The global underwear market is growing rapidly over the past few years, and the increasing awareness about the product is a key driving force. According to a leading research firm, Market Research Future (MRFR), the global thermal underwear market would reach a valuation of around USD 3.1 BN by the end of 2024. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 6.2% throughout the forecast period (2019 – 2024).
The huge adoption of thermal wears by consumers and the rising geriatric population are considered as major growth drivers for this market. Additionally, advancement in product development, led by technological advancements, is another significant reason boosting the growth of the thermal underwear market.
Simultaneously, manufacturers keep launching new products with improved texture, making their product unparalleled compared to their competition. This, in turn, provides a huge impetus to the growth of the market. Other factors that foster market growth include the growing number of businesses, the presence of genuine manufacturers, urbanization, and the improving economy that increases consumers’ purchasing power.
On the other hand, the presence of counterfeit products is impeding the growth of the market, taking good products off the shelves. Nevertheless, improvements in the anti-counterfeit technology are expected to support the market, enforcing back the trust of consumers.
Players leading the thermal underwear market include Sub Zero Technology Ltd (UK), Komar Brands (US), Thatchreed Ltd (UK), LL Bean Inc. (US), Gildan Activewear Inc. (Canada), Namaldı Underwear (Turkey), Floso (UK), Rothco (Ireland), Aditya Birla Fashion Retail Limited (India), and Lux Industries Limited (India), among others.
Global Thermal Underwear Market – Segmentation
The report is segmented into five key market dynamics to widen the scope of understanding,
By Product Type : Tops, Bottoms, and Sets.
By Material Type : Cotton, Synthetic, Wool, and Blend.
By End-user : Men, Women, and Unisex.
By Distribution Channel: Store-based (Supermarkets Hypermarkets, Specialty Stores, others) and Non-store Based.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Thermal Underwear Market – Regional Analysis
Freezing cold regions, such as North America Europe lead the global thermal underwear market. North America stands first with a market share of 37.13%, in 2018, whereas Europe stands second. Augmenting demand for thermal underwear led by the cold weather conditions, product innovations, such as improved antibacterial and moisture-absorbing ability, and celebrity endorsements are few of the key driving forces behind the market growth in these regions. Besides, the development of distribution channels in these regions drives the growth of the thermal underwear market.
Backed by the high penetration of the eCommerce sector in countries, such as the US, UK, and Canada, account for the leading markets in their respective regions. Besides, the presence of the biggest international retail chains, such as Walmart and Amazon in the US and ASDA in the UK, define the regional market growth. Attributing to the booming retail industry, brick mortar, and online stores, especially in the countries like the Netherlands, UK, and Germany, the European market would register a phenomenal CAGR in the next six years.
The Asia Pacific thermal underwear market is emerging as the fastest-growing market. The market is expected to account for a substantial market share in the next six years. Growth in online platforms and retail businesses, led by the increasing disposable income in the region, are factors attributing to the regional market growth. China, among the other APAC countries, accounts for the largest market for thermal underwear.
Global Thermal Underwear Market – Competitive Analysis
Highly competitive, the thermal underwear market appears to be fragmented due to the matured small key players, alongside, the new entrants forming a competitive landscape. These players gain competitive advantage, through strategic initiatives such as acquisition, collaboration, expansion, and product launch. Heavy investments are transpired in RD to develop a completely different technology compared to their competition.
July 16, 2019 ---- Ted Baker (the UK), a leading global lifestyle brand, announced the signing of an exclusive new licensing agreement with Delta Galil Industries, Ltd. (Israel), a leading global manufacturer marketer of branded private label apparel products for men, women, and children. The licensing agreement allows Delta Galil to develop, produce, and distribute men’s thermal wear, underwear, thermal base layers, pajama sets, and loungewear for Ted Baker, worldwide.
The partnership represents a significant opportunity for Delta Galil to grow its global portfolio of premium brands, as Ted Baker’s elevated apparel resonates with men across the world. This is the 22nd deal of the British brand expanding its product offering in this manner. The new collection, including a wide range of men’s underwear, will be launched during the Spring/Summer this year at Ted Baker stores worldwide, selected retailers as well as on Ted Baker’s website.