The global winterwear market is projected to grow at a CAGR of around 5 per cent through 2031, surpassing a valuation of US $ 280 billion in 2020.
The statistics were revealed in a recent report released by Future Market Insights.
The report says that the players in the market are concentrating on using a variety of marketing methods, including celebrity endorsement, product premiumisation, marketing campaigns, events and developing digital presence to engage with customers directly. The market for winter clothing will probably expand faster in the near future as a result of these factors.
Due to an increase in snow events and winter activities that need body warmth, woollen winter wear goods are predicted to grow at a CAGR of 4 per cent.
According to estimates, the market for winterwear’s jackets and coats accounts for a rather high value share. Throughout the projection period, the category is anticipated to maintain its dominance.
As far as North America is concerned, the USA is anticipated to have a significant value share of 83 per cent, while markets like Japan, Europe and Australia too share significant chunk.
