The global men’s underwear market is poised for good growth in the coming few years. Factors such as the rising disposable income of target demographics and growing preference for branded underwear that offers better comfort and fit are the key drivers of the global men’s underwear market. Furthermore, the accelerating adoption of functional underwear will also drive the global men’s underwear market.
M&As – Key Strategy Adopted by Top Companies in Global Men’s Underwear Market
Key players in the global men’s underwear market are consistently investing in branding and marketing of products. In addition to this, the global men’s underwear market is experiencing a surge in the number of mergers and acquisitions. This is one of the key strategies adopted by key players in the market to enhance their regional and global presence and operational expansion.
The key players operating in the global men’s underwear market are Ralph Lauren Corporation, HanesBrands Inc., Berkshire Hathway Inc., J. C. Penny Corporation, Inc., Iconix Brand Group Inc., American Eagle Outfitter Inc., Philips-Van Huesen, and Jockey International Inc.
Mass Merchant Segment to Dominate Global Market
Broadly, the global men’s underwear market is segmented on the basis of age group, distribution channel, and region. On the basis of distribution channel, the global men’s underwear market is segmented into online sales and offline sales. Some of the offline sale channels are monobrand stores, specialty stores, mass merchants, and others.
The mass merchant segment is projected to dominate the global men’s underwear market. This segment is expected to hold a share of 53.8% in the global men’s underwear market by 2020. Increased penetration of organized retail, along with the penetration of monobrands and multibrand outlets globally, is boosting the sales of branded clothing products.
BRIC to Lead Global Market for Men’s Underwear
By geography, the global men’s underwear market is divided into North America, Latin America, Australia, Europe, BRIC (Brazil, Russia, India, and China), Japan, and Rest of the World (RoW). The BRIC segment dominated the global men’s underwear market with a share of 35% in 2014 and is expected to continue its dominance during the forecast period from 2015 to 2020, followed by Europe. The Europe men’s underwear market held a share of 17.4% in 2014 in the global men’s underwear market. The Europe men’s underwear market will expand at a 5.1% CAGR, while the North America men’s underwear market will expand at a 3.9% CAGR during the forecasting horizon.
According to age group, the global men’s underwear market is divided into 56-65, 46-55, 36-45, 26-35, and 15-25. Among these sectors, the segment of age group 36-45 held a dominant market share of more than 24% in 2014 in the global men’s underwear market.
Unorganized Developing Markets to Suppress Global Men’s Underwear Market
The revenue contribution of the men’s underwear sector in the global men’s clothing market was estimated at US$8.0 billion in 2014 and by 2020, and it is projected to be US$11.7 billion. The global men’s underwear market is projected to grow at a CAGR of 5.8% during the forecasting horizon.
Although the global men’s underwear market will experience good growth in the coming few years, it will be suppressed by the high level of competition and the unorganized nature of markets in emerging economies.
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