The worldwide hangers market, valued at USD 483.4 million in 2022, is a vital part of our daily lives. These simple yet essential tools have become ubiquitous, finding their place in nearly every household and sector of society. As we move forward, the demand for hangers is expected to soar, with a projected Compound Annual Growth Rate (CAGR) of 8.0% between 2022 and 2032. By the end of this period, the market is anticipated to reach a staggering USD 1,043.6 million, reflecting the increasing importance and utility of hangers across the globe.
It is an important domestic commodity which have been penetrated almost all members of society thus creating the strong and growing international market for hangers.
Hangers are basically designed like human shoulders and created to hold clothes that do not let creases appear on them; they also make it convenient for people. In the market, we can find a lot of different hangers for example wide regular clothes ones and clipping types with one or more clamps; stacking and foldable.
Drivers Underpin Hangers Industry Expansion
- The retail and hospitality sectors have experienced significant growth, driving the expansion of the hangers market, while residential demand has seen only marginal increases.
- Commercial growth has spurred sales of high-end hangers, focusing more on style and design, particularly noticeable in the retail sector.
- A noticeable shift in consumer preference towards wooden hangers has been observed, with a corresponding decline in demand for plastic hangers, likely due to increased environmental awareness.
- Despite the decline in plastic hangers, metal or wire hangers continue to be a significant segment in the market due to their durability.
- A recent innovation in the hangers market is the emergence of intelligence hangers, electric products offering features like rain-proofing and clothes drying assistance, primarily popular in East Asia but with limited traction elsewhere.
A recent trend observed in the hangers market has been a preference for wooden hangers and a corresponding downslide in the demand for plastic hangers. This can be attributed to increased awareness to the environmental hazards of non-degradable plastic. Metal or wire hangers however remain a key segment due to their longevity.
Intelligence hangers have been a recent market innovation that have taken the hangers market by storm. Intelligence hangers are electric products that afford benefits such as rain-proofing and clothes drying assistance. However, the market for intelligence hangers has gained limited traction and is mainly centred around East Asia.
A boost in online sales has also characterised the hangers market’s dynamics as younger and tech-savvy consumers have shown a preference for the platform. This has caused a corresponding decline in sales through traditional wholesalers and retailers.
Competition Landscape
The hangers market is heavily fragmented due to various small players operating locally. This has posed limitations to the expansion plans of major players. Competitive pricing is another major determinant in this landscape. Some major players in the market include
- M & B Hangers
- Guilin Iango Home Collection
- Whitmor
- MAWA and Mainetti.
Region-Wise Analysis
The Asia-Pacific has been the largest regional segment in the hangers market in recent years, besides also being the fastest growing segment. The North America and European markets have been the other large segments. Other markets such as those in Africa, Latin America and the Middle East have also enjoyed a substantial market share.
Report Highlights
- The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
- The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
- The report also maps the qualitative impact of various market factors on market segments and geographies.
Regions and Countries Analyzed in the Report
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
Complete Market Review: A Full Report Analysis
Key Segments Covered In The Hangers Industry Analysis
Hangers Market by Type:
- Metal Hangers
- Wooden Hangers
- Plastic Hangers
- Other Hanger Types
Hangers Market by Application:
- Hangers for Personal Use
- Hangers for Commercial Use
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
