Global Neckwear Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Neckwear Market” is the title of an upcoming market research report in production at Trusted Business Insights. Analysis of a range of critical factors has been conducted to enable presentation of vital data and information in a well-planned format in the report. Besides revenue share of each segment, region, and country, factors attributable to revenue growth, restraints, as well as opportunities in untapped regions and economies, and threats are included. Details of key players, along with revenue, financials, segments, strategies, acquisitions and mergers, and geographical footprint of these players is included. The global neckwear market is segmented on the basis of product type, distribution channel, and regions and countries.

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Global Neckwear Market: Overview

Neckwear, as the word suggests, is an item worn around the neck. Such items generally include neckties, bow ties, jewelry, scarves, etc. Neckwear is either worn for fashion, combat, or protection against influences of the weather.

Global Neckwear Market: Dynamics

Drivers: Demand for neckwear has been gaining traction over the years. Neckwear enhances the overall appearance of an individual’s outfit by imparting a feel of professionalism as well as confidence and authority to the user. Media professionals, hospitality personnel, judicial personnel, students, and bankers, and others are among major consumers of neckwear.

Neckwear companies are focusing of production of innovative designs, shapes, colors as well as finer fabrics. Availability of new and more personalized neckwear products is expected to drive market growth to a significant extent in future. Brushed flannel, Donegal wools, heathered yarns, chambray and knits are among some of the novel materials being offered.

Neckties are most widely purchased neckwear product type, and the trend is neckties are being worn not only as part of formal wear, but also with casualwear. The ability of neckties to complement both formal and casual formats are among some of the key factors expected to drive market growth.

Restraints: In some countries however, many organizations permit employees to dress in casualwear without any neckwear. Neckties were initially widely worn by senior medical professionals, but in recent times, this practice has been abolished due to hygiene and safety concerns.

Global Neckwear Market Segment Analysis

By Product Type: The self-tied neckwear segment is projected to continue to account for majority revenue share over the forecast period among the other product type segments. These products are preferred more owing to ability to complement all types of formal wear and convenience in wearing.

Wearing Type: Among the wearing type segments, the neckties segment is expected to account for highest revenue share over the next 10 years. The decent and simple designs of neckties result in higher adoption in corporate sectors, and neckties are also part of the daily dress code in some establishments.

Global Neckwear Market 
Regional Analysis:

The Asia Pacific market is expected to continue to maintain its dominance in the global market over the forecast period. Increasing per-capita income and rapid urbanization in countries in the region are among some of the key factors expected to drive growth of the market in the region. Increasing shift in trend towards adoption of western lifestyle and outfits is leading rising demand for bowties. Increasing population coupled with increasing number of schools and colleges, booming corporate sector, and transformation in dressing sense in countries such as India, China, and South Korea are among some other major factors expected to contribute significantly to growth of the market in the region.

 The North America market is projected to register a high Compounded Annual Growth Rate (CAGR) over the next 10 years. TV and movie personalities, as well as a wide range of other artists and public figures, are adopting neckwear as part of their personal attire. This has been having a positive impact on market growth in the region as more consumers are purchasing neckwear in their attempt to follow their favorite celebrities’ dressing style. In addition, adoption of neckwear as a part of uniform among judicials and lawyers, bankers, psychiatrists, therapists, and other professionals is expected to continue to support growth of the market in the region.

Global Neckwear Market Segmentation: 

 By Product Type

Neckties
Bow-ties
Others

By Wearing Type

Self-tied
Pre-tied