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Headwear market was valued at over USD 20 billion in 2022 and is expected to grow at a CAGR of over 6% during the forecast period. The increasing use of headwear products in sports & related activities among athletes is one of the major factors driving industry Headwear, such as hats, helmets, and beanies, are widely used in sports including baseball, polo, cricket, skiing, and snowboarding to improve on-field performance, enhance comfort, and provide safety. The growing fashion industry and the rapid adoption of headwear as a style statement in balanced garments to add a touch of safety and confidence.
The increasing product usage by bike riders, army forces, and firefighters as safety & protective equipment is boosting the market. Manufacturers are releasing products, such as padded and embellished headbands, for increased comfort. Technologically advanced products, such as smart helmets, are also gaining popularity among consumers. These helmets feature a microphone, voice commands, light and smart software, enabling SOS signals, rider tracking, and sending automatic alerts to emergency contacts during accidents. Government regulations for road safety are also positively influencing headwear market growth. According to a UNECE study on road accidents, motorcyclists are 26 times more likely to die in traffic accidents than passenger car drivers. Wearing a properly fitted helmet increases their chances of survival by 42% and prevents 69% of cyclist injuries.
Continuous use of helmets and headbands may lead to excessive sweating, which can result in dehydration, skin irritation, and hair diseases. These factors are likely to hamper the market growth during the forecast period. However, manufacturers are engaged in launching more comfortable products.
Based on type, headwear market from beanie segment is expected to develop significantly over the forecast period. Beanies are versatile and can be used daily for various indoor & outdoor activities. They have gained popularity in cooler climates for protection against the cold. Beanies are popular with young people due to their stylish designs and colors. Companies are focused on launching new products. For instance, in April 2022, Autumn Headwear launched its spring collection, Spring/Summer 2022, at selected retailers and online stores.
Based on distribution, the headwear market from online segment is expected to grow significantly during the forecast period. Easy product availability and various offers on e-commerce platforms are boosting product sales from online stores. The availability of a wide variety of products, customization, and price benefits during festive seasons in online stores are attracting more customers. Easy return and exchange options also encourage customers to buy products from online stores.
Asia Pacific headwear market is expected to grow steadily over the estimated timeframe. The fluctuating weather is driving the sale of headwear in the regional market. Winter hats are gaining popularity in countries including India. Hot summers in China and Australia have also boosted the demand for headwear, especially hats. The growing fashion industry in the region is also augmenting the sale of caps, beanies, and headbands, which are widely used as style statements by fashion influencers. Therefore, major companies are launching headbands and hats with various styles, such as padding and embellishments, to attract more consumers.
Some prominent players in the headwear market include Adidas AG, Nike Inc., New Era Cap, Under Armor Inc., Pipolaki, Superdry PLC, New Balance Inc., and Boardriders Inc. These companies sponsor various sports events, offering easy purchase of event tickets to increase headwear sales. Market players are focusing on increasing their R&D investments to innovate attractive solutions to meet consumer needs. The key players are targeting new markets and demographics to increase product sales, either individually or by partnering with local sporting events and businesses around the world.
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