According to a new report published by K D Market Insights,“ Necktie Market Insights, Trends, Opportunity & Forecast, 2020-2025,” the global necktie market size is anticipated to witness moderate growth during the forecast period i.e. 2020-2025. Factors such as the growing number of professionals across the globe, the high adoption of neckties for workplaces and formal occasions, the rising disposable incomes & changing lifestyles of people, the escalating innovation in tie materials and design and the increasing demand of neckties from the key consumers such as bankers, media professionals, students and others are the primary factors driving the growth of the global necktie market.
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Additionally, the surging demand for formal attire from SMEs and various other industry verticals, the rising demand for neckties with different width sizes and the constantly changing new fashion trends and social norms are further anticipated to create ample growth opportunities for the global necktie market during the forecast period.
The Asia Pacific region held the largest share in the market in 2020 and is expected to further retain its dominance in the market over the forecast period. The region is also slated to witness the highest CAGR in the market during the forecast period due to factors such as the growing working population, the increasing number of private schools and colleges and the burgeoning influence of western culture in the region. The North American region is projected to account for considerable growth over the forecast period of 2020-2025 in the necktie market.
According to distribution channel, the online stores segment accounted for the largest share in the necktie market in 2020 and is expected to further retain its dominance in the market during the period of forecast i.e. 2020-2025. It is also anticipated to witness the fastest growth rate in the market during the forecast period. According to material, the cotton segment accounted for the largest market share in 2020 and is expected to continue with trend over the forecast period.
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The global necktie market is segmented into type, material, demography, price range distribution channel and region. Based on type, the market is bifurcated into apron tie, bow tie, seven-fold tie, skinny tie, cravat and others. Based on material, it is classified into cotton, satin, silk, velvet, linen, wool, synthetic and others. Based on demography, it is classified into men, women and kids. Based on price range, it is classified into premium, medium and economy. Based on distribution channel, it is classified into online stores and offline stores.
The global necktie market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). Countries such as India, China, Japan, South Korea and the U.S. are among the major contributors to the growth of this market.
Key Insights of Necktie Market
- On the basis of distribution channel, the online stores segment accounted for the largest share in the necktie market in 2020 and is expected to further retain its dominance in the market during the period of forecast i.e. 2021-2026.
- On the basis of material, the cotton segment accounted for the largest market share in 2020 and is expected to continue with trend over the forecast period.
- On the basis of region, Asia Pacific region held the largest share in the market in 2020 and is expected to further retain its dominance in the market over the forecast period. The region is also slated to witness the highest CAGR in the market during the forecast period.
Some of the major necktie companies profiled in the report include Ralph Lauren, Turnbull & Asser, The Charvet, Tokyo Tie, Roberto Cavalli, Christian Lacroix, Stefano Ricci, Giorgio Armani S.p.A., Duchamp and Burberry.
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