It was estimated prior to this unanticipated outbreak Neckwear Market will reach CAGR of 1.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Neckwear Market Insights
Neckwear market is likely to witness moderate CAGR of 1.9% during the forecast period. The prime factor that is contributing to the demand for neckwears is mainly the increasing working professionals across the globe such as bankers, stalk brokers, media professional and students.
Market Share Analysis
Neckwear Market Share: By Product Type
Based on the product type, the market is segmented as neckties, bowties, and others. The neckties segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The wide use of neckwear by consumers in different professions such as bankers, hotel personnel, lawyers, psychiatrists, aviation and cooperate companies is driving the growth of this segment.
Neckwear Market Share: By Wearing Type
Based on the wearing type, the market is segmented as self-tied and pre-tied. The self-tied dominates the market, as adults prefer to wear different knots every time with different length sizes. Further, self-tied is the faster-growing segment as children, students, and beginners are some of the major consumers of pre-tied or clip-on neckwear. All these wide consumers of pre-tied are propelling the growth of the segment during the forecast period.
Neckwear Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing neckwear market during the forecast period, with China, India, Japan, and Korea being the major countries with lucrative growth opportunities. The growth of the market is driven by the adoption of bow ties in the region due to great influence of western culture, which is generating huge demand for neckwears and the presence of a large number of neckwear manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.