Amazon will dominate the US apparel market by 2020

Consumers often associate Amazon with electronics, home goods, and media, but the online retailer may soon be the No. 1 seller for apparel in the US. Amazon's apparel business is expected to grow from 5% of the total US apparel market in 2015 to 14% by 2020, according to new research from Cowen Company. This would make the company the largest domestic apparel retailer, taking the top spot from current placeholder, Macy's.

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• It is estimated that the company's apparel business will grow from $16 billion in gross merchandise volume (GMV) in 2015 to $52 billion in GMV in 2020.
• Compared to its most notable competitors, Amazon has 34% more apparel buyers than Target and 2% more than Walmart.

To help accelerate its growth in the apparel market, Amazon has made some investments in fashion recently. The e-commerce giant hired Julie Gilhart, the former fashion director at Barneys New York, as an adviser. Amazon is also opening fashion photography studios in Brooklyn and London.

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Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.