Europe Headwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Headwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe's Headwear Market is projected to register a CAGR of 5.2% during the forecast period, 2022-2027.

An increase in disposable income, a growing youth population, and rapidly increasing demand for comfortable, innovative, and affordable headwear across the region are driving the growth of the market in the region. Rapidly spreading awareness about health, fitness, and sporting events in the region is also fueling the growth of the market. As consumers are highly motivated toward buying quality and comfortable headwear products, they are willing to purchase high-priced headwear made from selected high-quality raw materials and manufactured using machines to provide accurate and precise products. Additionally, the adoption of the luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wear among millennials. The increasing fashion trends and the evolving retail landscape across brands have been the key factor for the booming headwear market. Working to the highest standards, these companies are also developing and producing modern style headwear for every occasion and providing superior clothing comfort and premium quality products to German consumers. For instance, In 2020, Mercedes-AMG launched Petronas Lewis Hamilton Spanish GP Cap using a recycled and sustainable fabric base, which is released each season and designed in collaboration with Lewis himself, the special edition caps celebrate different races across the F1 calendar.

As the temperatures in countries like Russia can fall down to very low degrees, people over there use different types of hats and caps in order to protect themselves from cold. The Baltic is a very common hat throughout Russia, even in the Scandinavian countries. The ear flaps can tie up around the crown or left down to protect the ears. Moreover, beanies are also becoming quite fashionable majorly among women, who like to experiment with different styles. Companies, such as The Nines, are manufacturing heat-regulating knitted hats that contain 90% merino wool and 10% cashmere and are available in various shades, attracting customers further.

Key Market TrendsInnovations In Headwear Products Are Increasing The Demand

Many innovative products are being added to the headwear market owing to the increasing demand for comfortable and convenient products from customers like players of sports, including cricket, baseball, polo, etc., and fashion trend followers. The market for headwear is seeing an increase in demand for personalization due to rising fashion trends. Due to the rising trend of personalization among the younger generations, several major companies are developing new items that offer personalized headwear, particularly caps. For instance, a European headwear manufacturer, Atlantis Headwear offers various services to help in customizing any cap. Customers tend to be increasingly influenced by the newest trends, personalizing their headwear to match their clothing in order to stand out and express their uniqueness. Dance companies, catering companies, and other service providers are all noticing the rising trend, which is expanding the market for headwear.

Additionally, wearing beanies and head warmers has become essential, driving the headwear market in the region. Manufacturers are also launching products that can protect customers from cold weather and generate heat. For instance, in 2021, The British Sheepskin Company launched Hunter Sheepskin Hat in the United Kingdom, which is a traditional trapper style, but, made in England from plush merino sheepskin and leather bindings. Its ear flaps can be fastened on top with a leather tie which helps to keep ears warm. It is available in different colors such as antique brown, ebony Nappa, Ebony Tip merino, slate, truffle tip merino, and whiskey Merino. Similarly, in September 2020, Aimé Leon Dore launched Yankees Hats produced by New Era with a few new colors. This launch was made alongside the premium apparel pieces launched by the company in Italy.

United Kingdom Holds the Largest Share

The growing interest in playing and watching sports among consumers in the country is making it a trend to use caps, beanies, and headbands to protect themselves from sunlight and as a fashion accessory. The consumers follow different sports such as football and Rugby Union, which are especially enjoyed in parts of the United Kingdom, Ireland, southern France, and northern Italy. Sports players and spectators in the United Kingdom use caps as their basic accessories, which is one of the major reasons, that is dragging the attention of the consumers towards the caps segment. For instance, according to the Office for National Statistics of the United Kingdom, total consumer spending on sporting equipment in the United Kingdom amounted to about 9,363 million GBP in the financial year 2020. Additionally, the consumers have shifted from the norm that considered caps as apparel wear on just fields to have it included as a fashion statement off the field. Baseball caps for instance, over the years, have transitioned from an odd headwear to a perfect fashion accessory amongst men. This is primarily attributable to the rising trend toward adorning caps as part of casual attire and for protection from the sun. Consumers allied with events, firms, or services in the country are progressively inclining toward customization facilities companies provide to practice differentiation. This customization trend pertaining to the market is primarily driving the headwear market in the country.

Competitive Landscape

The headwear market is highly competitive, due to the presence of innumerable private players who are manufacturing counterfeit copies of the branded products to pump up their sales. Therefore, the major players in the market are indulging in the production of unique products that can set them apart from the crowd. For example, the use of new materials and partnerships with celebrities and online retailers has led big companies to establish themselves in the headwear market. For instance, in July 2022, Ukrainian headwear designer Ruslan Baginskiy launched a collaboration with the Italian retailer Luisaviaroma to launch a new collection. The collaboration included a window display, Ruslan Baginskiy packaging and gift kit, and 7 new hat styles designed specifically for this collection. Moreover, offering sponsorships for various sports and events has also led to an increase in the sales of headwear products. Some of the key players in the global headwear market include Nike Inc., Puma, Under Armour Inc., Superdry PLC, Pipolaki, New Era Cap, and others.

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• The market estimate (ME) sheet in Excel format
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