Global Streetwear Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Streetwear Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Streetwear is a style of casual clothing that became popular worldwide in the 1990s. It grew out of hip hop fashion in New York and the surf-and-skateboard culture in California, incorporating elements of sportswear, punk, and Japanese street fashion. It typically centers on casual, comfortable pieces such as jeans, T-shirts, baseball caps, and sneakers, and achieves exclusivity through intentional product scarcity, with enthusiasts following specific brands and trying to acquire limited-edition products.

Market Overview:

The latest research study on the global Streetwear market finds that the global Streetwear market reached a value of USD 187582.9 million in 2022. It’s expected that the market will achieve USD 230877.25 million by 2028, exhibiting a CAGR of 3.52% during the forecast period.

The epidemic has affected the streetwear industry. Raw material prices have risen, supply chains have been disrupted, offline brick-and-mortar stores have been suspended, and people are increasingly buying online. At the same time, due to the epidemic prevention and control policies and isolation policies, more and more people are working and studying from home, and more and more are pursuing the comfort of clothing. In the long run, with the weakening of the impact of the epidemic, the recovery of the economy and life, and the improvement of people's living standards, streetwear has gradually become a daily necessities favored by consumers, and can lead the fashion trend. The streetwear market has broad prospects.

1 Drivers

1.1 Streetwear has a unique cultural symbol, design and sales mode.
Streetwear is a way for people to express their values, ideas, and lifestyles. It stimulates consumer demand through the status symbol and status they represent in their culture. Second, streetwear upended the way fashion trends emerged. Insiders dictate the latest fashion and trends, and streetwear upends that model in a more democratic way, where consumers, like industry insiders, have the right to decide what’s cool and what’s trendy. In addition, the connection between streetwear and consumers is so strong that a direct-to-consumer sales model has been established.
1.2 Streetwear and luxury collaborations drive market expansion and growth.
As the spending power of millennial consumers continues to increase, the influence of streetwear is also increasing. Streetwear has an important impact on the luxury industry. The in-depth cooperation between streetwear and luxury goods will broaden the customer base, incorporate new design concepts, and promote market development.
1.3 The rapid development of online shopping.

2 Restraints and Challenges

2.1 The streetwear industry needs to grasp the trend and continue to develop new products to face fierce competition.
The success of streetwear brands depends on the ability to identify, initiate and define product trends, and to anticipate, measure and respond to changing consumer demands in a timely manner. In addition, streetwear needs to compete internationally with a large number of sports and leisure footwear companies, sports and leisure apparel companies, luxury brands and other companies in other fields.
2.2 Raw material prices fluctuate.
2.3 Rising labor costs.

3 Opportunities

3.1 Advances in Innovation and Technology for Streetwear.
Previously, consumers of streetwear were mostly men. With the week of genderless clothing, more and more brands began to pay attention to the demand of female consumers for streetwear.
At the same time, with the deepening of the concept of environmental protection, companies in the industry are also committed to developing more environmentally friendly and high-quality materials.
3.2 Streetwear has great market potential in emerging markets.
With the popularity of streetwear in the world, the economic development of emerging economies such as China and India, people's living standards have improved, and there are more pursuits in the choice of clothing, and streetwear has a broader prospect.

Region Overview:

China had the highest growth rate of all regions.

In global comparison, a significant portion of the revenue was generated in United States (40.75% in 2021).

Company Overview

Nike
Nike is a multinational company producing sporting goods in the United States. Its business scope includes the design, development, production, global marketing and sales of foot wear, clothing, equipment, clothing accessories and services. In addition to strengthening high-tech performance, Nike sports shoes pay more attention to fashionable shape design and often produce CO branded models in cooperation with other streetwear brands.

Adidas

The adidas brand has a long history and deep-rooted connection with sport. Its broad and diverse portfolio in both the Sport Performance and Sport Inspired categories ranges from major global sports to regional grassroot events and local sneaker culture. This has enabled adidas to transcend cultures and become one of the most recognized, credible, and iconic brands both on and off the field of play.

Supreme

Supreme is an American clothing and skateboard lifestyle brand established in New York City in April 1994. Supreme targets skateboarding and hip-hop culture, as well as youth culture in general. The brand produces clothing and accessories, as well as skateboards.

Nike is one of the major players operating in the Streetwear market, holding a share of 2.64% in 2022.

Nike, Adidas, Supreme, CARHARTT WIP, Off-White (Pyrex) are the five key players in the global Streetwear market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global market in the past 5 years.

Segmentation Overview:

Clothing
Clothes generally refer to items worn on the body and beautify. There are different styles of clothes. The original street style was just a niche culture in the youth group. However, after decades of evolution and development, street style has become a popular trend culture. Today's street-style clothes are pursuing self and individuality while also pursuing a high degree of comfort.

Sneakers

Sneakers are shoes primarily designed for sports or other forms of physical exercise, but which are now also widely used for everyday casual wear. Sneakers are very popular in streetwear.

Accessories

An accessory is an item used to assist in personal attire. Usually choose accessories to complete a set of outfits. Accessories can be roughly divided into two categories: carry and wear. Accessories traditionally carried include wallets and handbags, hand fans, parasols and umbrellas, wallets, walking sticks and ceremonial swords. Wearable accessories may include jackets, belts and watches, necklaces, rings, hat, etc.

By type, Sneakers segment accounted for the largest share of market in 2021.

Application Overview:

Online
With the development of the Internet and the rise of online shopping, more and more people buy streetwear online, such as brand websites and APPs, third-party online platforms, etc.

Offline

Depending on how streetwear is sold, products are divided into online and offline. People usually buy streetwear in offline stores such as branded boutiques, malls, and retail stores.

By application, the Offline segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Streetwear market covered in Chapter 3:

Undefeated
HERON PRESTON
WTAPS
Stussy
Off-White (Pyrex)
NOAH
Bape
Adidas
Nike
Supreme
HUF
CARHARTT WIP
Palace
Vetements

In Chapter 4 and Chapter 14.2, on the basis of types, the Streetwear market from 2018 to 2029 is primarily split into:

Clothing
Sneakers
Accessories
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Streetwear market from 2018 to 2029 covers:

Online
Offline

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)