The global Neckwear Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global neckwear market size is expected to register revenue of USD 4.2 Billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 2.1% from 2019 to 2025. This growth can be attributed to rising demand for ties on formal and casual dresses. Moreover, the desire of manufacturers to produce products with boutique brands is anticipated to fuel market growth. The shifting trend for wearing neckties to enhance the professional look is becoming popular among the millennial population. Thus, key players in this market focus on product development and innovation to launch a variety of products based on patterns, colors, designs, and materials.
Key Players:
- Brooks Brothers Group, Inc.
- Giorgio Armani S.p.A.
- Ralph Lauren Corporation
- PVH Corp.
- LVHM
- Brackish Brand
- Vineyard Vines
- THE TIE BAR
- Turnbull & Asser
- Battistoni
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Growth Drivers:
The usage of neckties enhances the confidence, power, professionalism, and exclusivity among the consumers. Moreover, the usage of these specified patterned and colored neckties is prevalent among business schools, universities, as well as primary schools, owing to their common membership sign. Thus, the market for neckties is expected to boost during the forecasted years, 2019 to 2025.
Many key players in this market focus on product development and innovation to launch a variety of products based on patterns, colors, designs and materials. Moreover, increasing trend to match the color of tie according to casual wear is anticipated to fuel the market growth further. They are also introducing neckwear products having different floral designs, brushed flannels, knits, Donegal wools, and heathered yarns.
Product Outlook:
- Neckties
- Bowties
The segment of neckties held the largest share in the global neckwear market during 2018 owing to rising adoption of neckwear products during formal occasions at offices and workplaces. Moreover, rising number of professionals like students, bankers, and hotel employees is anticipated to pave way for the demand for neckties during the forecasted years, 2019 to 2025. The bow ties segment is anticipated to register the highest CAGR in the upcoming years.
Wearing Type Outlook:
- Self-Tied
- Pre-Tied
The segment of the self-tied wearing type held the largest share across the global market, in 2018 owing to its feature of convenience of wearing. Moreover, the pre-tied neckwear segment is anticipated to register the highest CAGR of 2.7% from 2019 to 2025 due to its time-saving feature and ease of wearing.
Regional Outlook:
In 2018, Asia Pacific dominated the global neckwear market. It is anticipated to register CAGR of 2.6% during the forecasted years, 2019 to 2025. This growth can be attributed to increasing disposable income among the working population coupled with rising awareness among the consumers to improve their appearance. Moreover, rising adaption of western culture is anticipated to boost the market demand for bow ties in the upcoming years. Moreover, rising commercial sector coupled with increasing fashion consciousness is expected to impact positively on the market growth.
North America is anticipated to witness significant growth from 2019 to 2025. This growth can be associated with rising adoption of such products by celebrities coupled with increasing per capita income across countries like the U.S. and Canada. Moreover, the dress code assigned as per different professions among the population like lawyers, therapists, psychiatrists, and bankers is anticipated to boost the market demand for such neckwear during the forecasted years, 2019 to 2025.
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