The global apparel and leather products market size is expected to grow to above $1400 billion by 2021 at a compound annual growth rate (CAGR) of about 11%. The apparel and leather products market is a part of the apparel manufacturing industry.
One of major drivers of the apparel and leather products market, is the rise in disposable income among consumers. As an industry largely driven by the spending power of the consumer, steady gains in disposable personal income is expected to boost the apparel and leather products manufacturing industry. Developing countries such as China and India, Malaysia, and Vietnam are expected to register high growth in disposable incomes that is expected to drive the apparel and leather products market globally.
However, a restraint on the market could be the shortage of skilled labor. Shortage of skilled labor in the apparel and leather products industry is expected to restraint the growth of the market. Shortage of skilled labor mainly leads to an increase in retail prices and further slowdown in the production of the apparel and leather products, thus lowering the demand for the market. According to a study conducted by Bangladesh Institute of Development Studies (BIDS) and the Ministry of Finance, there will be a demand for 3.6 million skilled workers in the apparel manufacturing industry in Bangladesh by 2021.
Find TBRC’s report on the apparel and leather products market: https://www.thebusinessresearchcompany.com/report/apparel-and-leather-products-global-market-report-2018
Apparel and leather products companies are collecting, processing and measuring data to improve process efficiency and productivity. Electronic devices that connect through internet and display process information on dashboards are being implemented by apparel and leather manufacturers. Predictive maintenance technology predicts snags and defects and thus significantly reduces downtime and costs. Apparel companies are integrating advanced technologies which include big data and, IoT technologies to implement preventive maintenance techniques.
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