Headwear Market Expected to reach USD 54.8 billion by 2032, at a CAGR of 7% during the forecast period 2023 to 2032.
The global headwear market is expected to see significant growth in the coming years, with a projected CAGR of 7% from 2023 to 2032, according to a new report from market research firm, The Brainy Insights. The report states that increasing disposable income and changing fashion trends are the primary drivers behind this growth.
Headwear products have been traditionally viewed as a functional accessory for outdoor activities or as a part of uniform and sportswear. However, the changing lifestyle and fashion preferences of the consumers have led to an increased demand for stylish and trendy headwear. The report highlights that millennials and Gen Z are the major target customers for headwear, as they are more inclined towards fashionable products.
Furthermore, the increasing adoption of e-commerce platforms and social media influence has led to a shift in the distribution channels of headwear products. E-commerce platforms have enabled the manufacturers to reach a wider audience and expand their customer base.
The report also identifies different types of headwear products that are gaining popularity in the market, including caps and hats, headbands, and turbans. Caps and hats are expected to hold the largest market share due to their versatility, comfort, and style.
This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global headwear market based on the below-mentioned segments:
Global Headwear Market By Product Type:
- Caps and Hats
Global Headwear Market By Distribution Channel:
Global Headwear Market By Region:
- North America
- South America
- Middle East and Africa
- South Africa
Geographically, North America is expected to dominate the global headwear market due to the high demand for sports headwear and the presence of major players in the region. Asia-Pacific is expected to grow at the highest rate due to the increasing urbanization and changing fashion preferences of consumers.
Some of the key players in the headwear market include New Era Cap Company, Inc., Nike, Inc., Adidas AG, Under Armour, Inc., PUMA SE, Carhartt, Inc., Decky Brands Group, and Hanesbrands, Inc.
Overall, the headwear market is expected to experience significant growth in the coming years, driven by changing fashion preferences and increased adoption of e-commerce platforms. Manufacturers who can cater to the demand for stylish and trendy headwear products are likely to succeed in this market.
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.