Footwear and Leather Accessories sub-segments of the Leather Goods Product Type segment expected to grow at a high CAGR in the global luggage and leather goods market over the forecast period
The leather goods product type segment is estimated to be valued in excess of US$ 200 Bn by the end of 2017 and is expected to reach more than US$ 300 Bn in value by the end of 2024, registering a CAGR of 5.1% over the projected period. This segment is estimated to represent incremental opportunity of more than US$ 100 Bn between 2016 and 2024. Among the sub-segments of the leather goods segment, the most important sub-segment – Footwear – is estimated to be valued at more than US$ 120 Bn in 2017 and is expected to increase at a CAGR of 5.4% over the forecast period. The Leather Accessories sub-segment is likely to expand at a CAGR of 5.3% over the forecast period.
Innovation in leather products fuels the growth of the leather goods segment in the global luggage and leather goods market
Increasing innovation in leather goods with new features and designs is the main factor responsible for a growing consumer base of leather products. The inherent qualities of leather – being fireproof, dustproof, crack-proof, and durability are driving the growth of the leather goods segment. Increasing per capita expenditure is another factor that is fueling revenue growth of the leather goods segment. Increasing per capita income and rising urbanization are likely to lead to increased consumer spending on luxurious items. The craze of buying branded commodities has also increased among people which is further likely to propel the growth of the leather goods segment in the global luggage and leather goods market during the forecast period. Consumers are aware of the latest fashion trends due to increasing adoption of social media and this is anticipated to increase consumer inclination towards branded leather goods. This trend is expected to drive revenue growth of the leather goods segment during the projected period. With economies growing rapidly, the retail chain is also expected to show substantial growth, thereby augmenting the growth of the leather goods segment. Further, an increase in tourism activities around the globe has promoted the growth of various industries including the leather industry. This factor is also likely to boost segmental growth over the forecast period.
Demand for leather products is increasing from the military segment. Various products such as saddles, harness, belts, holsters, and footwear used in the military are made from high quality leather. Footwear and gloves are made from full-grain leather, thus there is a rise in the overall growth of the leather goods segment. Changing fashion trends impel consumers to prefer leather goods which are compact and stylish. This also encourages leading market players to introduce trendy and innovative products. This factor is creating a robust development in the leather goods segment.
The Leather Goods segment is anticipated to grab maximum value share in the APAC luggage and leather goods market
In North America, the leather goods segment is expected to account for more than 90% value share by 2024 end. In terms of value, the leather goods segment is estimated to register a CAGR of 4.8%, while in terms of volume, the leather goods segment is projected to register a CAGR of 4.0% in the North America luggage and leather goods market. In Europe, the leather goods segment is expected to register a CAGR of 4.7%. The APAC region is estimated to hold maximum value share of close to 95% in the global luggage and leather goods market by the end of 2024, expanding at a CAGR of nearly 6%.
Strengthening partnerships in high-growth regions and expanding product offerings through continuous acquisition and joint ventures is the primary focus of key players operating in the global luggage and leather goods market, according to a new report published by Persistence Market Research titled “Luggage and Leather Goods Market: Global Industry Analysis and Forecast, 2016–2024.” The analysts have observed that manufacturers of luggage and leather goods are strengthening their research and development capabilities in a bid to offer new and innovative products as per existing preferences such as functional usage of luggage and leather goods. The expert team of analysts have found that the Europe market is likely to account for the highest revenue and volume share in the global luggage and leather goods market and is anticipated to witness significant growth over the forecast period. The analysts have further noticed that revenue contribution from the luggage and leather goods market in the APAC region to the global luggage and leather goods market is expected to develop at a relatively high CAGR during the projected period. This report discusses the overall competitive landscape of the global luggage and leather goods market which is currently dominated by companies located in North America and Europe. Various barriers to entry in the industry are analyzed and rated on the basis of their impact on the competition level in the market.
The primary objective of this report is to offer insights on the advancements in the global luggage and leather goods market. The study demonstrates key market dynamics that are expected to influence the current environment and future status of the global luggage and leather goods market over the projected period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global luggage and leather goods market.
Apart from including market definition, taxonomy and dynamics, this report includes an analysis of the global luggage and leather goods value chain, which consists of raw material suppliers, manufacturers, distributors, super stockists, wholesalers and sales channels. The report analyzes the market share of the global luggage and leather goods market based on the product type, sales channel, and region. It provides a market outlook for 2016–2024 and sets the forecast within the context of the global luggage and leather goods ecosystem, including new technological developments as well as product offerings in the global luggage and leather goods market. This study discusses key regional trends contributing to the development of the luggage and leather goods market globally, as well as analyses the degree to which drivers are influencing the market across the assessed regions.
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Key categories of providers covered in the report are luggage and leather goods raw material suppliers and key players (luggage and leather goods suppliers). Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the global luggage and leather goods market.
Key Segments Covered
A systematic research approach has been adopted while inspecting the global luggage and leather goods market. In-depth secondary research is used to determine top industry players, products, applications, overall market size, and industry connotations; and to identify distributors and manufacturers of luggage and leather goods. The analysts have conducted in-depth interviews with industry experts and other key stakeholders for data collection and verification. Data is validated by the triangulation method, wherein both secondary and primary data along with Persistence Market Research analysis is consolidated to develop the final report. In addition, it is imperative to note that in an ever-fluctuating global economy, the report not only conducts forecasts in terms of CAGR, but also analyzes the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities. Also, another key feature of this report is the analysis of all market segments in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global luggage and leather goods market.