LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global leather goods market is expected to reach USD 258.4 billion by 2020, growing at a CAGR of more than 4%.
This research report titled ‘Global Leather Goods Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report takes into account the revenue generated from the retail sales of leather goods.
Leather remains as a major style statement for end-users. The growing demand for luxury products also drives the market for leather goods. Brand positioning plays an important role in the market. High-end players have positioned their products in such a way that they are able to sell their products through their brand name.
| Brands such as LVMH and Hermès are buying crocodile farms and tanneries to secure supplies of exotic and other top-quality leather as the demand for exclusive handbags is on the rise. Vendors are able to market their products through their exclusive product offerings. People are willing to spend more for designer brands such as Prada and GUCCI. |
Request a sample report: http://www.technavio.com/request-a-sample?report=53524
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio’s consumer and retail analysts categorize the global leather goods market into three major segments by product. They are:
- Footwear
- Bags, wallets, and purses
- Luggage
- Accessories (belts)
Global leather goods market by product 2015
| Footwear | 58.35% | ||||||
| Bags, wallets, and purses | 23.92% | ||||||
| Luggage | 16.93% | ||||||
| Accessories (belts) | 0.80% | ||||||
|
Source: Technavio |
The top three products segments for the global leather goods market are as follows:
Global leather footwear market
Leading footwear vendors such as adidas and Nike focusing on using more synthetic raw materials to manufacture their products, non-leather products such as synthetic and faux leather will register a faster growth rate over the next five years. The non-athletic footwear segment, which makes up the majority of the global footwear market, is dominated by leather.
According to Poonam Saini, a lead retail goods and services analyst from Technavio, “APAC nations continue to be the major market for footwear, accounting for around 87% of the overall footwear production in 2015. Africa is recording a surge in production with Nigeria and Kenya being the major sourcing countries.”
“As a result of the high prices of raw leather, and the subsequent high prices of the finished products, consumers are now shifting toward the more affordable faux leather goods,” adds Poonam.
With the help of advancing technology, manufacturers have become successful in enhancing the durability factor of faux leather considerably and incorporating stain resistance properties. The improving quality of faux leather and the availability of faux leather footwear in different colors and textures have been propelling the growth of this segment.
Global leather bags, wallets, and purses market
At a global level, sales of leather bags, wallets, and purses in key markets like the US, China, Japan, and France are expected to grow significantly during the forecast period. Overall, the market is expected to post a CAGR of 5.43% in the next five years. Louis Vuitton is the largest player in the market, followed by Coach, GUCCI, Prada, and Hermès.
The wide variety of leather handbags available in the market influence the buying pattern of customers. The global leather handbags market is dominated by the premium designer segment, which influences consumers' tastes and preferences. In terms of handbags, totes are the most popular among consumers, followed made-by clutch, saddle, and satchel. To keep up with the changing trends, players have begun to advertise their products through social media. Players such as Marc Jacobs extensively promote their products through social media platforms. Similarly, the launch of reed bags in 2016 by Kohl's was supported through integrated traditional and social media campaigns.
Global leather luggage market
Luggage products are increasingly moving away from being merely utilitarian to fashionable accessories that enhance the comfort and convenience factors. Value-added and innovative luggage product launches are emerging trends in the market. Vendors are focusing on the introduction of innovative product offerings in terms of design, color, shape, and weight, to meet the varied needs of consumers.
Travel bags is considered to be the fastest-growing segment of the global leather luggage market, posting a CAGR of 6.8% during the forecast period. The travel bags segment includes luggage products such as suitcases and carry-ons. An example of brands that offer products with high durability is the Saddleback Leather Co., which offers leather suitcases with a 100-year warranty.
The top vendors highlighted by Technavio’s research analysts in this report are:
- adidas
- Burberry
- Chanel
- Coach
- Dolce & Gabbana
- Giorgio Armani
- Gianni Versace
- Hermès
- Kering
- LVMH Moët Hennessy Louis Vuitton (LVMH)
- Prada
- Ralph Lauren
- Richemont
- Valentino Fashion Group
- VF Corporation
Browse Related Reports:
- Leather and Allied Products Market in Turkey 2016-2020
- Leather and Allied Product Market in Bosnia and Herzegovina 2016-2020
- Leather and Allied Products Market in Serbia 2016-2020
Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
