Leggings Market to Surge at 6.7% CAGR, Hitting US$ 58.9 Bn by 2031, According to TMR Study
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Consumers are spending more on fashionable and comfortable leggings as a result of rising disposable income, which is fueling market expansion. Growth in the e-commerce industry is anticipated to drive the global leggings market during the forecast period.
Wilmington, Delaware, United States, June 01, 2023 (GLOBE NEWSWIRE) — The global leggings market was valued at US$ 35.2 Bn in 2022 and is anticipated to reach US$ 58.9 Bn by 2031, expanding at a CAGR of 6.7% between 2023 and 2031.
The global market for leggings is primarily driven by rise in disposable income, increase in the usage of cozy apparel for daily activities, and surge in female population. Stretchy fabric is used in the production of leggings, which are appropriate for various physical activities.
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Increase in female engagement in sports and expansion of e-commerce are influencing market development. Manufacturers are focusing on new product introduction to keep up with shifting consumer expectations. Companies are also working on developing innovative products utilizing the latest advances in technology in order to take advantage of profitable legging company expansion opportunities. Active leggings for the athletic industry are becoming increasingly popular because of their comfort, practicality, and performance-improving qualities.
Leggings come in different hues, designs, and materials. These are often thought of as clothing for informal occasions. Leggings, formerly exclusive to the gym, are now a common item in numerous women’s wardrobes. Leggings can be worn every day or only for particular types of sports.
Key Findings of Market Report
- Growth of the e-commerce industry is anticipated to drive the global leggings market between 2023 and 2031. Online shopping is becoming more popular because of how convenient and time-saving it is. Rise in global retail sales is expected to lead to a rise in retail market share in the next few years. E-commerce websites are likely to account for 22.3% of all retail sales in 2023, with online retail sales expected to exceed US$ 6.2 Trn. Growth of the e-commerce industry is expected to drive sales of leggings through online platforms, thereby propelling business growth of the leggings industry.
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Global Leggings Market: Growth Drivers
- Rise in disposable income and affordability & abundance of clothing in numerous forms and styles are expected to fuel market demand for leggings. Increasing number of buyers are opting for items that improve their quality of life while engaging in regular activities, including commuting, travelling, or working out. This is a key reason behind rise in popularity of leggings that has been observed worldwide. Therefore, increase in buying power is motivating people to spend more on stylish and cozy leggings, which is anticipated to drive leggings industry growth.
Global Leggings Market: Regional Landscape
- Asia Pacific is anticipated to dominate the global market from 2023 to 2031. Surge in consumer demand for comfortable, stylish, yet functional clothes, particularly from working women professionals, and rise in acceptance of fitness activities such as yoga are anticipated to drive market development in the region. Increase in the female population is a significant driver of market growth in Asia Pacific. Technological advances and increase in buying power of consumers are anticipated to propel leggings market expansion in Asia Pacific.
Global Leggings Market: Key Players
- H&M Hennes & Mauritz AB
- Under Armour, Inc.
- Burberry Group Plc.
- Nike, Inc.
- Jockey International, Inc.
- Prada
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Global Leggings Market: Segmentation
Type
- Mid-calf Length Leggings
- Stirrup Leggings
- Colored Leggings
- Pattern Leggings
- Others (Knee-length Leggings, Ankle-length Leggings, etc.)
Material
- Nylon
- Lycra
- Cotton
- Silk
- Others (Leather, Spandex, etc.)
Price
- Low
- Medium
- High
End-user
- Women
- Men
- Kids
Distribution Channel
- Online
- Offline
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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