The global men’s blazers market size was valued at USD 22.7 billion in 2020 and is expected to expand at a CAGR of 4.3% from 2021 to 2028. Rising acceptance of corporate culture, protection of the body from coldness, and increasing fashion consciousness among the citizens are attributing to the growth of this market. Moreover, manufacturers adopting automatic machines to increase production and at the same time reducing the cost associated. Manufacturers are focusing on increasing their customer base by reaching them in different ways such as e-commerce platforms and offering discount schemes. Additionally, rising per capita income and purchasing power are driving forces for the growth of the market.
Blazers transform individual’s look to modern business look from traditional. Fabrics used for blazers are cotton, polyester, cellulosic nylon, wool, acrylic, and velvet. These products are available in different styles, colors, and designs for multiple usages, which includes casual, formal, and cocktail parties. The product is also used by social groups as an indication of membership.
During COVID-19 pandemic and lockdown situation, governments of various countries restricted or citizens prefer to stay at home as a precautionary measure. Various sports events, exhibitions, and other public events were canceled across the world. Moreover, corporate offices are opened with less number of employees while most of employees are working from home. Due to this, the market experienced a short fall in the sales of apparel due to restricted production, disturbed supply chains, and reduced demand. Considering this overall short slack in market revenue, it is expected that the sector will soon witness healthy growth in the upcoming years after COVID-19 restrictions.
Offline distribution channel contributed to a larger market share of more than 80% in 2020. Offline channels include sports stores, distributors, and retail stores. Manufacturers and marketers use the traditional retail channel for more sales. The segment includes organized retail channels which are more customer-oriented and provides better services by selling a variety of apparel directly to the end-users. Additionally, these stores provide a choice of physical verification and trials and facility of products to end-users, and contribute the to the market revenue. Thus offline segment contributes more to market revenue.
The online distribution channel segment is expected to register a faster CAGR of 5.7% from 2021 to 2028. Citizens started using online shopping portals and mobile apps for shopping and are getting popular due to the simplicity and convenience. Products are available in economic rates via online channel compare to offline. Moreover end users choose most believed shopping portals or mobile apps to purchase clothes, thus, driving the segment.
The polyester segment dominated the market and contributed to the largest revenue share of more than 45.0% in 2020. The segment is forecast to witness a CAGR of 3.8% from 2021 to 2028. Polyester is a synthetic type of fiber that contains compounds of the ester functional group. This fiber is obtained from petroleum and is one of the most popular fibers in the textile industry across the globe. This fiber is durable and relatively more economic material used for manufacturing apparel products. Consumers prefer apparel made from polyester fiber, as it is resistant to all types of environmental conditions. With these benefits, polyester consumed the most for making apparel in the textile industry.
The cotton segment is expected to witness the 2nd highest CAGR of 4.6% from 2021 to 2028. Cotton is breathable and absorbent and is mostly used in the textile industry to make the human body warn during cool weather and absorb sweat. Cotton is one of the preferred materials compare to other synthetic and natural fibers as it does not have side effects on skin and offers comfort. Thus contributes to the market revenue.
In Asia Pacific, the market is expected to witness the highest CAGR of 5.4% from 2021 to 2028. China and India are positively contributing to the growth of the market. With the largest growing population and increasing disposable income, the region is witnessing huge demand for apparel. Many multinational companies are expanding in this region due to low labor costs and easy availability of raw material, results in low manufacturing costs. Rising information technology is also contributing to the growth of the market. Thus, the region is expected to witness the highest CAGR during the forecast period.
In Europe, the market accounted for a revenue share of more than 30.0% in 2020. Well-developed economic countries such as Germany, the U.K., and France are positively contributing to market revenue. Financially independent population, higher per capita income, and changing fashion trends are major factors expected to impact the growth of the market.
The men’s blazers market is characterized by the presence of various well-established players and several small and medium players. Vendors are focusing on product launches to meet consumer’s expectations with changing fashion consciousness. Additionally, vendors are trying to innovate new preservative techniques to increase the durability of the product. Such initiatives are expected to boost the adoption rate of the products among consumers. The vendors are aggressively following the organic as well as inorganic strategies to expand their footprints across the globe. Some of the prominent players in the men’s blazers market include:
|
Report Attribute |
Details |
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Market size value in 2021 |
USD 23.4 billion |
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Revenue forecast in 2028 |
USD 31.4 billion |
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Growth Rate |
CAGR of 4.3% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Fiber, distribution channel, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; France, U.K.; China; India; Brazil; South Africa |
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Key companies profiled |
Dior; H&M Hennes & Mauritz AB; CHANEL; Guccio Gucci S.p.A.; PRADA; Burberry Group Plc; Giorgio Armani S.p.A.; Dolce & Gabbana S.r.l.; Gianni Versace S.r.l.; Louis Vuitton, Inc. |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope. |
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 2017 to 2028. For the purpose of this study, Million Insights has segmented the global men’s blazers market report on the basis of fiber, distribution channel, and region:
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