The Global Leather Goods Market: Overview
The Global Leather Goods Luxury is valued at around USD 350.2 billion in 2022 and is expected to reach USD 490.2 billion by 2030, registering a CAGR of 6.1% over the forecast period. Leather products are items made of leather. They are constructed from leather tanning hides and animal skin, primarily from cattle. For carrying personal items and goods containing handbags, shoes, wallets, and other accessories, leather luggage includes suitcases, trolley bags, and other items.
The Global Leather Goods Market - Growth Factor
Rising consumer disposable income, higher living standards, shifting fashion trends, and expanding domestic and international tourism are the primary market drivers. A favourable effect on the industry is anticipated from the expanding demand for stylish, trendy, and comfortable leather clothing, accessories, and footwear. The COVID-19 epidemic has had a detrimental effect on the whole leather sector, including the categories of footwear, clothing, and accessories. During the first two quarters of 2020, retailers suffered significant losses. At the end of the first two quarters of 2020, World Footwear reported that footwear sales had decreased by almost 32% in the United States. As a result, it is anticipated that sales of leather shoes would decline due to the general lack of demand for footwear.
The Global Leather Market Market Trends
The market for high-end and branded leather goods is being fuelled by a number of important causes, including rapid urbanisation, rising income levels, and improving living conditions.
Additionally, the expanding leather backpack, trolley bag, and case market is being boosted by the booming travel and tourism sector as well as the new trip vlogging trend.
In keeping with this, producers are benefiting financially from the growing popularity of fashion shows that highlight leather goods like purses, coats, jeans, and shoes.
Leading market participants are also concentrating on spreading brand awareness among the general public through a variety of promotional efforts on social media platforms and celebrity endorsements.
In order to offer variety and customisation choices, they are also implementing cutting-edge technology in the production of leather, such as the automated cutting process.
Additionally, the need for upgraded and personalised automotive upholstery in both passenger and commercial cars is being fuelled by the expanding global population.
The Global Leather Goods Market Segmentation
The Global Leather Goods Market fragrance concentrates market has been sub-classified into type, product
On the basis of type, the Global Leather Goods Market is bifurcated into:
Genuine leather
Synthetic leather
Vegan leather
others
On the basis of product, the market is segmented into:
handbags- Tote bag, clutch, satchel
small leather goods/accessories- wallets, pouches, card holders, phones covers/cases, watch straps.
Apparel- men- shirts, pants, suits, coats and jackets, overalls, women- skirts, coats and jackets, pants, children- suits, coats and jackets, vests, pants, skirts, chaps.
Footwear- athletic- men, women, children, non-athletic- men, women, children.
Home dcor and furnishing- decorative wall hangings, tabletop decorative items, hanging storage, leather furniture.
Pet accessories- pet collar and leads, leather pet toys.
Automotive accessories- sating systems, others.
others
The Global Leather Goods Market Regional Analysis
Asia-Pacific dominated the global Leather Goods Market, in 2021, 36% of the market had a monopoly. The reasons fuelling the demand for the goods are rising premium and luxury product demand. Asia's principal leather comes from countries such as Bangladesh and Pakistan. Bangladesh is a desirable market for international leather goods brands due to the country's noticeably low tariff rates on exported leather goods.
The Global Leather Goods Market Key Market players
Global key players of Global Leather Goods Luxury Watch Market include Adidas AG; Nike, Inc.; Puma SE; Fila, Inc.; New Balance Athletics, Inc.; Knoll, Inc.; Samsonite International S.A.; VIP Industries Ltd.; Timberland LLC; Johnston & Murphy; Woodland Worldwide; Herms International S.A.; Louis Vuitton Malletier; VF Corporation; COLLAR Company; LUCRIN Geneva; Nappa Dori; Saddles India Pvt. Ltd.; Lear Corporation, and others.
Report Scope
Global Leather Goods Market: Historical Years- 2018-2021
Global Leather Goods Market: Forecast Years- 2022-2030
Global Leather Goods Market 2022- USD 350.2 billion
Global Leather Goods Market 2030- USD 490.2 billion
Global Leather Goods Market CAGR- 6.1%
