Increasing middle class population coupled with changing lifestyle of the people in India to bolster India readymade garments market growth through 2024
According to a recent report published by TechSci research on “India Readymade Garments Market By Type, By Material, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024” India readymade garment market is expected to grow at a steady pace during forecast period. The growth of the market can be majorly attributable to the changing fashion trends and increasing retail penetration. Moreover, growing service class and increasing share of the designer wear is further positively impacting the growth of readymade garment market in India.
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In terms of type, India readymade garment market is categorized into kid’s wear, men’s wear and women’s wear. Among the types, the men’s wear category accounted for a significant portion of India readymade garment market in 2018 and it is predicted to lead the market during forecast period as well. The growth of this category is can be attributed sex ratio of the country, which is predominantly male. Moreover, the per capita earning of the male population in the country is higher than that of its female counterpart, which is further driving the growth of the men’s readymade garment market in India.
On the basis of distribution channel, the India readymade garment market is categorized into store-based retail and non-store-based retail, of which the former garnered the majority share in the market in 2018 owing to easy access of the consumers to the stores and the consumers’ preference for checking the garments in the store than online. The non-store-based retail is witnessing a healthy growth owing to the growing popularity of the e-commerce market. Moreover, e-commerce and technology are transforming this category with new user experiences, where luxury brands and small start-ups are racing to embrace e-commerce, thereby making this channel even stronger.
“India readymade garment market is anticipated to witnessing steady growth over the course of next five years. The growth of this category is majorly attributable to the rising preference of people towards readymade garments over the tailormade one’s. Moreover, the exports of readymade garments from India have significantly increased over the past few years, which is further bolstering the growth of the readymade garments market in India.” said, Mr. Karan Chechi Research Director with TechSci Research, a research-based global management consulting firm.
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“India Readymade Garments Market By Type, By Material, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of the India readymade garments market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the India readymade garments market.
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