The streetwear market size was valued at USD 325.28 billion in 2023 and is expected to reach USD 347.14 billion in 2024. The market is projected to grow to USD 637.13 billion by 2032, exhibiting a CAGR of 7.89% during the forecast period.
Streetwear is a youth-driven fashion trend popular among hip-hop enthusiasts and skateboarders. Known for its bold logos, vibrant colors, and unconventional designs, streetwear represents individual expression and is synonymous with youth, rebellion, and creativity. Factors such as rising economic growth across various countries are expected to fuel the market’s expansion globally.
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List of Key Companies Profiled in the Report:
- Nike (U.S.)
- Supreme (U.S.)
- Stussy (U.S.)
- BAPE (Japan)
- Adidas (Germany)
- Off-White (Italy)
- Vetements (Switzerland)
- Palace (U.K.)
- RoaringWild (China)
- Undercover (Japan)
Segmentation:
Clothing Segment Leads Market Due to Introduction of Novel Products
By product, the market is segmented into clothing, footwear, accessories, and others. The clothing segment held the largest market share in 2023. Key players are actively introducing novel product lines and partnering with influential celebrities to cater to growing consumer demand, driving this segment’s growth.
Men’s Segment Dominates Owing to Key Players’ Market Expansion Efforts
By end user, the market is bifurcated into men and women. The men’s segment accounted for the largest share in 2023. Prominent companies are increasingly focusing on expanding their market reach in response to rising product demand.
Offline Stores Drive Growth with New Retail Expansion
By distribution channel, the market is divided into offline stores and online stores. The offline segment dominated the global market in 2023, with leading companies launching new retail stores to strengthen their presence and reach wider audiences.
Regionally, the market includes North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed analysis of the market, highlighting critical areas such as leading applications, product segments, distribution channels, and key players. It also discusses the latest industry trends and market developments. Additionally, the report examines other contributing factors driving the market’s growth.
Drivers and Restraints:
Increasing Collaborations and Demand for Limited-Edition Products Drive Growth
Collaborations between key players, fashion designers, and influential celebrities are fueling the demand for streetwear. Such partnerships help brands tap into new audiences, penetrate niche markets, and gain competitive advantages. Limited-edition products, especially among collectors and fashion enthusiasts, are driving product sales and market growth.
However, the rising production and distribution of counterfeit merchandise remain a major challenge, hindering market growth.
Regional Insights:
Asia Pacific Leads Market Growth Driven by Emerging Fashion Trends
Asia Pacific dominated the streetwear market in 2023 and is anticipated to maintain its leadership during the forecast period. The region’s fashion trends, heavily influenced by Asian pop culture such as K-pop, J-pop, and C-pop, are fueling product demand. Numerous key players are expanding their operations across the region, further driving growth.
North America is also poised for significant growth due to the rising popularity of comfortable, functional clothing like hoodies, sneakers, and joggers.
Competitive Landscape:
Focus on Innovative Technologies to Counter Counterfeits and Stay Competitive
Leading companies in the market are implementing strategies to address the issue of counterfeit merchandise. These include introducing security labels for product verification, launching innovative product lines, and forming strategic partnerships to strengthen their market position.
Notable Industry Development:
October 2022: Maison Menace, a premium casual clothing brand, launched its F/W 22 collection, featuring plush hoodies, logo-monogrammed balaclavas, and t-shirts.
