ALBANY, New York, November 18, 2016 /PRNewswire/ -- According to the research report, the global luxury apparels market is expected to be worth US$ 60.7 bn by the end of 2024 from US$ 1.8 bn in 2015. The report states that the global market will pace ahead at a CAGR of 13.2% during the forecast period of 2016 and 2024. Women are anticipated to be the leading consumers in the luxury apparels market in the coming years. Analysts predict that women will hold a share of 50.72% in the overall market due to their close association with fashion. In terms of regions, Asia Pacific is anticipated to assume the lead as the luxury market in the region will expand at a CAGR of 14.5% during the forecast period of 2016 and 2024. Download PDF Sample Brochure forMarket insights athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=16874Growing Number of HNWIs Triggers Monumental Demand for Branded Items The increasing accessibility of luxury fashion to a wider clientele is the primary reason for the growth of the overall market. The global market has been thriving on due to the increasing affordability of these products along with a rising demand for branded items in developing economies. The rising disposable incomes, improving standards of living, emergence of e-commerce, and growing awareness about high fashion have all contributed towards rise of the luxury apparels market in recent years. All of these factors have especially been catalysts in setting up the luxury apparels market in the emerging economies of Asia Pacific. The market is also being driven by growing number high net worth individuals (HNWI) across the globe. The adoption of mass production techniques has also triggered a significant growth of the overall market. Previously, high fashion was limited to production of few garments, which largely restricted sale and revenue. However, over the past few years techniques of mass production and strategic partnerships to outsource production of luxury garments has worked in favor of the global apparels market. The growing presence of international brands such as Versace, Gucci, Prada, and Kiton in developing countries is expected to boost their familiarity with consumers, which is anticipated to have a positive influence on the market revenue.