ALBANY, New York, June 10, 2019 /PRNewswire/ -- TMR anticipates that the lingerie market is fragmented vendor landscape owing to the presence of numerous local, regional, and global companies. The global lingerie market is witnessing the entry of numerous players globally. Some of the key players accounted for a leading share in 2015 in revenue of the global lingerie market are PVH Corporation, Hanes International, Jockey International Inc., LVMH, and L Brands Inc.
Additionally, rising number of players is leading to increased competition in the market. In order to stand alone in the competition, the key players are implementing strategies such as mergers and acquisitions, partnerships, and collaborations. Through these strategies, these players are expanding their global reach as well as product portfolios. The branding and marketing of the lingerie play a crucial role in the sales of lingerie market especially for women. Thus, the key players are focusing on resonating positive image of women through their advertisements and sales campaigns. Thus, global companies such as Hugo Boss, Emporio Armani, Calvin Klein, and Victoria's Secret are focusing to tap the opportunities globally, especially in the developing countries.
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Booming E-commerce Sector Benefits Market Growth
The lingerie market is predicted to grow with a robust CAGR of 6.4% over the forecast period from 2016 to 2024 on the back of growing online sales coupled with robust development in the retail sector. The booming e-commerce sector has increased the availability of branded lingerie globally, which is benefiting its sales. Additionally, growing mall-culture coupled with the focus of companies to make a mark with their physical presence globally is augmenting growth of the retail sector. This is one of the key factors fuelling growth of the global lingerie market.
The factors such as growing disposable income coupled with the desire of improved lifestyle and attention toward the aesthetics are propelling growth of the global lingerie market. The growing demand for bust-sized bras, which offers extra comfort to users is witnessing improved demand. This trend in the market of comfortable undergarments is augmenting demand for intimate apparels. This is further helping the bra segment to stand in the front line in terms of revenue.
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Rising Physical Activities to Drive the Market's Growth
However, incidences of skin allergies due to local or renowned clothing materials are restraining growth of the global lingerie market. Nonetheless, the rising availability of numerous material-based appeals is offering a solution to overcome this hindrance. Moreover, lingerie is considered as a necessity of both men and women globally. Thus, dependency for functional comfort and aesthetic are driving growth of the lingerie market. Owing to these factors, TMR expects that the global lingerie market is likely to be worth US$55.83 Bn by 2024 from the value accumulated in 2015 of US$33.18 bn.
Moreover, increasing number of fitness freaks globally especially across developing countries through sports activities, athletics, and gym exercises is rising substantially. These activities require customized and special lingerie, which offer extra comfort and support, consequently augmenting demand for special lingerie for sports. In order to cater to this demand, the key players are offering customized appeals, which are aesthetical and more comfortable.
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Regionally, the lingerie market in Europe is dominating the overall market owing to high adoption from the region. Further, the presence of a large number of key players in the region has led to this growth. However, demand from Asia Pacific is primarily driving the growth of the global lingerie market owing to high adoption of branded lingerie in the region.
This information is encompassed in the report by TMR, titled, "Lingerie Market (Product - Bra, Knickers & Panties, Loungewear, and Shapewear; Distribution Channel - Online and Storefront) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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For the study, the Lingerie Market has been segmented as follows:
- Knickers and Panties
- Lounge wear
- Shape wear
- Online Stores
- Store Front
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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