Research and Markets latest report forecasts the Apparel market in India to grow at a CAGR of 12.65 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing urbanization in India.
The Apparel market in India has also been witnessing increasing online retail sales. However, the increase in the number of counterfeit apparels could pose a challenge to the growth of this market.
The key vendors dominating this space include Aditya Birla Nuvo Ltd., Arvind Ltd., and The Raymond Group.
The other vendors mentioned in this report are Alok Industries Ltd., Bombay Dyeing & Mfg. Co. Ltd., Mafatlal Industries Ltd., Monte Carlo Fashion Ltd., and Reliance Industries Ltd.
Commenting on the report, an analyst from the team said: E-commerce is a medium of buying and selling products and services through electronic mediums such as the internet. There were approximately 138 million internet users in India in 2012 and the number is expected to grow with the penetration of the internet during the forecast period.
Indian consumers are price-sensitive and value-conscious while purchasing apparels. They intend to shop online as it provides them ease of delivery and added discounts compared to store-based outlets.
Currently, online apparel retail constitutes merely 5-7 percent of the Apparel market in India, but it is expected to grow at a CAGR of more than 35 percent in the next ten years. Internet shopping not only provides access to products from home, but also provides discount benefits and allows customers to compare prices offered by various companies.
There are a number of online retailers such as such Flipkart, Jabong, and Myntra present in the market, offering a variety of apparels with exclusive services and discounts to attract consumers. Hence, online shopping is appealing to youth in India and the demand for apparels is expected to grow during the forecast period.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Alok Industries Ltd., Bombay Dyeing & Mfg. Co. Ltd., Mafatlal Industries Ltd., Monte Carlo Fashion Ltd., and Reliance Industries Ltd.