LONDON--(BUSINESS WIRE)--The leather goods market research report examines the key questions around the implications of COVID-19 and provides a recovery analysis and outlook for the market in focus. Although the market has witnessed a negative impact due to the COVID-19 situation, the research analysts at Technavio expect the leather goods market to recover and grow by USD 55.31 billion during the forecast period, accelerating at a CAGR of over 4%.
Leather Goods Market Segmentation Analysis by Product
Vendors are focusing on customization and innovation in design and features in the footwear segment to capture market share. However, the leather goods market share growth by the footwear segment will be slower than the growth of the market by LBWP segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the leather goods market size.
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Leather Goods Market Regional analysis
- The report covers regional analysis for APAC (India, China, Japan, and South Korea), Europe (Germany, France, UK, Italy), North America (US, Canada, Mexico), South America (Brazil, Argentina, Columbia), and MEA ( UAE, Saudi Arabia, Iran).
- 40% of the growth will originate from the APAC region.
- Factors such as economic growth, expanding middle-class population, and the high number of vendors will significantly drive leather goods market growth in this region over the forecast period.
- China and India are the key markets for leather goods in APAC.
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Leather Goods Market: Key Market Drivers
Leather goods market is expected to be driven by the increasing spend on personal goods due to growing fashion-consciousness. Fashion-conscious consumers seek unique designs, styles, and colors that can provide an aesthetic and modern look to leather goods. In addition, the rise in customer spending power, evolving lifestyles, and rising penetration of smartphones are also contributing to the growth of the market. Increasing awareness through online channels is encouraging consumers to purchase the latest and unique designs of leather goods.
Increase in Demand for Luxury Handbags Made of Eco-Friendly Materials will be a Key Market Trend
Luxury handbags made of eco-friendly materials are gaining immense popularity worldwide, especially in countries such as China, the US, and Japan. Thus, companies are phasing out harmful PVC from their products and focusing on launching organic leather goods. One of the vendors, Kering SA, has already started using eco-friendly and organic leather for finished products. Thus, the increasing demand for eco-friendly products will drive the demand for leather goods, thereby driving market growth.
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Leather Goods Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist leather goods market growth during the next five years
- Estimation of the leather goods market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the leather goods market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details on factors that will challenge the growth of leather goods market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Footwear - Market size and forecast 2019-2024
- LBWP - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Competitive Scenario
- Vendors covered
- Market positioning of vendors
- adidas AG
- Capri Holdings Ltd.
- Compagnie Financière Richemont SA
- Hermès International
- Kering SA
- LVMH Moet Hennessy - Louis Vuitton
- Nike Inc.
- PRADA Group
- Tapestry Inc.
- VF Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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