As per a revised report published by Fact.MR, the appeal accessories market is anticipated to surpass US$ 12.6 Bn in 2021, and expand at a CAGR close to 6% over the next ten years.
Popularity of economical apparel accessories has been observed in the past few years. The foremost driving factor for the sales of economical apparel accessories is surging demand from developing economies. A larger chunk of demand comes from these regions where consumers are pretty price-sensitive.
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Asia Pacific accounts for more than 30% market share, followed by North America and Europe. This is due to rapid industrialization and easy availability of raw materials.
Online sales channels have witnessed enormous growth in the past year due to the outbreak of COVID-19. Relaxations in trade restrictions after the initial lockdowns, especially in developing economies, will further bolster demand.
Key Takeaways from Market Study
- According to Fact.MR, East Asia dominates the global apparel accessories market, and is foreseen to maintain its dominance in terms of market share over the forecast period. This regional market is estimated to expand at a CAGR of around 6% through 2031.
- China is estimated to account for more than 80% of the East Asia volume share by the end of forecast period.
- Revenue from economical appeal accessories is anticipated to increase at a CAGR of close to 6% over the next ten years, and reach US$ 8.5 Bn by 2031.
- Asia Pacific dominated the global market and accounted for around US$ 6.5 Bn in 2031, which was nearly 30% of the global market share.
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Why Do Economical Apparel Accessories Hold Larger Chunk of Market Share?
Economical apparel accessories are expected to corner a significant market share of nearly 40% in through 2031. A bigger portion of demand has been seen from developing economies such as China and India. Owing to price concerns and comparatively less disposable income than developed economies, the population here are price-sensitive and prefer economical products.
Key Market Segments Covered
- Eye wear
- Hat Apparel
- Apparel Accessories for Men
- Apparel Accessories Women
- Apparel Accessories Children
- Economical Apparel Accessories
- Mid-range Apparel Accessories
- Premium Apparel Accessories
- Super-premium Apparel Accessories
- Apparel Accessories Sold through Modern Trade
- Apparel Accessories Sold at Franchise Outlets
- Apparel Accessories Sold at Specialty Stores
- North America
- Latin America
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Prominent tier-1 manufacturers such as The Gap, Inc., Hennes & Mauritz AB, NIKE, Inc., Adidas AG, and many more account for one-third market share. Players are operating strategically and deploying resources to strengthen their sales and distribution networks across the globe.
Companies are opting for both, organic and inorganic growth strategies to corner a significant amount of market share. Partnerships, collaborations, and joint ventures are the most preferable strategies that provide the leverage of technological advancements and distribution networks.
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