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Press Release: Luggage and Leather Goods Market to reach around US$ 418.5 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Luggage and leather goods are produced from leather which is made up of animal skin. These products are highly durable and offer aesthetic look to the products. Leather goods includes footwear, clutches and wallets, clothing, and apparel, upholstery (furniture and automotive), and leather accessories. Luggage leather includes, duffle bags, rolling luggage, backpacks, suitcases and briefcases, and totes and hand-luggage. Moreover, leather is elegant that adds quality to the style as these products can be carried anywhere. Moreover, leather is natural and it never goes out of fashion, apart from fashion leather is highly resistant to harsh weather conditions as it does not peel off or crack easily which increases durability.
The global luggage and leather good market is projected to reach around US$ 418.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.2% during the forecast period (2019-2027).
Drivers
Increasing demand for leather products due to its durable nature is expected to boost the market growth of luggage and leather goods. According to the Council for Leather Exports, the export of footwear, leather and leather products from India reached a value of US$ 5.69 billion during 2018-19. India is the second-largest producer of footwear in the world, producing about 2.41 billion pairs (2017). This is expected to fuel market growth.
The growing production of leather products is projected to foster market growth over the forecast period. According to the Colourlock, in 2017 Mexico (28%), China and Italy (14%), Austria (8%) a Germany, South Korea, South Africa and the United Kingdom (4%) produced the highest share of finished leather items. Therefore, the rising production of leather products is projected to accelerate the market growth.
On the basis of the region, Europe dominated the global luggage and leather good market in 2018, accounting for 33.1% share in terms of value, followed by North America and Asia Pacific.
Figure 1. Global Luggage and Leather Good Market, Revenue Share (%), By Region, 2018
Market Restraints
The threat of substitutes such as counterfeit products, especially handbags, which are available at a cheaper rate is expected to hinder the market growth. Growing usage of rexine product instead of pure leather is another major factor adversely affecting the quality of the leather products. This is expected to restrict the adoption of leather product which in turn hindering the market growth.
Weak distribution network across Sri Lanka, Brazil and others are expected to hamper the market growth of luggage and leather goods. Moreover, leather goods are comparatively more expensive than conventional products which are expected to hamper the market growth of luggage and leather goods over the forecast timeframe.
Market Opportunities
Growing demand for lightweight bags and luggage around the globe is projected to provide a potential opportunity for the manufacturer of leather. Due to this manufactures are highly engaged in the production of varieties of lightweight handbags and luggage with enhance the quality and aesthetic appeal. This offers an opportunity for organized and unorganized vendors to introduced luggage and leather goods in the lightweight segment with improved quality.
Increasing middle-income group owing to the rapid development of the economy and changing lifestyle of the consumer is expected to propel the market growth. Moreover, the rising number of working population coupled with the increasing purchasing power on leather clothing and apparels are expected to foster the market growth of luggage and leather goods over the forecast period.
Figure 2. Global Luggage and Leather Good Market– Opportunity Analysis
Market Trends
The growing manufacturer is focusing on producing men accessories such as leather bracelets, neckpieces, gloves, and man purses are expected to foster the market growth of luggage and leather goods. Evolving fashion trends around the globe are promoting the market players to introduced innovative, stylish, compact, and trendy products for men as well as women. Evolving fashion is projected to augment market growth.
Growing demand for leather products from military sectors is expected to foster the market growth of luggage and leather goods. Various products such as harness, belts, holsters, saddles, and footwear which are used in the military are expected to accelerate the marker growth of luggage and leather goods. Hence, growing demand for the leather product from the military sector will favor the market growth.
Figure 3. Global Luggage and Leather Good Market, Revenue Share (%), By Product Type, in 2018
On the basis of product type in 2018, leather goods segment has accounted the largest market share of 91.6% in terms of value, followed by luggage.
Figure 4. Global Luggage and Leather Good Market– Value Chain Analysis
Competitive Section:
Key players operating in the global luggage and leather goods market are Knoll, Inc., American Leather, Inc., Aero Leather Clothing Ltd., Samsonite International S.A., VIP Industries Ltd., LVMH Moët Hennessy Louis Vuitton SE, Timberland, Johnston & Murphy, Woodland, and Hermes International SA
Few Recent Developments
American Leather, Inc.
Key Developments:
Luggage and leather goods are produced from leather which is made up of animal skin such as sheep, bovine, and goat skins. Leather goods composed of footwear, purses, wallets & belts, handbags, and other leather goods. Moreover, leather is natural and it never goes out of fashion, apart from fashion leather is highly resistant to harsh weather conditions as it does not peel off or crack easily which increases durability.
Market Dynamics
The global luggage and leather goods market has witnessed significant growth in the recent past years, owing to the rising demand for luggage and leather goods from the consumer across the world. Based on the product type, the global luggage and leather goods market is bifurcated in leather and luggage. Among these segments, the leather goods segment dominated the global luggage and leather goods market in 2018. Moreover, among the sub-segments of the leather goods, the footwear segment has largest market share in the global luggage and leather goods market, owing to the demand for the luxurious and premium accessories from the consumers across the world. This is in turn is fueling the demand for the leather footwear across the world during the forecast period.
Furthermore, based on the sales channel, the global luggage and leather goods market is divided into the general retailers, single brand stores, specialty and multi-brand stores, unorganized small stores, online, and others. Among these segments, the general stores segment dominated the global luggage and leather goods market in 2018, due to the easy availability of the product and affordable cost of the product in the general stores. This factor is expected to drive the growth of the global luggage and leather market during the forecast timeframe.
Furthermore, Europe dominated the global luggage and leather goods market in 2018, owing to the increasing adoption of leather and luggage goods from the consumers in this region. As a result, this scenario is estimated to foster the growth of global luggage and leather goods market during the forecast timeframe.
Key features of the study:
Market Taxonomy:
“*” marked represents similar segmentation in other categories in the respective section
Table of Contents
* Browse 45 market data tables* and 30 figures* on "Global Luggage and Leather Good Market” – global forecast to 2027
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