Knitwear Market Forecast (2018-2023) Report: By Size, Share, Growth and Global Demand
Technological advancements in knitting has propelled the market players to adopt electrical knitting machines over mechanical knitting machines. Electrical knitting machines offer the advantage of quick production of large volume of knitwear, which helps in lowering the overall production cost. Moreover, the advent of advanced techniques such as digital printing, inkjet printing, burn-outs, glossy foil prints, and flocking have led to a cut-throat competition among the market players.
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Top Market Players:
- Adidas AG (Germany),
- Gildan Activewear Inc. (Canada),
- Loro Piana S.p.A. (Italy),
- Puma SE (Germany),
- Ralph Lauren Corporation (the US),
- The Nautical Company (UK) Ltd (UK),
- Victoria's Secret (the US),
- Maglificio Ripa S.p.a (Italy),
- LENZING AG (Austria),
- Ecowool (New Zealand),
- Sana Hastakala (P) Ltd. (Nepal)
Industry Segmental Analysis:
Based on material type, the global knitwear market has been segmented into natural, synthetic, and blended. The natural segment gained the highest market share in 2017 owing to the versatile, cozy, anti-wrinkle, high absorption capacity, and warm nature of natural fabrics such as cotton, silk, and wool. However, the blended segment is expected to register a higher growth rate during the forecast period owing to the mixed properties offered by blended fabrics. Blended fabric material provides comfort, coziness, elasticity, durability and is easy to work upon.
The global knitwear market has been segregated, by category, into men, women, and kids. The women’s segment is expected to dominate the global knitwear market during the assessment period as a major demand of apparels is from the women’s category. Moreover, knitwear for women are available in a wide variety of designs and patterns. The same segment is anticipated to witness a higher CAGR during forecast period due to higher awareness among women regarding changing fashion trends and their willingness to buy new apparels.
The global market for knitwear has also been classified, by end-use, as innerwear and outerwear. The outerwear segment is expected to dominate the market due to the availability of different formats of outwear knitwear. In addition, the rate of wear and tare of outerwear is high as compared to innerwear, which in turn is surging the sales of outerwear segment.
The global market for knitwear has also been classified, by distribution channel, as store based and non-store based. The store based segment is anticipated to gain the lion’s share in the global knitwear market due to the presence of established brick & mortar stores across the globe. However, the non-store based segment is anticipated to project a higher CAGR during the forecast period due to the rising penetration of e-commerce in knitwear sales.
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On the basis of region, the global knitwear market has been segmented into North America, Europe, Asia-Pacific, and RoW. North America and Europe are expected to account for the highest market share in the global knitwear market owing to presence of several prominent market players in the regions. Moreover, the customers in the respective regions have a higher purchasing ability to buy premium knitwear products.
Asia-Pacific is expected to exhibit the highest CAGR in the global knitwear market due to the surging demand for textile products in countries such as India, China, Taiwan, and Indonesia. Market players are outsourcing their production operations from Asia-Pacific, which in turn is catalyzing the region’s market growth.
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