LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global apparel logistics market to grow at a CAGR of close to 6% during the period 2018-2022, according to their latest report.
The growing adoption of RFID tags in the apparel industry is a key trend that is expected to impact market growth. The adoption of radio frequency identification tags in the apparel industry is growing rapidly. This is owing to the need for better tracking of goods. The rising counterfeiting and illegal sale of apparel have led to the adoption of safer techniques for the handling of apparel goods.
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In this report, Technavio analysts highlight the fast replenishment cycles in the apparel industry as a key factor contributing to the growth of the global apparel logistics market:
Fast replenishment cycles in the apparel industry
The apparel industry is highly dynamic owing to the evolving fashion trends that are driving the market growth. The hypercompetitive environment makes apparel companies incorporate new technologies such as data analytics and AI to assess demand. The apparel industry players use appropriate forecast and production as well as pricing software to meet these demands. The landing of products at specific stores or retail outlets can be ensured only through efficient logistics services in the apparel industry. For instance, apparel retailer ZARA pioneered the fast-fashion business model in which it brings products from design to stores within 2-3 weeks.
New players in the market such as Boohoo.com, ASOS, and Missguided are adopting this business model. Therefore, faster replenishment services are required to ensure all the demands are met. In the traditional method, apparel retailers used to restock their inventory two or three times in a year. However, adopting the faster replenishment approach, retailers re-order their inventory stock more than 11 to 12 times a year.
According to a senior analyst at Technavio for transportation and distribution research, “The frequent replenishment cycles provide more prospects for logistics players for service delivery. Therefore, the faster replenishment trend in the apparel retail is driving the demand for apparel logistics services.”
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Global apparel logistics market segmentation
This market research report segments the global apparel logistics market into the following applications (smart utilities, home appliances and consumer electronics, manufacturing, and healthcare devices) and key regions (the Americas, APAC, and EMEA).
In 2017, EMEA emerged as the largest market in the global apparel logistics market, closely followed by APAC and the Americas. APAC is expected to exhibit the fastest growth over the forecast period by increasing its market share by close to 3% by 2022 and surpass the other two regions.
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