Growing demand for different knitted sportswear (t-shirts, pants, shorts, socks, etc.) can be attributed to the increase in sports activities
According to a new market report published by Transparency Market Research titled ‘Knitwear Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global knitwear market is expected to reach US$ 817,402.7Mn by 2026, expanding at a CAGR of 5.3% from 2018 to 2026. In terms of volume, the market is expected to reach 26,208 million units in 2026, expanding at a CAGR of 5.0% from 2018 to 2026. Asia Pacific was the single largest knitwear market by region in the global knitwear market in 2017 and its market share is expected to increase during the forecast period.
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Rise in Popularity of Knitted Sportswear to Drive Knitwear Market
Growing demand for different knitted sportswear (t-shirts, pants, shorts, socks, etc.) can be attributed to the increase in sports activities such as aerobics, athletics, football, and cricket. An increase in penetration of the Internet is further expected to drive the sports segment, and consequently the knitwear market during the forecast period.
The surging demand for knitwear is primarily due to its moisture-wicking ability, anti-wrinkle properties, easy breathability, etc. Furthermore, it is more comfortable and soft as compared to woven fabrics, which, in turn, is driving its demand in various applications. Knit fabrics resist wrinkles. Its water vapor transmission and good thermal insulation are required in sports clothing which helps to keep the wearer comfortable during workouts, exercise, and sports performance. Knitwear fabric has all these properties due to which its demand is projected to be more than other fabrics.
Demand for High-performance and Lightweight Wear to Propel Knitwear Industry
The growing demand for lightweight and high-performance clothing is driving the demand for different types of knitwear made from natural, synthetic, and blended materials. Knitwear products have better breathability, and chlorine resistance, are anti-tear, and have better durable materials. Furthermore, the application of knitted fabric has been growing in denim clothing as consumer preference is shifting more toward softer material in clothing with high compression, flexibility, and soft wear. The rising popularity of different types of knitwear, owing to increase in social media trends and Internet penetration, is boosting the demand for knitwear. Manufacturers catering to the demand of customers as per recent trends are launching different designs, patterns, trendy colors, and styles in knitwear such as letter pattern craft, asymmetric patchwork, and Scandi folk style, to strengthen the sense of fashion in knitwear for end-users, including men, women, and kids.
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T-shirts & Shirts to Acquire Significant Share of Global Knitwear Market
In terms of product type, the global knitwear market has been segmented into innerwear, t-shirts & shirts, jackets & sweaters, sweatshirts & hoodies, shorts & trousers, evening dresses, suits, & leggings, and others such as caps, scarves, gloves, socks, etc. T-shirts & shirts type and sweatshirts & hoodies of the knitwear market held a major share and are expected to grow at the highest CAGR during the forecast period.
Increase in Awareness about Natural and Eco-friendly Products to Fuel Market Growth
Knitwear are classified into natural, synthetic, and blended, in terms of material type. The natural material segment dominates the global knitwear market. Furthermore, this segment is expected to register the highest CAGR during the forecast period. Rising demand for eco-friendly and recycled products, owing to increasing awareness regarding sustainability and anti-wrinkle & high absorption capacity of natural material has increased in demand for knitwear from natural material. However, rising cotton and yarn prices are a concern for many manufacturers; moreover, low technology awareness in many developing countries results in low production which could hamper the growth of the market. Thus, manufacturers are focusing on adopting machines that could increase their production capacity.
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Analysis of Key Players in Global Knitwear Market
The knitwear market is fragmented due to the presence of several players. Competition is expected to intensify in the near future due to the entry of several local players. Manufacturers in the knitwear market are also focusing on style and classic designs, along with comfort, and promoting new designs periodically. Many companies are trying to meet the demand of the younger generation as per the latest trends by introducing fresh and quirky designs, while adhering to the quality of different knitwear.
Key players operating in the global knitwear market are: Nike Inc., Adidas AG, Gap Inc., Fast Retailing Co., Ltd., Marks and Spencer Group plc., Gildan Activewear Inc., Hackett Ltd, Abercrombie & Fitch Co., Loro Piana S.P.A., Ralph Lauren Corp., Lactose, The Nautical Company (U.K.) Ltd., Victoria’s Secret, YOOX NET-A-PORTER GROUP, etc.
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting
Nov 11, 2022
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