Global Functional Workwear Apparel Market: Overview
Functional workwear is clothing designed to protect workers from hazards of their workplace. A major demand for these products in the market in recent times is coming from people looking for sportswear and 'athleisure' garments. Today, industrial workers are employed for longer hours in less than ideal conditions. Hence, modern workwear is expected to be comfortable and resilient, keeping the individual’s safety at the forefront of thought. Thus, traditionally comfortable materials like cotton and wool are being incorporated intelligently with synthetic fibers and plastics to give a product that is fit for work and the worker. This is leading to higher demand for functional workwear apparel. As per Transparency Market Research, from 2020 to 2030, a stead compound annual growth rate will be recorded in the landscape of global functional workwear apparel.
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Global Functional Workwear Apparel Market: Notable Developments
Manufacturers of global functional workwear apparel market are directing efforts towards increasing market presence by marketing and advertising initiatives. Some notable developments in this market are:
In 2019, Meepl, a Swiss innovation tank has developed smart phone based 3-D scanning software that allows personalized sportswear shopping. This is easing the experience and set to contribute to growth in the market.
On the other hand, Hewlett Packard, a major name in the computing industry is developing a digital textile printer that delivers apparels in an efficient manner. This is set to drive competition on a higher tangent.
The market is fragmented and distinguished players include:
- Under Armor,
- PVH Corp.,
- PUMA, S.E.,
- Ralph Lauren,
- Asics Corporation,
- Amer Sports,
- Jockey International,
- Hugo Boss,
- Umbro, and
- Russell Brands, LLC.
- VF Corporation
- Williamson-Dickie Mfg. Co
- Blundstone Australia Pty Ltd
Global Functional Workwear Apparel Market: Key Trends and Drivers
A number of growth factors such as increase in research and development activities and notable technological advancement is set to drive the market forward. A glimpse into other botable factors is provided below:
- The functional workwear apparel market is dominated by demand for sportswear. It is currently used not just by professional athletes but also by individuals who are increasingly conscious about their health and appearance. As sports activities are increasingly adopted by people, the demand for functional apparel for the same should increase as well. This trend is also supported by rising acceptance for ecommerce among the population, making workwear apparel accessible to all.
- Employment is growing, especially in some of the developing countries. In India, the aggregate employment rate grew by 3.3% from 2015 to 2019. Similarly, industrial workforce is increasing world over because of a burgeoning demand for all types of products from the global market. This should give impetus for growth for the functional workwear apparel market over the forecast period.
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Global Functional Workwear Apparel Market: Regional Analysis
The Asia Pacific region (APAC) is currently the market leader in functional apparel given the increasing industrial output in this region and relevance given to sportswear among the regional population. This upward growth is expected to continue into the future as South Asia figures among the fastest growing industrial regions of the world and notable increase in disposable incomes. On the other hand, North America and Europe are set to capitalize upon presence of strong players, innovation in products, technological advancement, extensive and intensive research and development activities (R&D) and high disposable income.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.