According to a new market report released by the market research company, “Men’s suit underwear Market: BRIC Witnesses the Highest Growth by 2020,” the men’s suit underwear market is expected to reach US$8,420.8 by the end of 2015, with a compound annual growth rate of 5.8 from 2015. By 2020, it will reach 110 billion U.S. dollars by 2020.
There are usually two types of men’s suit underwear; one covering the torso and the other covering the waist and legs. For undershirts, we include vests, sleeve vests and muscle vests. For underpants, we include regular underpants, trunks and shorts. In winter, long suit underwear is more inclined to provide additional warmth to the wearer.
More and more disposable income, like brand suit underwear is more suitable for comfort and comfort is the main factor to promote the demand for high-end suit underwear, thus promoting the growth of men’s suit underwear market. However, highly competitive and unorganized markets in developing countries are the main factors that hinder the overall growth of the male suit underwear market. The compound annual growth rate of the men’s suit underwear market from 2015 to 2020 is estimated to be 5.8%, and by 2020 it will reach 1,1167.6 US dollars.
Divided by region, the BRIC countries’ market share exceeds 35% and is expected to remain dominant throughout the forecast period. Europe is the second-largest domination region with a share of 17.4% in 2014. The men’s suit underwear market in Europe and North America is expected to expand at a compound annual growth rate of 5.1% and 3.9% respectively.
Based on age group, the market is divided into 15-25, 26-35, 36-45, 46-55 and 56 or more. In 2014, the global men’s suit underwear market share was 36-45%, and the compound annual growth rate is expected to be 5.8% during the forecast period.
On the basis of distribution channels, the market has been subdivided into online sales and offline sales. Offline sales are further divided into mass stores, specialty stores, single-brand stores and other market segments. The online sales department accounted for 7.7% of the global men’s suit underwear market share in 2014, and is expected to have the fastest compound annual growth rate of 12.8% during the forecast period. In 2014, the mass merchant submarket occupied 58.5% of the market.
The main market participants covered by this report include Hanesbrands Inc., Philips-Van Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., American Eagle Outfitter Inc., Iconix Brand Group Inc., JC Penny Corporation, Inc. and Berkshire Hathaway Inc. The main players in the men’s suit underwear market are mainly through acquisitions and mergers and business expansion to improve their global and regional operations.