Thermal Underwear Market Analysis

Global Thermal Underwear Market Overview

Thermal Underwear Market Size was valued at USD 7.4 Billion in 2023. The Thermal Underwear Market industry is projected to grow from USD 7.67 Billion in 2024 to USD 9.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.25% during the forecast period (2024 - 2032). The retail sector's strong performance and extreme weather conditions are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Thermal Underwear Market Trends

• An extreme temperature boosts market growth.

Market CAGR for thermal underwear is being driven by extreme temperatures. Because of the cold weather in many locations, customers are in great demand for thermal underwear. Many states in the United States are experiencing freezing storms and severe snowfall. To cope with extremely cold temperatures, consumers employ a variety of insulation strategies.

Warm apparel items such as jackets and sweaters do not meet the needs of consumers, necessitating the use of extra layers. Customers are increasingly purchasing thermal innerwear to keep their bodies warm and prevent frostbite. Thermal underwear keeps the body dry and warm while also regulating body temperature. These also protect against bacteria and shelter the body from the outside world. Thermal underwear is appropriate for cold weather since it is thin and does not feel bulky.

Furthermore, due to the retail industry's robust performance, the sale of thermal innerwear has increased. Customers buy thermal innerwear from department stores and speciality stores because they offer a convenient one-stop shopping experience. Furthermore, as a result of technical improvements, customers have switched to a digital lifestyle, which has increased goods e-commerce sales. Consumers have been enticed to numerous online product offerings by a one-click shopping experience. Because of all of these factors, the market for thermal innerwear is rising.

In addition, thermal innerwear has seen considerable cross-border transactions as a result of the easy availability of the sought goods, attracting significant customer attention. Thermal innerwear sales have increased as a result of the retail sector's strong performance. The product is widely available in department stores, specialty stores, and convenience stores, as well as through a variety of distribution methods.

Thermal Underwear Market Segment Insights

Thermal Underwear Product Type Insights

The Thermal Underwear Market segmentation, based on product type includes tops, bottoms, and sets. The tops category is the market's largest contributor and is predicted to grow at a CAG of 3.75% during the forecast period. A top is a piece of clothing that covers the majority of the upper body between the neck and the waist. T-shirts, blouses, and shirts are some examples of popular tops. The crucial section of the thermal underwear market is expected to be the most profitable.

Thermal Underwear Material type Insights

The Thermal Underwear Market segmentation, based on material type, includes cotton, synthetic, wool, blends. The blends segment has the largest market share and is predicted to increase at a 3.8% CAGR during the forecast period. Blended fabrics are made by combining two different types of cloth to improve the look, feel, and durability of the fabric. It is primarily composed of a blend of synthetic fabrics such as polyester or lycra and natural fabrics such as cotton or wool. Cotton polyester mix, wool polyester blend, nylon wool blend, wool-cotton blend, and cotton lycra blend are some of the popular thermal blends.

Thermal Underwear End-Use Insights

The Thermal Underwear Market segmentation, based on end-use, includes men, women, and kids. The men category is the market's largest contributor and is predicted to increase at a CAGR of 3.64% over the forecast period. Menswear is the most extensive category, and it contains goods such as pants, underwear, full-sleeved, half-sleeved, sleeveless t-shirts, sportswear, coordinate sets, and other clothing. As fitness-related interest has developed, men's thermal apparel designed expressly for sports, jogging, and the gym has gained significant appeal.

Figure1: Thermal Underwear Market, by End-Use, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Thermal Underwear Distribution Channel Insights

The Thermal Underwear Market segmentation, based on distribution channel, includes store-based (supermarkets, hypermarkets, specialty stores, others) and non-store-based. The store-based sub-segment is further divided into supermarkets and hypermarkets, speciality stores, and others. The store-based category held a bigger market share of 69.12% in 2022. However, the non-store-based segment is predicted to grow at a faster rate of 3.76% throughout the forecast period.

