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Hat market has developed a strong existence for many years as people are progressively attracted by the product’s ability to safeguard their hair and skin from dust, dirt, and harmful sunlight. The product offering of a decent appeal with multiple styles and designs helps to entice more people. The increasing production of smart hats, which monitors heart rate and calories, is acting as an opportunity for market growth. For instance, LifeBeam Smart Hats comes with a sensor that has the ability to monitor the heart rate, calories and also has a battery life of 17 hours.
The rising growth of the global urban population resulted in the enhancement of fashion sense all over the world is acting as a driving factor for the market growth. For instance, according to the data released by the World Bank.Org, the global urban population in 2019 is assessed to be 55.714 percent, which is a rise from 55.24 from its prior year. In addition, the rising popularity of babies and children hat among parents around the world is likely to fuel the consumption rate.
Nevertheless, the usage of tight hats led to trap oil at the root of the hair has resulted in hair issues is hampering the market growth
Key Market Driver -
The global urban population witnessing an upsurging rise led to improvement fashion sense which thus act as a driving factor for the market growth
Key Market Restraint -
Tight hats results to hampers the health of the hair is acting as a restrining factor for the market growth
Lock & Co. Hatters, Goorin Bros, Inc., Bailey Hats, The New Era Cap Company, Borsalino and others are the key companies operating in the hats market.
The hats market is segmented into by product type, material use, end-user, and geography.
On the basis of product type, the market is fragmented into sports hats, fashion hats, and working hats. Fashion hats are estimated to be the leading segment owing to being applicable for use in multiple places and occasions as compared to other segments. Likewise, the intense marketing campaigns on fashion hats by popular brands increase its consumption.
Based on material use, the market is divided into polyester, cotton, wool, and others. Polyester is anticipated to be dominant on account of its long-lasting, water-resistant, and moisture-wicking properties is helping to increase its preference rate among consumers.
By end-user, the market is bifurcated into men and women. Men are estimated to be the larger market due to a large number of men with bald heads tend to popularly use the product, and men being more involved in sports and physical activities help to surge the demand.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is estimated to display a dominant share and is expected to continue throughout the forecast period of 2021-2028. The increasing purchase of sports merchandise, including hats by people in this region, has a significant contribution to the growing demand. For instance, according to the Sports Business Daily, July 2019, is declaring that the Minor League Baseball and its 160 clubs in the United States and Canada together have sold USD 73.9 million worth of merchandise. Furthermore, the regional festivals and events such as Halloween, Comic-Con, Disney Festival of Fantasy Parade, and others are escalating the consumption of the product.
Europe is assessed to hold a crucial presence in the hats market, owing to possessing a large number of older adults who often require to use the product for covering their hair losses. For instance, according to Europea. Eu data issued is stating that in 2018 Europe has 101.1 million elderly population of age 65 and above. In addition, the rising popularity of gardening surging the usage of the product has a positive impact on the market growth. For instance, according to the World Economic Forum, September 2019, is stating that in Germany, there are almost 1 million allotment garden tenants.
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