As of 2024, the global apparel market continues to evolve with significant growth and transformation across key markets worldwide. Below is an analysis of the ten largest apparel markets—United States, China, India, Japan, the United Kingdom, Germany, Italy, France, Canada, and South Korea—offering insights into their revenue figures, market share, and growth trends.
Overview of the apparel market revenue worldwide by country (in billion U.S. dollars)
| Country | 2023 Revenue (USD Billion) | 2024 Forecast (USD Billion) |
|---|---|---|
| 1. United States | $351.35 | $358.70 |
| 2. China | $313.82 | $328.40 |
| 3. India | $101.39 | $165.00 |
| 4. Japan | $87.00 | $89.90 |
| 5. United Kingdom | $82.89 | $85.85 |
| 6. Germany | $72.57 | Not explicitly mentioned |
| 7. Italy | $57.86 | Not explicitly mentioned |
| 8. France | $40.02 | $40.65 |
| 9. Canada | $39.71 | Not explicitly mentioned |
| 10. South Korea | $39.06 | Not explicitly mentioned |
In 2024, the global apparel market is predicted to generate significant revenue, with projections indicating robust growth. The per capita revenue worldwide is expected to reach approximately US$230.90. The total volume in the apparel market is anticipated to escalate to 196.1 billion pieces by 2028, with an annual volume growth rate of 1.3% in 2025.
1. United States
The country witnessed apparel sales revenues amounting to $351.35 billion in 2023.
The United States leads the global apparel market with an expected revenue of US$358.70 billion in 2024, marking it the largest market. The market shows a steady growth trajectory, with a compound annual growth rate (CAGR) projected at 2.11% from 2024 to 2028. Women’s apparel is the largest segment, with a market volume of US$191.40 billion.
2. China
The country's apparel sales revenues amounted to $313.82 billion in 2023.
China's apparel market is projected to generate US$328.40 billion in revenue in 2024, making it one of the most significant players globally. The market is expected to grow annually by 4.24% (CAGR 2024-2028). In 2023, the market value of sportswear in China reached approximately 493 billion yuan. Nike holds a dominant market share in the Chinese sportswear market, continuing to be a top player.
3. India
The country's apparel sales revenues amounted to $101.39 billion in 2023.
Forecast: India’s apparel market is expanding rapidly, with the market size estimated at US$165 billion in 2022. By 2024, the volume of the Indian apparel market is expected to reach 40.1 billion pieces, with a per capita volume of 24.2 pieces. Fast fashion in India was valued at US$9.90 billion in 2023 and is projected to grow to US$28.84 billion by 2030, at a CAGR of 16.5%. The overall apparel market is projected to grow by 7.69% annually (2024-2029).
4. Japan
The country's apparel sales revenues amounted to $87 billion in 2023.
Forecast: In Japan, the apparel market is estimated at US$89.90 billion in 2024, with an annual growth rate of 2.03% (CAGR 2024-2028). The sports apparel market in Japan reached 613,110 million yen in 2022. Despite a decrease in spending on clothing, Japanese consumers continue to seek quality at reasonable prices.
5. United Kingdom
The country's apparel sales revenues amounted to $82.89 billion in 2023.
Forecast: The UK apparel market is expected to generate US$85.85 billion in revenue in 2024 and grow annually by 3.85% (CAGR 2024-2028). Women’s apparel is the largest segment with a market volume of US$47.02 billion. The market size was valued at GBP60.7 billion in 2023 and is anticipated to grow slowly at a CAGR of more than 1% from 2023 to 2028. Sustainable and ethically-produced clothing is in high demand.
6. Germany
The country's apparel sales revenues amounted to $72.57 billion in 2023.
Forecast: Germany’s apparel market was valued at EUR76.1 billion in 2022 and is expected to grow at a CAGR of over 7% from 2023 to 2026. Revenue in the apparel market is forecasted to increase by 2.7 billion euros (4.07%) from 2024 to 2028. Well-known German fashion brands include Adidas, Puma, and Hugo Boss.
7. Italy
The country's apparel sales revenues amounted to $57.86 billion in 2023.
Forecast: While specific 2024 revenue figures for Italy have not been published as of this article, Italy remains a central player in high-fashion and luxury goods.
7. France
The country's apparel sales revenues amounted to $40.02 billion in 2023.
Forecast: The French apparel market is set to reach US$40.65 billion in revenue in 2024, with a growth rate of 1.16% (CAGR 2024-2028). Women's apparel leads this market segment with a volume of US$22.53 billion. Per capita revenue is projected at US$626.60 in 2024. The luxury goods segment in France continues to thrive due to the country’s rich fashion heritage and iconic brands.
9. Canada
The country's apparel sales revenues amounted to $39.71 billion in 2023.
Forecast: While specific 2024 revenue figures for Canada have not been published, Canada remains a leader in integrating sustainable practices and innovative retail experiences.
20. South Korea
The country's apparel sales revenues amounted to $39.06 billion in 2023.
Forecast: While specific 2024 revenue figures for South Korea have not been published, the South Korean market is known for its rapid adoption of fashion trends and global K-pop. Fashion retailers often leverage technology and digital experiences to engage with a tech-savvy consumer base.
Sources:
- Statista: Outlook for the US Apparel Industry - July 26th, 2024
- Statista: Apparel Worldwide - July 26th, 2024
- Statista: Apparel Market in China - July 26th, 2024
- Coherent Market Insights: India Fast Fashion Market - July 26th, 2024
- Statista: Apparel Market in Japan - July 26th, 2024
- Statista: Apparel Market in the United Kingdom - July 26th, 2024
- Statista: Apparel Market in Germany - July 26th, 2024
- Statista: Apparel Market in France - July 26th, 2024
