The global textile and apparel industry encompasses a wide range of fabrics such as cotton, silk, wool, polyester and other synthetic fibers. Textiles find applications in various sectors including fashion apparel, home furnishings, medical and transportation. With advancements in digital technologies and the growing consumer demand for sustainability, the textile industry is evolving rapidly. Digital printing technology has enabled on-demand and customized production of textiles, reducing fabric wastage. Additionally, emerging innovations in materials science are paving the way for development of performance textiles with enhanced properties.
The global Textile And Apparel Market is estimated to be valued at US$ 2662.69 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends transforming the textile industry is the rise of digital fashion and virtual clothing. Technologies like 3D body scanning, computer-aided design and augmented reality are being utilized to develop digital clothing lines. This allows consumers to view and customize garments virtually before purchase. Furthermore, digital fabrics are gaining traction with advanced technologies enabling weaving of electronic circuits, sensors and lights into textiles. Such smart textiles have applications across healthcare, military and entertainment sectors. The growing popularity of digital fashion is expected to change consumer shopping behaviors and supply chain operations in the coming years.
Porter’s Analysis
Threat of new entrants: The textile and apparel market involves high initial investments and established supplier relationships which act as a barrier for new entrants.
Bargaining power of buyers: Buyers in the market have significant bargaining power due to the availability of substitute products and brands. They can negotiate on price and quality of products.
Bargaining power of suppliers: A few large suppliers exist for raw materials like cotton, polyester, and fabrics which gives them bargaining power over OEMs and retailers.
Threat of new substitutes: Substitute products like alternative materials for fabrics pose a threat. Also, second-hand clothes affect new clothing sales.
Competitive rivalry: Being a mature industry, competition is intense among existing key players to gain market share.
Key Takeaways
Global Textile And Apparel Market Demand is expected to witness high growth. Global Textile And Apparel Market Demand is estimated to be valued at US$ 2662.69 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.
Regional analysis North America dominates the market currently due to early technology adoption. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by countries like China and India. Countries in the region offer raw materials and cheap labor attracting large investments.
Key players operating in the textile and apparel market are IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC, Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow, OpenStack, CloudEndure, Cloudreach, Apps Associates, Rigs IT. Companies are investing in new technologies to improve supply chain and production processes. They are also expanding their geographic reach through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it