Press release
Streetwear Industry to Reach $637.12 Billion by 2032 at 7.89% CAGR During Forecast Period.
Fortune Business InsightsTM displays this information in a report titled, "Streetwear Market, 2024-2032."
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List of the Companies Operating in the Market:
▶ Nike (U.S)
▶ Supreme (U.S.)
▶ Stussy (U.S.)
▶ BAPE (Japan)
▶ Adidas (Germany)
▶ Off-White (Italy)
▶ Vetements (Switzerland)
▶ Palace (U.K.)
▶ RoaringWild (China)
▶ Undercover (Japan)
Segmentation:
Clothing Segment Dominated Market Due to Introduction of Novel Products
Based on product, the market is segmented into clothing, footwear, accessories, and others. The clothing segment accounted for the largest market share in 2023. Numerous key players are introducing novel products and partnering with influential celebrities to meet the growing demand for clothing, thereby driving the segment's growth.
Men Segment Dominated Market Due to Prominent Players' Focus On Expanding Their Reach
Based on end user, the market is segmented into men and women. The men's segment held the largest market share in 2023. Numerous prominent players are focusing on expanding their reach owing to the growing product demand, thereby driving the segment's growth.
Offline Stores Segment Led Market Growth Due to Introduction of New Retail Stores Worldwide
Based on distribution channel, the market is segmented into offline stores and online stores. The offline segment held the highest share of the global market in 2023. Numerous prominent players are introducing new stores with an intent to expand their reach.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, products, end users, distribution channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Number of Collaborations and Rising Need for Exclusive Products to Fuel Market Growth
Growing collaborations with influential celebrities, fashion designers, and various brands will fuel the demand for casual clothing. Key players are collaborating to reach new audiences, enter niche markets, and stand out in a competitive landscape. Limited-edition products are becoming popular among consumers, especially collectors and fashion enthusiasts. Several key players are also launching limited-edition products to increase sales and expand their offerings.
However, counterfeiters have been targeting casual clothing, leading to the widespread production and distribution of fake merchandise, thereby impeding the streetwear market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Increasing Fashion Trends in Region
Asia Pacific led the streetwear market in 2023 and is projected to maintain its dominance during the forecast period. Asian pop culture, such as K-pop, J-pop, and C-pop has been significantly promoting fashion trends in the region. Due to the increasing product demand, numerous key players intend to expand their presence in the region. These factors are driving the region's market growth.
North America is projected to exhibit considerable growth during the forecast period due to the growing availability of comfortable and functional clothing, such as joggers, hoodies, and sneakers.
Competitive Landscape:
Companies to Focus On Innovative Technologies to Stay Competitive
The leading companies operating in this market are increasing their focus on launching various strategies to tackle the availability of counterfeit products. They are introducing security labels that allow consumers to verify the originality of their purchases. They are also launching innovative products and establishing strategic partnerships with other firms to strengthen their market position and remain competitive.
Key Industry Development:
October 2022: Maison Menace, a premium casual clothing brand, unveiled its new F/W 22 offering. The new collection includes plush hoodies, logo-monogrammed balaclavas, and t-shirts.
Browse Detailed Research Report Summary: https://www.fortunebusinessinsights.com/streetwear-market-110565
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Fortune Business InsightsTM offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business InsightsTM Pvt. Ltd.
9th Floor, Icon Tower,
Baner, Pune-411045,
Maharashtra, India.
Phone:
U.S.: US +1 833 909 2966 (Toll Free)
UK +44 808 502 0280 (Toll Free)
APAC +91 744 740 1245
Email: sales@fortunebusinessinsights.com
About Us:
Fortune Business InsightsTM offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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