Hangers Market – Key Players & Growth Strategies Adopted by Them

Global Hangers Market forecasted to register 8.0% CAGR during the forecast period (2022-2032) and is projected to reach US$ 1,043.6 Million by 2032.

Hangers are an essential domestic commodity that have permeated into almost every section of society, leading to a robust and growing global hangers market.

Hangers are essentially designed after human shoulders and meant to keep clothes such that the onset of creases is prevented; they also allow for easy access. There are various types of hangers available in the market such as regular clothes hangers, clip hangers with single or multiple clamps, foldable hangers and stacking hangers.

They may come in various sizes to accommodate children’s clothing, and may also be designed specifically for skirts and trousers. Often, designer wall hooks are also classified as hangers.

Request a sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12288

Hangers, also called clothes hangers of coat hangers, can be made out of various materials such as plastic, steel (sometimes referred to as wire hangers) and wood; they are often made with a combination of these materials.

Certain hangers also have a padding of other materials like satin, nylon, wool, velvet or cotton to give it a more luxurious feel.Hangers are mainly used in homes, classified under the residential or domestic segment.

They are also used commercially by the retail sector in clothes shops and by the hospitality sector in hotels, hostels and dormitories. As a result, though a widely-acknowledged basic necessity, the hangers market too is susceptible to the impact of Covid-19.

Drivers and Trends in the Hangers Market

While hangers have been an integral part of the domestic setting for decades, the booming retail and hospitality sector in the past few years had led to substantial growth in the hangers market even as demand from the residential segment showed a marginal increase.

Growth in the commercial segment of the hangers market has also led to a growth in sales of high-end hangers with a greater focus on style and design; this growth has mainly been on account of uptake in the retail sector.

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.

Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-12288

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.

Impact of Covid-19

The impact of the economic slowdown caused due to the Covid-19 pandemic will be strongly felt by the hospitality sector, which has traditionally been the second largest commercial segment of the hangers market after the retail sector. The retail sector may also be hit due to a reduction in average incomes, further hampering the commercial segment.

The growth rate of the market may thus reduce given that the commercial segment was the fastest growing hangers market segment. Continued sales in the residential segment is likely to help manufacturers weather the storm due to hangers being a basic necessity; global purchasing trends may however reflect certain changes.

Plastic hangers may see a resurgence in the market as consumers revert to them owing to their affordability given the expected decline in disposable incomes globally. This may also negatively impact the wooden hangers segment, but is unlikely to affect the metal segment.

Simultaneously, innovations such as intelligence hangers may take a back-seat in the face of reduced consumer demand and cost sensitivity. Companies may thus increase their focus towards conventional and more basic types of hangers.

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.

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.

Request a TOC@ https://www.futuremarketinsights.com/toc/rep-gb-12288

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.

Hangers Market

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)