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.
Download a sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=61&type=smp
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