The textile and apparel industry plays a crucial role in the global economy. Textiles meet our basic need of clothing and also serve industrial needs for various other products like furnishings, and industrial supply. Products associated with the textile and apparel industry include clothing, linens, towels, curtains, rugs, upholstery, and fashion accessories. The ongoing digital transformation across the manufacturing and retail sectors has opened opportunities for digitizing processes in the textile and apparel industry as well.

The global Textile and Apparel Market is estimated to be valued at US$ 2662.69 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of digitalization in the textile and apparel industry can help address various challenges and drive growth. Digitalization can help increase transparency in supply chains and improve traceability of raw materials and finished goods. This can help enhance sustainability and compliance. Adopting technologies like IoT, AI, and cloud computing can help automate processes, improve quality control, reduce defects and waste. Digitization of design, sampling and prototyping can speed up product development cycles. Adoption of virtual and augmented reality technologies can also help digitize the shopping experience and improve customer engagement. Overall, digitalization can help textile and apparel manufacturers improve operational efficiency, reduce costs and better serve the evolving needs of customers.

Porter's Analysis

Threat of new entrants: Low economies of scale in the textile industry pose a low threat as substantial capital investments are required for production and various compliance requirements.

Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and the ability to switch to other vendors. Buyers can negotiate on price and demand higher quality at lower costs.

Bargaining power of suppliers: Textile producers have moderate bargaining power over suppliers as they have access to a variety of fabric and fiber suppliers. However, suppliers of specialized fabrics hold more power.

Threat of new substitutes: The threat is moderate as alternatives like blended or synthetic fabrics continue to gain popularity and penetration.

Competitive rivalry: High as industry players compete intensely on pricing, design, quality, lead times given the global nature of competition.

SWOT Analysis

Strengths: Established global supply chain and distribution networks, strong brand recognition, innovation in modern fabrics and production techniques.

Weaknesses: High operational costs, vulnerability to fluctuations in cotton/fabric prices, intense price wars erode margins.

Opportunities: Growing demand for ecoutextiles, technical textiles, expansion in developing markets like India and Africa.

Threats: Rising labor and compliance costs, trade conflicts impact export competitiveness.

Key Takeaways

The global textile and apparel market is expected to witness high growth driven by rising disposable incomes, emerging fashion trends and replacement needs. Global Textile And Apparel Market Demand is estimated to be valued at US$ 2662.69 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.

Regional analysis shows that Asia Pacific dominates the global textile and apparel market with nearly 60% share led by large production capabilities and availability of raw materials. China continues to be the dominant country owing to its large manufacturing base, export strengths and increasing domestic demand from its huge population base. India is the second largest manufacturer and exporter of textiles benefitting from favorable government policies and low labor costs.

Key players operating in the textile and apparel market are IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC, Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow, OpenStack, CloudEndure, Cloudreach, Apps Associates and Rigs IT. These players are focusing on deploying AI/ML, IoT and blockchain to optimize manufacturing, enhance design capabilities and tap new growth opportunities in performance and technical textiles.
 

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