Hoodies & Sweatshirts Market Share, Size, Demand, Key Players by Forecast 2032

The hoodies & sweatshirts market has witnessed a growth from USD 28.69 billion to USD 38.09 million from 2021 to 2031 with a CAGR of 2.1%.

Hoodies and sweatshirts are winter clothes worn by men and women of all ages. A hoodie has a hood in the front, while a sweatshirt has no pouch in the front and is a long-sleeved pullover. A hoodie is a garment that protects the body from the cold winter and keeps the body comfortable. In contrast, the sweatshirt is thin, maintains blood circulation and body temperature, and aids in a person's athletic activity.

Manufacturers are constantly improving the print designs and fabric quality of their apparel to give them a competitive edge. The hoodies and sweatshirts market is expected to see tremendous innovation in the coming years as new technology and changing lifestyle trends transform the industry. Various brands such as Adidas, Nike and PUMA. celebrity endorsements and marketing campaigns also play a key role in driving consumption of winter apparel such as hoodies, jackets and sweatshirts. Long-term brand impressions of celebrities play an important role in attracting customers to purchase products from different brands, which can have a positive impact on market growth.

Hoodies and sweatshirts usually stand out for their aesthetics and accessories such as embroidered prints, hoods and zipper styles. The fashionable sweatshirts and hoodies give an attractive appearance to the personality and can be worn out during any occasion since they are comfortable and multifunctional. Additionally, winter trips to cold climates also increase the need for perfectly fitting hoodies and sweatshirts to withstand cold weather conditions. Another important change in the competitive landscape is the increasing digitization of the economy. The fashion industry is digital and networked. Digital platforms and digital marketing strategies are accelerating growth in the fashion market. According to a 2018 research report from JDA Software Inc., 43% of fashion brands and retailers will invest in customer-centric data science over the next five years to personalize customer data based on lifestyle and local trends.

The winter season is generally experiencing high-quality winter clothing fashion among people, and due to that seasonal need, the market faces the challenge of increasing consumer demand. Ultimately, it hinders market growth for hoodies and sweatshirts.

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Material Type Insights

Based on the material type, the market is segmented into cotton, wool, leather, fleece, and others. The fleece fabric segment is expected to see significant growth in the coming years due to polyester insulating fabric materials that trap the heat generated by the human body and protect against the harsh cold. It also has a lower cost compared to cotton. Fleece fabrics used in hoodies and sweatshirts are warm and comfortable in cold weather. Sweatshirts are widely accepted among new generations around the world because the fabrics used are suitable for all climatic conditions. Fleece hoodies are the perfect winter attraction. They are soft and lightweight in nature and do not pick up dirt and grime easily. Also, compared to cotton, it does not require frequent washing and is easy to care for. The stretchy fleece material used in sweatshirts and hoodies brings stretch and flexibility to sports and fitness activities and is widely accepted by athletes and athletes alike.

End Use Insights

Based on end-use, the market is segmented into men, women, and kids. The men's segment is seen as a profitable growth opportunity as sweatshirts and hoodies are the ultimate crossover of style and comfort, offering an attractive look as outerwear. Sweatshirts are seeing more use among fitness enthusiasts and athletes because they are flexible and stretchy and also help maintain and regulate body temperature. Hoodies are the trendiest on the market during the cold winter months. In addition, sweatshirts have become a staple in a man's wardrobe at any time of the year. The variety of hoodie designs and colors continues to fuel the growth of the segment.

Distribution Channel Insights

Based on distribution channels, the market is segmented offline and online. The online segment is expected to offer significant growth opportunities due to the growth of the latest e-commerce shopping trends and changing customer patterns demanding different styles of clothing from different brands. Many new brands are emerging in e-commerce, allowing businesses to engage with consumers through virtual reality. The products sold through the online platform are also customer-centric, as prints and designs on sweatshirts and hoodies can be customized to customer preferences. Easy payment interfaces, discount offers, and hassle-free return policies encourage customers to make more purchases on online shopping sites, thereby driving segment growth.

Regional Insights

The North American market is expected to witness dominant market growth during the forecast period 2021-2028. According to the latest data published by the Commerce Department Office of Textiles & Apparel (OTEXA), U.S. apparel imports plunged 32 % to $6 billion in value terms in July 2020 compared to the previous year, 2019. The following variants are expected to boost regional growth. Fashion trends and changing lifestyles are also having a positive impact on growth in the region as sweatshirts and hoodies come in a range of contemporary colors and designs and are favored by the younger population. Manufacturers involved in winter apparel partner with strong distribution channels to promote incredible collections from brands as diverse as Nike, Calvin Klein, Vans and Tommy Hilfiger.

Key Companies Insights

Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. Manufacturers introduce product innovations in terms of product, prices, and packaging, resulting in a high level of competition in the market. Also, high industrial profitability has prompted manufacturers to adopt strong competitive strategies. Moreover, key players are heavily using product innovation as a key strategy to consolidate the market. These companies are increasing their investment in research and development to create products that meet consumer needs, expand their presence, and maintain their market position. For instance, on November 10, 2018, Nike and the Premier League announced a six-year extension of their existing partnership through at least 2025. The contract extension strengthens one of Nike's longest partnerships in football and ensures continued innovation both on and off the football pitch. The deal will allow Nike to strengthen its athletic suiting business, which includes hoodies.

Some of the key players operating in the global hoodies & sweatshirts market include:

· Skechers

· Columbia

· New Balance

· UNDER ARMOUR

· GAP

· PVH

· Levi's

· Nike

· Adidas

· Hanesbrands Inc.

· VF Corporation

· Puma

· Ralph Lauren

· Patagonia

· Capri Holdings

· Lululemon

· Abercrombie and Fitch

· Other Players

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Segments

By Material Type

· Cotton

· Wool

· Leather

· Fleece

· Others

By End Use

· Men

· Women

· Kids

By Distribution Channel

· Online

· Offline

Key Points:
Define, describe and forecast Hoodies & Sweatshirts product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

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