Neckwear Market Size & Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Neckwear Market


The global neckwear market size was valued at USD 3.7 billion in 2018 and is expected to expand at a CAGR of 2.1% from 2019 to 2025. Rising trend of pairing neckwear with casual dressing is projected to boost the demand. The product gives a professional, poised, and elegant appearance. Increasing demand from key consumer such as bankers, media professionals, and students is anticipated to further drive the growth of the market.
Neckties project professionalism, confidence, authority, power, and exclusivity, which is anticipated to drive the demand. Many primary schools, business schools, and universities include neckties as a part of uniform. Organizations such as military regiments, clubs, and professional associations, among others use specific colored and patterned neckties as a sign of membership. This factor is anticipated to further fuel the product demand.
 

Many neckwear manufactures focus on product innovation in terms of colors, patterns, materials, and designs to attract newer consumers. Rising trend of pairing ties with casual wear is anticipated to positively influence the market growth. Manufacturers have introduced neckwear with floral and deco design, soft touch fabric such as brushed flannel, heathered yarns, Donegal wools, knits, and chambray ties for different occasions. For instance, in 2017, Korbata, a Guatemalan manufacturer of men’s fashion accessories launched a new collection called Nawales, inspired by the Mayan worldview and their sacred calendar representing an element of nature and energy.
Many organizations across the globe have opted for casual dressing and tie-less ensembles instead of the traditional formal wear, which is anticipated to hamper growth of the neckwear market. In 2017, British hospitals banned the use of jewelry, long sleeves, and neckties for hospital professionals due to the rising concerns over hospital-borne infections. Also, many factory lines involving heavy machinery have stopped banned the use of the product owing to safety concerns. Such factors are projected to further restrict the growth in near future.
                                                                Wearing 
Type Insights of Neckwear Market

Self-tied neckwear is estimated to continue holding the largest market share over the forecasted period. Consumers prefer purchasing self-tied neckwear as these products are convenient and versatile. This factor is anticipated to bode well for the segment growth in the forthcoming years. Pre-tied neckwear segment, on the other hand, is estimated to register the fastest CAGR of 2.7% over the forecast period. Consumers prefer pre-tied neckwear to save time. Children, students, and beginners are some of the major consumers of the pre-tied or clip-on neckwear.

Product Insights of Neckwear Market

Neckties held the largest market share in 2018 and is project to witness the fastest growth over the forecast period. The growth is attributed to high adoption of neckwear for workplaces and formal occasions. Neckties are preferred by corporate executives and businesspersons owing to their simple and sober designs. Also, rising demand for neckties with different width sizes coupled with the availability of a wide range of products is expected to support the growth. Bankers, hotel employees, students, and media executives are some of the major consumers of neckties.
 

Bow tie segment is estimated to continue witnessing the fastest CAGR over forecast period. The growth is attributed to rising adoption of bow ties as casual wear accessories, especially among millennials. Bow ties are preferred for ball events owing to their elegant appearance and attractive color and shape. Consumers prefer cotton bow ties for an informal look and dark silk variants for formal look. These factors are expected to boost the growth of the segment.

Regional Insights of Neckwear Market

Asia Pacific is estimated to continue holding the largest market share from 2019 to 2025. The region is projected to expand at the fastest CAGR of 2.6% over the forecast period, owing to the significant rise in working population. Increasing influence of western culture is boosting adoption of bow ties in the region. Factors such as rising disposable income, fashion consciousness, and commercial sector are expected to fuel the regional growth in the forthcoming years. Countries such as China, India, Japan, and Korea are supporting the regional growth owing to growing population, number of private schools and colleges, and booming economy.
North America is estimated to witness significant growth over the forecast period. Increasing adoption of neckwear by celebrities is anticipated to positively influence the consumer purchasing decision. Also, presence of dress code for bankers, lawyers, therapists, psychiatrists and other such professions is likely to boost the regional product demand. U.S. alone has the highest number of bankers who traditionally have neckwear as an essential part of dress code.

Market Share Insights of Neckwear Market

Major market players include Brooks Brothers Group, Inc.; Giorgio Armani S.p.A.; Ralph Lauren Corporation; PVH Corp.; LVHM; Brackish Brand; Vineyard Vines; The Tie Bar; Turnbull & Asser; and Battistoni. Consumers find it difficult to select the most suitable neckwear product for them in terms of the type, fabric, width, color, and occasion. Key players focus on solving this issue by offering unique services. For instance, in 2017, The Tie Bar, a Chicago-based menswear company, launched subscription model for the U.S. based consumers to improve its customer retention ratio. The company delivers three brand new bow ties or neckties to the consumers depending on their product preference in two intervals-either in six months or a year.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Neckwear Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global neckwear market report on the basis of product, wearing type, and region:


Product Outlook (Revenue, USD Million, 2019 - 2030)


Neckties


Bowties


Others


Wearing Type Outlook (Revenue, USD Million, 2019 - 2030)


Self-tied


Pre-tied