Knitwear is very popular among the young as well as the old generation. It has evolved with the change in the technology and has attracted the attention of the targeted market. It is comfortable, wrinkle-resistant, needs low maintenance, and has versatility. The global market is experiencing exponential growth and is expected to exhibit growth in the future with the increase of the fashion and apparel industry.
COVID-19 Scenario Analysis:
There is a downfall in the U.S. apparel industries export due to COVID-19.
COVID-19 on the global level has impacted the apparel industry and its effect will remain for the long run.
With the restriction on travel, export is stopped and has incurred losses for the companies.
Due to this, consumers are delaying and canceling the order which has caused excessive inventory.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The growth of the global knitwear market is driven by changes in lifestyles, an increase in income, and a change in fashion. The young generation is inclined toward sports and gym activities, which drives the growth of the knitwear market. However, change in preferences, income, and competitive products hinder the growth of the knitwear market.
The increase in the adoption of e-commerce has also played a significant role in the market growth as consumers prefer to buy clothes on online platforms where they can also get discounts on some occasions
Consumers are very inclined towards branded products as they are the sign of luxury and trusted products. Some people can be brand conscious only to prefer branded clothes can also demand for branded clothes.
Companies are focusing on products according to the preference and taste of the customer. Increase in the awareness of consumers toward the fabrics and knitwear, surges the scope of development of the knitwear market.
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Key Benefits of the Report:
This study presents the analytical depiction of the global knitwear industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global knitwear market share.
The current market is quantitatively analyzed to highlight the global knitwear market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global knitwear market analysis based on competitive intensity and how the competition will take shape in coming years.
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