTD.: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 50. BENETTON GROUP.: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 51. GAP INC.: NET SALES, 2014-2016 ($MILLION)
FIGURE 52. GAP INC.: REVENUE SHARE BY SEGMENT, 2016 (%)
FIGURE 53. GAP INC.: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 54. HENNES & MAURITZ AB(H&M): NET SALES, 2014-2016 ($MILLION)
FIGURE 55. HENNES & MAURITZ AB (H&M): REVENUE SHARE BY SEGMENT, 2016 (%)
FIGURE 56. MARKS AND SPENCER PLC.: NET SALES, 2015-2017 ($MILLION)
FIGURE 57. MARKS AND SPENCER PLC.: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 58. INDITEX SA (ZARA): NET SALES, 2014-2016 ($MILLION)
FIGURE 59. INDITEX SA (ZARA): REVENUE SHARE BY SEGMENT, 2016 (%)
FIGURE 60. INDITEX SA (ZARA): REVENUE SHARE BY GEOGRAPHY, 2016 (%)

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