MRO Magazine

Online Channel Emerges as the Key Platform to Propel the Global Apparel and Textiles Market, According to Technavio

May 26, 2016
By Business Wire News


Technavio research analysts are forecasting positive growth for many segments of the apparel and textiles market over the next four years as several markets including global online lingerie market,premium denim marketandglobal children’s wear market, will witness an increase in revenues.

Technavio’s market research analysts predict the global online lingerie market to grow at a CAGR of over 20% between 2016 and 2020. The increasing use of online channel as a key platform for shopping is one of the primary reason for the growth of this market. Online retailing provides a wide range of discounts, coupons, and offers, either from the retailers or directly from the manufacturers hence, it attracts a wide number of consumers.

According to Brijesh Kumar Choubey, a lead research analyst at Technavio for consumer and retailresearch, “The use of location-based services (LBS) technology by the websites and the mobile apps developed to assist consumers in purchasing products online is also a major factor driving online retail globally. These websites and apps are incorporated with location detectors such as GPS and BLE (Bluetooth low energy) and NFC (near field communication) technology to locate the customers point of ordering. This software also facilitates the analysis of consumer data such as buying details and buying frequency and preferences data of the consumers who visited the online stores.”

Apart from the online lingerie market, the second most sought after market in the apparel and textile market is the global denim jeans market which was valued at USD 58 billion for the year 2014. This market is further classified into three major categories such as mass market denim jeans, standard or economy jeans, and premium denim jeans. Premium denim accounts for roughly 26% of the overall Jeans market with the highest market potential. It is also the fastest growing segment of the market. Many premium denim companies in the market are focusing on opening more stores in developing countries, augmenting the market to grow at a CAGR of over 8% during 2015-2019.

The market for online jeans is growing fast with the online mode emerging as the preferred channel for vendors as well as designers as it enables them to engage directly with the customer. The revenues in this category accounted for 24% of the overall sales of premium denim. This trend is expected to accelerate the growth of the premium denim market during the forecast period.

View Technavio’s entireapparel and textile market report library

In recent times, Technavio’s market research analysts have identified a steady growth the global children’s wear market which is forecasted to grow at a CAGR of over 6% during the period 2016-2020. Various factors such as dual-income households, emerging fashion trends and the growing purchasing power of the populace in developing countries will boost the sales of children’s apparel during the forecast period.

In addition to the availability of a wide array of products and brands, the rapid growth of the organized retail sector in emerging countries is responsible for the growth of the children’s apparels market. Technavio market research analysts have estimated the EMEA region to account for more than 36% of the total market share by 2020.

Some of the key vendors for the apparel and textile market include Lise Charmel, L Brands, and Wolf Lingerie, for the global online lingerie market; Highland Group, Nordstorm VF, and Zalando for the premium denim market; Benetton, Carter’s, and Disney for global children’s wear market.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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