Press release
Knitwear Market to More than Double-USD 1.82 T by 2031 at ~12.9% CAGR
Knitwear Market
The Global Knitwear Market continues to demonstrate remarkable growth, with the market valued at approximately USD 780.21 billion in 2024 and forecast to reach USD 1,820.24 billion by 2031, operating at an impressive CAGR of 12.86% in the period 2025-2031
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◉ Market Overview & Key Drivers
The surge in knitwear demand is being driven by:
Comfort-forward fashion, athleisure, and rising disposable incomes in emerging economies.
Increasing consumer emphasis on sustainability, with eco-friendly fibers and zero-waste production gaining traction.
Technological innovations like 3D knitting and seamless design improving efficiency, customization, and reducing waste
Rapid expansion of online retail, enhancing accessibility and driving demand across demographics.
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◉ Competitive Landscape & Higher-Demand Region
Major global players include Nike, Adidas, Uniqlo, H&M, Loro Piana, Gildan, Puma, and Ralph Lauren
Higher demand in North America is evident-holding over 40% of global knitwear revenue (~USD 260 billion in 2024), driven by e-commerce and athleisure trends
◉ Country-Specific Insights
Vietnam: Supply-Chain Growth in Vietnam
Growth in Vietnam: Vietnam's positioning as a knitwear manufacturing hub is strengthening, with FDI and brand relocations boosting local production and export capacity.
Thailand: Tourism-Inspired Knitwear Trends
Opportunity in Thailand: Wholesale and retail knitwear sectors are expanding, driven by tourism-linked demand and local apparel diversification.
Japan: Premium Knitwear Consolidation
Consolidation in Japan: Brands like Uniqlo and Loro Piana sustain high-quality knit production and vertical integration; the trend leans toward sustainable and lightweight knitwear lines.
South Korea: Smart Apparel Innovation
Innovation in South Korea: Tech-integrated knitting-such as temperature-regulating and AI-designed knits-is gaining ground, aligning with domestic innovation policies.
Singapore: Circular Fashion Benchmarking
Updation in Singapore: Serving as a regional fashion testbed, Singapore pilots circular-knit lines and supports urban knitwear startups in sustainability-driven design.
United States: Brand Expansion & Acquisition
Consolidation in the U.S.: Iconic brands like Nike, Gap, and Lululemon expand through strategic acquisitions and direct-to-consumer knit lines.
China: Scale-Driven Knitwear Expansion
Growth in China: As the top global exporter, China's knitwear sectors benefit from infrastructure, manufacturing scale, and integration into global brand supply chains.
Europe: Sustainability & Craftsmanship Focus
Opportunity in Europe: European markets (e.g., Italy, Germany) are investing in premium, sustainable knits and circular fashion models that highlight craftsmanship and materials ethics.
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◉ Knitwear Market Segment Analysis:
by Type
Innerwear
T-Shirts & Shirts
Sweaters & Jackets
Sweatshirts & Hoodies
Shorts & Trousers
Evening Dresses, Suits, & Leggings
Accessories
by Material
Natural
Synthetic
Blended
by Application
Outerwear
Innerwear
Sportswear
Others
◉ Mergers & Key Recent Developments
Uniqlo is ramping up sourcing in India to meet global demand, enhancing production agility (Updation: India)
HUGO BOSS launched the "BOSS ONE Bodywear" knit line featuring David Beckham in early 2025 as a premium lifestyle brand expansion
Ramp Knitwear, a digital knitwear startup, raised USD 150 million, valuing the company at USD 7.65 billion, signaling investor enthusiasm
Companies like Sodra Group and Object (Bestseller) are collaborating on knitwear made from recycled textiles-emphasizing circular fashion models.
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◉ About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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