LONDON--(BUSINESS WIRE)--The global men’s coats, jackets, and suits market is expected to post a CAGR of more than 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Rising disposable incomes, growth in purchasing power, and increasing fashion consciousness are driving the consumer demand for premium and luxury products that provide a high level of comfort and durability. This is encouraging vendors to focus on expanding their product portfolios by increasing R&D efforts and collaborating with renowned designers. This is leading to the incorporation of advanced features and innovative designs in men’s coats, jackets, and suits, that are priced higher than ordinary products. This is resulting in product premiumization along with portfolio expansion.
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As per Technavio, the rise in the adoption of sustainable manufacturing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Men’s Coats, Jackets, and Suits Market: Rise in the Adoption of Sustainable Manufacturing
Many vendors in the market are increasingly adopting sustainable manufacturing practices to reduce their impact on the environment. Similarly, some vendors operating in the market have signed a “Fashion Pact” with more than 30 global fashion and textile companies to reduce the adverse impact of the fashion industry on the environment. This is ensuring the manufacture of products using eco-friendly methods. For instance, Inditex uses 100% organic, sustainable, or recycled cotton, linen, and polyester in all its eight retail brands. The adoption of such sustainable manufacturing practices by key vendors will have a positive impact on the growth of the global men’s coats, jackets, and suits market during the forecast period.
“Increased demand for customized/tailored coats and suits and rising emphasis on improving customer experience will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Men’s Coats, Jackets, and Suits Market: Segmentation Analysis
This market research report segments the global men’s coats, jackets, and suits market by geography (APAC, Europe, MEA, North America, and South America) and distribution channels (offline and online).
The APAC region led the global men’s coats, jackets, and suits market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth. The increased entry of global brands and products in the regional market with the higher introduction and adoption of premium products will influence the growth of men’s coats, jackets, and suit market size in this region.
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Some of the key topics covered in the report include:
Distribution Channel Segmentation
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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