Thermal Underwear Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Thermal Underwear Market area will dominate this market; owing to an increasing number of working women in the United States will drive the expansion of the thermal underwear market. Furthermore, the expanding thermal underwear product portfolio of leading manufacturers is one of the most important factors impacting the market in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: THERMAL UNDERWEAR MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Thermal Underwear Market accounts for the second-largest market share due to shifting customer needs.. Further, the German Thermal Underwear Market held the largest market share, and the UK Thermal Underwear Market was the fastest-growing market in the European region

The Asia-Pacific Thermal Underwear Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising per capita disposable incomes are a major element driving the growth of the thermal underwear market. Moreover, China’s Thermal Underwear Market held the largest market share, and the Indian Thermal Underwear Market was the fastest-growing market in the Asia-Pacific region.

Thermal Underwear Key Market Players& Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the Thermal Underwear Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Thermal Underwear industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Thermal Underwear industry to benefit clients and increase the market sector. In recent years, the Thermal Underwear industry has offered some of the most significant advantages to medicine. Major players in the Thermal Underwear Market, including Jockey International Inc (US), Under Armour Inc. (US), Smartwool LLC (US), L.L.Bean Inc. (US). Fruit of the Loom Inc. (US), BodTek (US), Thermajohn (US) and others, are attempting to increase market demand by investing in research and development operations.

Leon Leonwood Bean started L.L.Bean, an American privately held retail corporation, in 1912. The company specialises in clothes and outdoor leisure equipment and is headquartered in Freeport, Maine, where it was created. L.L.Bean was founded in Freeport, Maine, in 1912 by its namesake, hunter and fisherman Leon Leonwood Bean. The Maine Hunting Shoe, originally known as duck boots and subsequently as Bean Boots, began as a one-room operation selling a single product. In October 2020, L.L. Bean Inc. opened four locations in Toronto in order to aggressively promote the brand across the country.

Hanesbrands Inc. is a worldwide apparel corporation headquartered in Winston-Salem, North Carolina. It employs 65,300 people worldwide.Sara Lee Corporation spun off the corporation and other brands on September 6, 2006. Hanesbrands is the parent company of various clothing companies, including Hanes, Champion, Playtex, Bali, L'eggs, Just My Size, Barely There, Wonderbra, Maidenform, Berlei, and Bonds. The first Hanes outlet store was in a room next to their factory. Hanesbrands now operates and owns approximately 220 Hanesbrands, Maidenform, and Champion retail locations in the United States The company's flagship store opened in the summer of 2008 in Winston-Salem, North Carolina. In December 2019, Hanesbrands Inc. increased its presence in South Korea by partnering with LF Corp. as a distribution partner. LF Corp. is a significant operator of garment retail outlets and e-commerce platforms in South Korea, with a direct presence in over 1,400 brand stores.

Key Companies in The Thermal Underwear Market Include

• PVH Corp. (US)


• HanesBrands Inc (US)


• Marks and Spencer pic (UK)


• Jockey International, Inc (US)


• Under Armour, Inc. (US)


• Smartwool LLC (US)


• L.Bean Inc. (US)


• Fruit of the Loom, Inc. (US)


• BodTek (US)


• Thermajohn (US)


• PVH Corp. (US), HanesBrandsis Inc (US)


• Marks and Spencer pl (UK)


• Jockey International, Inc. (US)


• and Under Armour, Inc. (US)

Thermal Underwear Industry Developments

In November 2022, PH Corp. renewed licences with G-IlI Apparel Group, Ltd. as part of a multi-year shift to bring core product categories in-house.

In January 2023, Acai Outdoorwear, a female-first outdoor clothing manufacturer, has secured a GBP3m (USD 3.66m) investment from Growth Partner, which will allow the company to expand internationally and outside the direct-to-consumer channel.

In December 2020, Page Industries Ltd., Jockey International's licensee in India, has been recertified as socially responsible by Worldwide Responsible Accredited Production (WRAP). The audit findings, according to WRAP, did not support charges of human rights abuses.

Thermal Underwear Market Segmentation

Thermal Underwear Product Type Outlook

• Tops


• Bottoms


• Sets

Thermal Underwear Material Type Outlook

• Cotton


• Synthetic


• Wool


• Blends

Thermal Underwear End User Outlook

• Men


• Women


• Kids

Thermal Underwear Distribution Channel Outlook

• Store-based
  
  
  
  • Supermarkets
  
  
  • Hypermarkets
  
  
  • Specialty stores
  
  
  • Others
  
  
  
  

• Non-store based

Thermal Underwear Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America