USD 3.9 billion
Report ID: SQSG30L2033 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 62 | Figures: 75
Neckwear Market size was valued at USD 3.9 billion in 2021 and is poised to grow from USD 4.13 billion in 2022 to USD 6.3 billion by 2030, growing at a CAGR of 5.87% in the forecast period (2023-2030).
Demand is expected to increase as a result of the growing fashion for wearing a neckpiece with casual attire. The item exudes a polished, poised, and sophisticated appearance. It is projected that rising demand from important consumers including bankers, media professionals, and students would further fuel market expansion. In order to draw in new customers, many producers concentrate on product innovation in terms of colours, patterns, materials, and designs. The growing practise of wearing ties with casual attire is projected to have a beneficial impact on market expansion. For various occasions, manufacturers have created it with floral and art deco patterns, soft-touch materials like brushed flannel, heathered yarns, Donegal wools, knits, and chambray ties.
US Neckwear Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.9 billion
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The global Neckwear market is segmented based on Product, wearing type and Region. Based on Product Neckwear Market is segmented into neckties, bowties, other. Based on wearing type Neckwear Market is bifurcated into self-tied and pre-tied. Based on region Neckwear Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Neckwear Market Analysis by Product
The market is divided into neckties, bowties, and other segments depending on the type of product. The market's highest share was held by the necktie category in 2021, and this trend is anticipated to continue throughout the forecast period. The widespread usage of neckwear by customers in a variety of occupations, including banking, hospitality, law, psychiatry, aviation, and corporate settings, is what is fueling the expansion of this market.
The demand is expected to be fueled by neckties' ability to convey exclusivity, power, authority, and professionalism. The dress code for many elementary schools, business schools, and universities includes neckties. Specific colored and patterned neckties are used by groups including clubs, professional associations, and military units among others as a show of membership. This element is expected to increase the demand for the goods.
Over the projected period, the bow tie sector is anticipated to continue to experience the quickest CAGR. Bow ties are becoming increasingly popular as accessories for casual clothing, especially among millennials, which is why the market is expanding. Due of their exquisite appearance and appealing color and shape, bow ties are chosen for ball events. Customers favor cotton bow ties for a more casual appearance and black silk bow ties for a more formal appearance. These elements are anticipated to accelerate the segment's growth.
Neckwear Market Analysis by Wearing Type
The market is divided into self-tied and pre-tied segments based on the type of wearing. Adults want to wear various knots of varying lengths, therefore the self-tied dominates the market. In addition, self-tied neckwear is the segment with the fastest rate of growth because children, students, and beginners are among the main users of pre-tied or clip-on neckwear. These numerous pre-tied consumers are accelerating the segment's growth over the course of the projection period.
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Asia Pacific held the greatest global Neckwear market share. Due to the large increase in the working population, the regionis predicted to grow at the quickest CAGR during the forecast period. The use of bow ties in the area is being aided by the growing western cultural impact. In the upcoming years, it is anticipated that factors including increasing disposable income, fashion consciousness, and the commercial sector would propel regional growth. A growing population, a multitude of private schools and colleges, and a thriving economy are all contributing to the rise of the area in nations like China, India, Japan, and Korea.
Over the forecast period, North America is anticipated to experience significant expansion. It is believed that celebrities wearing neckwear more frequently will have a favorable impact on consumer purchasing decisions. Additionally, the existence of a dress code for professionals like bankers, lawyers, therapists, and psychiatrists is likely to increase demand for regional goods. The majority of bankers whose customary dress code includes neckwear are found in the United States alone.
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Neckwear Market Driver
Neckwear Market Restraint
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The existence of several international players defines the global neckwear market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our Neckwear market reports, some of the leading quality Neckwear manufacturers are as follows: Brooks Brothers Group, Inc. (US), Giorgio Armani S.p.A. (Italy), Ralph Lauren Corporation (US), PVH Corp. (US), LVHM (France), Brackish Brand (US), Vineyard Vines (US), The Tie Bar (US), Turnbull & Asser (UK), Battistoni (US).
Neckwear Market Top Players Company Profiles
Neckwear Market Recent Developments
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According to our Neckwear Market analysis, over the anticipated term, it is anticipated that self-tied neckwear will continue to maintain the biggest market share. Self-tied neckwear is more popular among consumers since it is convenient and adaptable. Over the next ten years, the necktie segment is anticipated to have the biggest revenue share among the wearing type segments. Neckties are more frequently worn in corporate settings thanks to their acceptable and understated styles, and in some places, neckties are even part of the standard dress code. Over the course of the projected period, the Asia Pacific market is anticipated to keep holding a sway over the global market.
|Market size value in 2021||USD 3.9 billion|
|Market size value in 2030||USD 4.13 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Neckwear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Neckwear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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