Neckwear Market Analysis Report by Product, By Wearing Type, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global neckwear market size was accounted for USD 3.7 billion in 2018. The market is expected to witness a CAGR of 2.1%, during the forecasted years, 2019 to 2025. This growth can be attributed to the rising trend for pairing neckwear with casual dresses. Moreover, the poised, professional, and elegant look obtained on the usage of such neckwear is anticipated to drive market growth in upcoming years.

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, an increasing trend to match the color of the 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. For example, Korbata, launched a collection named Nawales to boost the sales of their products.

However, the adaption of casual dressing by several organizations across the globe is anticipated to hamper the market growth for neckwear. For instance, British Hospitals in 2017 banned the usage of long sleeves, neckties, and jewelry owing to the rising risk of infections. These factors are anticipated to act as a hindrance in the market growth of neckwear during the forecasted years, 2019 to 2025.  

Wearing Type Insights

The self-tied wearing segment is anticipated to register the largest share across the global market. This can be associated with its unique feature and convenience of wearing. Thus, the demand for such ties is anticipated to boost during the forecasted years, 2019 to 2025. The segment of pre-tied neckwear is anticipated to register the highest CAGR of 2.7% during the forecasted years, 2019 to 2025. This can be attributed to the feature of time-saving. Major consumers for these ties are majorly students, children, and beginners.      

Product Insights

In 2018, the neckties segment held the largest share in the global neckwear market. It is anticipated to register the fastest CAGR during the forecasted years, 2019 to 2025. This growth can be associated with the rising adoption of neckwear products during formal occasions and at workplaces. They are also being preferred by business persons and corporate executives due to their sober and simple designs. Moreover, increasing demand for neckties having different sizes and widths is anticipated to impact positively on the market growth. Major neckties consumers include students, bankers, and hotel employees.

The segment of bow ties is anticipated to register the fastest growth during the forecasted period, 2019 to 2025. This growth can be attributed to their usage as accessories with casual wear among the millennial population. They are also being preferred at events like balls due to their excellent shape and color. Preference for silk bow ties for professional looks and cotton bow ties for informal looks is prevalent among consumers.

Regional Insights

In 2018, Asia Pacific dominated the global neckwear market. It is anticipated to register a 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, the rising adaption of western culture is anticipated to boost the market demand for bow ties in the upcoming years. Moreover, the 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 the 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.

Neckwear Market Share Insights

The market includes key players such as Giorgio Armani S.p.A.; PVH Corp.; Vineyard Vines; Brackish Brand; LVHM; Battistoni; Turnbull & Asser; and The Tie Bar. These players help the consumers in selecting proper neckwear products as per the desired specifications like fabric, color, width, occasion, and type. For example, The Tie Bar had launched a subscription model in 2017 for improving their consumer retention consumers.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global neckwear market report based on product, wearing type, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Neckties
    • Bowties
    • Others

• Wearing Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Self-tied
    • Pre-tied

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East and Africa
        • Nigeria