Women’s Blazer Market Growth On The Basis Of Type, Application, Region & Forecast To 2028: Grand View Research Inc.

 

The global women’s blazer market size is expected to reach USD 80.67 billion by 2028 and is estimated to expand at a CAGR of 3.7% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growth of the market is significantly attributed to the increasing number of working women in corporate offices and private businesses. Continuous changing fashion trends and product innovation by the manufacturers facilitate the growth of the market over the forecast period. New product launches and fashion trends lead on to the consumers, which encourages consumer spending. Moreover, the introduction of interesting offers and discount schemes by manufacturers is expected to increase sales and drive market growth.

The COVID-19 pandemic affected the overall apparel industry. The critical situation created by the pandemic led the various governments to take precautionary and harsh actions. Restrictions on public gatherings, the shutdown of international travel, halt in production and trade activities, and strict lockdowns were imposed in several countries. The influx of customers at the brick & mortar stores also decreased significantly, declining the market growth. Over the forecast period, the market is expected to witness positive growth and recover to pre-pandemic numbers with resumed activities and businesses.

Polyester segment dominated the market and contributed to the largest revenue share of around 45% in 2021. The segment is anticipated to grow with a CAGR of 3.2% from 2022 to 2028. Polyester is a synthetic type of fiber, which contains compounds of the ester functional group. This fiber is derived from petroleum and is one most popular fibers in the textile industry across the world. Its excellent characteristics make it a popular choice among manufacturers as well as consumers. Polyester is durable and relatively more economic material used in manufacturing apparel products. It is also moisture resistant, retainable, tear and stretch resistant. With all these benefits, polyester is mostly consumed for making apparel in the textile industry.

Offline distribution channel contributed to a larger market share of over 75% in 2021 in market revenue and is expected to grow with a CAGR of 3.3% from 2022 to 2028. Offline channels include sports stores, distributors, and retail stores. Manufacturers and retailers use the traditional retail channel to sell majority of their products. Offline channel includes organized retail channels of the market which offer discount schemes and provides more customer-oriented offers and services by selling a variety of apparel directly to the end-users. Moreover, consumer behavior is significantly influenced by consumer sentiments. Consumers perceive in-store shopping or brick & mortar shopping as more trustworthy compared to the counterpart distribution channel.

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The Asia Pacific is anticipated to grow with the highest growth rate over the forecast period. The region is expected to register a CAGR of 4.4% from 2022 to 2028. Countries such as China, and India are significantly contributing to the growth of market revenue. Population in the region is substantially increasing the demand for the apparel coupled with the increasing population of working women. Additionally, increasing disposal income, and developing the retail sector are expected to facilitate the growth of the market in the Asia Pacific over the forecast period. Many manufacturers are establishing their production and distribution base in this region. Thus the region is estimated to grow with the highest CAGR over the forecast period.

Women’s Blazer Market Report Highlights

• Europe dominated the market share by revenue and accounted for over 30% share in 2021. Higher consumer spending capacity, strong presence of key players, and higher product awareness are attributable to the market dominance
• Cellulosic segment of fiber is expected to witness strong growth, registering a CAGR of 5.7% over the forecast period. The eco-friendly and sustainable nature of fiber is driving the demand in the global apparel industry
• Online distribution channel is anticipated to register a faster growth of CAGR of 5.0% from 2022 to 2028. Increasing penetration of e-retailers, increasing consumer demand for convenient online shopping, and increasing affordability of internet connection drive the segment growth over the forecast period 

The COVID-19 pandemic induced lockdown situations across various countries restricted their citizens to participate in public gatherings and suggested staying inside as a precautionary measure against the coronavirus. Various sports events, exhibitions, and other public events were canceled across the world. Moreover, corporate offices switched to complete work from home mode or operated with a minimum workforce present at office premises. This resulted in a decrease in demand for products from potential customers. Lack of consumers, disrupted supply chain, plummeted production, and halt in trade activities altogether affected the market growth. However, over the forecast period, the market is expected to recover quickly and witness promising growth.

The product is manufactured from various types of fibers such as cotton, polyester, cellulosic nylon, wool, acrylic, and velvet. The product transforms an individual’s look to modern business from traditional. Fast fashion is also expected to affect the global market. Fast fashion is a business model through which designer clothes are made available at a local store. The quality and price are reduced and products are manufactured in a massive amount. This is resulting in increased consumer spending and boosts sales in the global market.

The women’s blazer market is characterized by the presence of various well-established players and several small and medium players. Key players are focusing on the launch of the products to meet consumers’ expectations with changing fashion consciousness. Sustainable production and a sustainable supply chain are also prime focus of the key players in the market. Additionally, players are focusing on the innovation of new techniques to increase the durability and functionality of the product. Moreover, key players are expanding their reach across geographic via joint ventures, partnerships, and mergers and acquisitions. For instance, Prada Group and Ermenegildo Zegna Group announced the acquisition of the majority of stakes in Filati Biagioli Modesto S.p.A. in June 2021. Some of the prominent players in the global women’s blazer market include:

• Dior
• CHANEL
• Guccio Gucci S.p.A.
• PRADA
• Giorgio Armani S.p.A.
• Burberry Group Plc
• Dolce & Gabbana S.r.l.
• Gianni Versace S.r.l.
• Louis Vuitton, Inc.