-- The report published by The Brainy Insights shows that the global headwear market is expected to grow from USD 27.9 billion in 2022 to USD 54.8 billion by 2032, at a CAGR of 7% during the forecast period 2023-2032. Asia Pacific emerged as the most significant global headwear market, with a 40% market revenue share in 2022. The Asia Pacific market is predicted to grow significantly and gradually in the coming years, owing to the increased popularity of various types of winter hats in countries such as China, India, and Japan. Furthermore, due to the changeable weather in Southern Asian nations such as Australia, New Zealand, and others, headwear goods are frequently used and preferred as a fashion statement, particularly among the Gen Z and millennial demographics.
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Leading companies in the industry include Adidas AG, Calvin Klein, RALPH LAUREN MEDIA LLC, Gianni Versace S.r.l., PUMA SE, New Era Cap, Guccio Gucci S.p.A., Nike, Inc., LACOSTE, and Superdry PLC among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
The product type segment is divided into beanies, headbands, caps and hats, and others. The caps and hats segment dominated the market, with a market share of around 39.3% in 2022. Baseball caps and sun visors are popular among athletes who regard them as necessary for sports. Jae Tips, a New York-based e-commerce company, announced a collaboration with Hat Club in May 2020 to offer a purple cap with a white Yankees emblem and a pastel pink under visor (UV). The distribution channel segment is divided into offline and online. The offline segment dominated the market, with a market share of around 60.7% in 2022. During the holiday season, key manufacturers’ promotional and advertising operations in shopping malls and independent supermarkets and the shopping perks available will likely motivate consumers to purchase through these channels.
The increased urbanisation of the population resulted in an improvement in global fashion sensitivity, which acted as a driving force for market expansion. According to the Global Cities Report 2022, metropolitan areas presently have 55% of the global population, which is anticipated to rise to 68% by 2050. Additional factors driving the growth of the headwear market include the developing fashion sector, changing lifestyles, and the increased requirement for convenience in terms of comfortability and accessibility. As a fashion statement, headwear is gaining favour among younger people.
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About the report:
The global headwear market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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Organization: The Brainy Insights
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