Streetwear Market Size, Share, Growth, And Industry Analysis, By Type (Sneakers, Clothing, Accessories) By Application (Online & Offline), Regional Forecast to 2028

Updated On: 13 November 2023

Report Overview

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The global streetwear market size was valued at USD 187582.9 million in 2022. As per our research, the market is expected to reach USD 230877.25 million by 2028, exhibiting a CAGR expansion of 3.52% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the Mask Inspection Machine Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The Streetwear market came into existence because consumers demanded something new and more fashionable each day. The consumers want to look up to mark and for that, they use different streetwear products. Fashion enthusiasts are the prime consumers of streetwear. The rising demand for casual though fashionable clothing drives the market. The Streetwear Market was affected by the pandemic but post-pandemic there has been an increase in its demand.

Recently, the market has attracted several new consumers. There has been an increase in demand in the market due to the increasing number of social gatherings where people enjoy getting ready and looking fashionable. There has been a rapid adoption of the Western lifestyle which also promotes the demand for casual clothing.  The availability of streetwear on online platforms has increased the reach of manufacturers and the number of consumers in the market. The joy from the taste that this streetwear provides to the consumers influences their demand in the global market. 

COVID-19 Impact: Market Growth was Restrained due to a fall in Production Level During the Pandemic

There was not a single sector that was unaffected by COVID-19. The Streetwear Market was disturbed as well. The COVID-19 pandemic did affect the production process of Streetwear. Everyone rushed to their homes and hence there was a deficiency of labor. Along with insufficient labor supply, the regulations were also not encouraging. The supply chain was badly disturbed.  As a consequence, there was a fall in demand as well during the pandemic. 

Latest Trends

"The Introduction “Genderless” Clothing to Fulfill the Demand of Female Consumers "

The Streetwear Market is as dynamic as any other market. In the market, there is everyday development to add more benefits to it. Recently, manufacturers are working on making streetwear that is genderless so that it can be worn by female consumers in the market as well. This is why the manufacturers have been working on the introduction of new genderless products. Along with it, this recent development attracts more investments in the market as well. 

Segmentation

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• By Type Analysis

According to type, the market can be segmented into clothing, sneakers, accessories, & others.

In terms of services, sneakers are the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into online & offline.

Driving Factors

"The Inclination of Consumers toward fashion has increased the demand in the Market "

Consumers today have become very particular about how they look. Consumers are spending more on what they wear and how they look. These clothes, sneakers, and accessories reflect the personality and lifestyle of the consumer. This is why consumers demand more and the best quality products from the streetwear market. There has been increasing demand for streetwear which lead manufacturers to produce more fashionable products. This has laid beneficiary effects on the demand for Streetwear. Streetwear is easily available in the market and is economical as well this has led to a positive impact on the Streetwear Market growth. 

"The Rising use of Online Shopping Influences the Demand in the market"

The Streetwear Market has witnessed massive growth because of several factors but the prime factor promoting the Streetwear Market growth involves the use of online shopping for the distribution to reach consumers.  When a consumer places an order online, they can receive the product at their homes on time and this brings convenience. Consumers can get the benefit of discounts and a variety of products. The manufacturers are also able to reach more consumers very easily. This is why the availability of iced wine on online platforms provides an increase in demand in the market. 

Restraining Factors

"The Rapid Change in Trend May Hamper the Market Growth"

The preference of consumers keeps on changing, especially when there is an availability of alternatives. The trend of today might not be there tomorrow. The streetwear market is very volatile to changes in the fashion preference of consumers. The consumer picks the alternatives which change regularly and the market may not be able to match the rapidly changing demands of the consumers. This may create a gap between the demand and supply in the market which hamper the demand in the market. As a consequence, there will be a declining trend in the Streetwear market. 

Regional Insights

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"North-America Region Dominates the Market Because of the High Demand for the Fashionable Products"

The North American region holds the dominant Streetwear Market share in the global market. This is because of various factors. One of the primary factors is the rising demand for fashionable products by the large population.  In this region, several industries are producing Streetwear and this influences the demand in the market.  The willingness of people of this region to spend more because of the increase in their disposable income also drives the market. And the enumerative opportunities also encourage investments in the Streetwear market in this region. Also, industrialists of this region are inclined to it because of the switch of consumers to fashionable attires.  Companies in this region have brought Streetwear to increase their revenue as it is used widely in several industries. 

Key Industry Players

"KEY PLAYERS FOCUS ON INNOVATIONS AND COLLABORATIONS "

The key players have noted the growing popularity of new trends in sneakers, clothing, and accessories and therefore they have started working on the development of streetwear that can be made fashionable for fulfilling the large demand of consumers. The key players have understood that the advancements in streetwear will help them in earning more revenue and hence they work the innovations along with collaborations and new product launches in the market to produce streetwear on a large scale.    

List of Market Players Profiled

• HUF
• Stussy
• WTAPS
• Vetements
• Nike
• CARHARTT WIP
• Undefeated
• Adidas
• Palace
• Off-White (Pyrex)
• NOAH
• Supreme
• Bape
• HERON PRESTON

Report Coverage

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Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.