increasing urbanization is driving the Raincoat Market
Technavio analyzes that the Raincoat Market is expected to grow at a CAGR of 3.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 205.7 million.There are various factors that contribute to the growth of the market. The expansion of urban areas has led to a significant growth in the demand for raincoats. With more people residing in cities, there is an increased need for protective outerwear during rainy weather. Raincoats offer a practical solution for staying dry and comfortable in urban environments. This trend is expected to continue as urbanization continues to increase, making the raincoat market a promising investment opportunity for businesses.
In the global raincoat market, specialty stores held the largest market share in 2023, accounting for significant revenue through offline distribution channels. The popularity of advanced raincoat designs in these stores, which offer a diverse range of brands and product portfolios, is driving segment growth. Concurrently, department stores ranked second in market revenue share. Department stores distinguish themselves through unique store designs, extensive merchandise offerings, and exceptional customer service. Vendors are investing in their own retail outlets, allocating substantial budgets for marketing, advertising, promotions, brand development, staff training, and IT infrastructure.
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Raincoat Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The global rainwear market is experiencing a surge in demand due to the latest fashion trend of color-blocking and translucent lace raincoats in street fashion. Raincoats and jackets, as waterproof garments, are essential for outdoor recreational activities such as hiking, camping, running, and biking, driven by increasing outdoor participation trends. The jackets segment includes waterproof materials like polyester fabric, nylon, vinyl, and high-tech fabrics like GoreTex and blended options. Rain Jackets, Rain Pants, and Rain Suits cater to various climatic conditions. Athletes prioritize lightweight, water-repellent trench coats and raincoats made from recycled polyester and eco-friendly materials, reducing the use of perfluorocarbons.
The global apparel, accessories, and luxury goods market encompasses businesses involved in the production and distribution of textiles, apparel, accessories, and luxury goods. This market segment includes companies offering rental services for apparel and accessories, excluding footwear manufacturers. Key drivers fueling market growth include the expanding population of working women, boosting disposable income and consumer spending on fashion items. Trends such as color-blocking, translucent lace raincoats, and water-repellent trench coats are gaining traction in the fashion industry, particularly among consumers engaged in outdoor recreational activities like hiking, camping, and running. These factors contribute to the market's expansion in the global textiles, apparel, and luxury goods industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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