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The streetwear market size was valued at USD 325.28 billion in 2023 and is expected to be worth USD 347.14 billion in 2024. The market is projected to reach USD 637.13 billion by 2032, recording a CAGR of 7.89% during the forecast period.
Streetwear, a fashion trend rooted in the cultural aesthetics of youth subcultures, has become a distinct style. It is popular for its vibrant colors, bold logo graphics, and unconventional designs. It also encompasses different products, such as oversized tees, streetwear hoodies, streetwear jeans, beanies, snapbacks, and sneakers. The increasing disposable incomes and consumer spending on fashion are expected to drive the growth of the global market.
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Segmentation:
Clothing Segment Dominated Market Due to Increasing Celebrities’ Collaboration
Based on product, the market is segmented into clothing, footwear, accessories, and others. The clothing segment held the largest market share in 2023. This dominance can be attributed to the wide product availability and increasing collaborations among brands and influencers.
Men Segment Dominated Market Due to Growing Appearance Consciousness among Men
Based on end user, the market is segmented into men and women. The men's segment accounted for the largest market share in 2023. This growth can be attributed to the wide product availability, rising purchasing power, and increasing consciousness about appearance among men.
Offline Stores Segment Dominated Market Due to Increasing Number of Retail Stores Worldwide
Based on distribution channel, the market is segmented into offline stores and online stores. The offline segment led the global streetwear market share in 2023 due to the surge in the network of retail stores across the world.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, products, end users, distribution channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Sales of Sustainable Products to Drive Market Growth
The rising environmental consciousness has led to the increasing popularity of environmentally friendly products among customers. Customers opt for brands committed to environmental sustainability as they are more ecologically conscious. Additionally, the growing demand for eco-friendly products among eco-conscious consumers contributes to the need for sustainable products. Also, several international players are introducing sustainable products to meet the increasing demand for sustainable clothing.
However, the streetwear market growth is expected to be constrained by the increasing availability of counterfeit casual clothing.
Regional Insights:
Asia Pacific Dominated Market Due to Increasing Urbanization and Rapid Growth in Young Population
Asia Pacific accounted for the largest market share in 2023 and is expected to maintain its dominance during the forecast period. This growth can be attributed to increasing urbanization and rapid growth in the young population. The surge in the number of homegrown brands in the region that provide street culture and subculture-inspired products, such as hip-hop, street art, and skateboarding will contribute to the region’s market growth.
North America is poised to experience considerable growth during the forecast period due to the strong presence of leading players in the region. North America’s different street culture scenes, such as hip-hop, skateboarding, and graffiti will fuel the demand for the product, thereby driving the region’s market growth.
Competitive Landscape:
Companies to Focus On Innovative Technologies to Stay Competitive
The leading companies operating in streetwear market are increasing their focus on implementing various strategies to tackle the growing presence of counterfeit products. They are launching security labels that allow consumers to authenticate their purchases. They are also introducing innovative products and establishing strategic partnerships with other firms to strengthen their market position and remain competitive.
Notable Industry Development:
November 2023: Lemon Lilt launched itself in India as a novel streetwear-inspired brand. According to the company, its first product will include graphic T-shirts.
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)
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