Fashion

Winter Wear Market to Top US$ 295 Bn Driven by Introduction of Temperature Control Apparels: FMI

Winter Wear Market

Winter Wear Market

Increasing Recreational Activities and Aerogel Material Technology is expected to boost the Sales for Winter Wear

JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, January 5, 2022 /EINPresswire.com/ — Future Market Insight’s (FMI’s) recent study published on the winter wear market provides insights into key factors uplifting the sales over the next ten years. It also provides unbiased analysis on key trends, drivers, and opportunities across key segments, including product type, material type, consumer orientation, size, and sales channel.

As per latest research by FMI, the global winter wear market is estimated to reach US$ 285 Bn by 2022. Increasing availability of winter wear in different categories such as professional wear, casual wear, and sports & fitness wear is propelling the demand in the market.

Decreasing temperature below zero in countries such as Canada, Russia, Sweden, and others due to changes in weather conditions is fueling the demand for winter clothes to protect the body from catching cold and frostbite. On account of this, the market is expected to total US$ 295 Bn by the end of 2027.

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Additionally, growing inclination towards visiting colder places and rising popularity of recreational activities such as snow skating, hiking, ice fishing, and skiing among others are creating immense growth opportunities in the market.

Hence, numerous market players are increasingly focusing on developing and launching novel winter wear apparel to capitalize on these existing opportunities. For instance, the Boston Company announced introducing an advanced voice-controlled winter wear mercury intelligent heated jacket in 2018.

The jacket is incorporated with an internal heating system that can automatically adjust the temperature as per the consumer’s behavior.

A multiplicity of such product launches and integration of novel technologies across the apparel is anticipated to accelerate the sales of winter wear. As per FMI, the global winter wear market is poised to expand at around 5% CAGR during the forecast period 2022 to 2027.

Based on material type, wool is projected to remain the most sought-after material for winter wear, exhibiting growth at 4% CAGR through 2027. High elasticity, luxurious appeal, and the ability to fit any body form attributes of wool are factors favoring the growth in the segment.

“Leading manufacturers are emphasizing on adopting marketing strategies such as celebrity endorsement to premiumize their existing winter wear brands and address the surging demand for high-quality winter wear. This is expected to favor the growth in the market,” says a FMI analyst.

Key Takeaways from Winter Wear Market Study

• The U.S. is estimated to hold the lion’s share in the North America market, accounting for nearly 83% of the sales in the region through 2027.

• Sales of winter wear in Europe is projected to rise at 4% CAGR over the assessment period, owing to the constant cold weather across Finland, Germany, and the U.K.

• China is expected to register swift growth in the East Asia market, favored by the increasing popularity of recreational activities such as snow skating and skiing in the country.

• India is projected to account for a significant share in South Asia, on the back of increasing trend of visiting colder destinations such as Himachal Pradesh and Kashmir for tours.

• On the basis of sales channels, the online retailing segment is forecast to exhibit the fastest growth, expanding at 8% CAGR between 2022 and 2027.

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Key Drivers

• Increasing cultural activities such as the Harbin Ice Festival in China, and Snow Festival in Japan are propelling the demand for winter wear in the East Asia market.

• High versatility and increasing use of jackets for various activities such as armor, trekking, excursions, fashion, and biking are increasing the sales across the jacket segment.

Key Restraints

• Installation of climate control systems in residential and commercial buildings, cars, shopping stores, and offices is decreasing the need for expensive winter wear which is in turn hindering the sales in the market.

• Decreasing duration of winter seasons and shrinking ice-covered locations due to global warming across the globe is negatively affecting the sales of winter wear.

Competitive Landscape

Top tier players in the global winter wear market are expected to account for around 15% to 20% of the total revenue share in the current market.

Leading companies are focusing on adopting strategies such as new product launches, product promotions, and development in order to expand their business globally. For instance,

• In September 2021, Columbia Sportswear Company, an American Outerwear company, announced introducing range of winter wear with Omni-Heat Infinity technology. The range includes technical coats, winter caps, footwear, and gloves for both men and women.

• In September 2018, Gap Inc., an American worldwide clothing and accessories retailer announced launching a new high performance menswear product line named “Hill City”. It includes premium men’s apparels that blends highly technical fabrications, and style. This will assist the company to strengthen its footprint across the winter wear market.

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Some of the key players operating in the market profiled by FMI are:

• Nike Inc.

• Aero Group

• Fenix Outdoor Group

• Wintergreen Northern Wear

• Helly Hansen Company

• Forever 21, Inc.

• J.Crew Group, Inc.

• American Multinational Corporation Gap Inc.

• Zara SA

• Patagonia, Inc.

• Columbia Sportswear Company

• Gap Inc.

• VF Corporation

More Valuable Insights on Winter Wear Market

FMI, in its new report, offers a detailed analysis of the global winter wear market and forecast statistics through 2021 and beyond. The survey reveals growth projections on in winter wear market with detailed segmentation:

By Product Type:

• Jackets/Coats

• Sweaters/ Cardigans

• Scarves, Shawls & Wraps

• Sweatshirts & Hoodies

• Hats, Caps, & Gloves

• Others

By Material Type:

• Cotton

• Wool

• Velvet

• Fur

• Leather

• Others

By Consumer Orientation:

• Men’s Winter Wear

• Women’s Winter Wear

• Kids Winter Wear

By Size:

• Small

• Medium

• XL

• Double XL

By Sales Channel:

• Hypermarkets/Supermarkets

• Convenience Stores

• Specialty Stores

• Multi-Brand stores

• Exclusive Stores

• Online Retailers

• Others Sales Channel

By Region:

• North America

• Latin America

• Europe

• East Asia

• South Asia

• Oceania

• MEA

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Key Questions Covered in the Report

• The report offers insight into winter wear market demand outlook for the forecast period 2021-2031

• The market study also highlights projected sales growth for winter wear market between 2021 and 2031

• Winter wear market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

• Winter wear market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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