Leather Goods Industry Is Projected To Grow As Of Increase In Consumer Disposable Income
Leather goods industry data book covers leather handbags, small leather goods/ accessories, leather apparel, leather footwear, leather home decor & furnishing, leather pet accessories and leather automotive accessories market.
Global leather goods industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.
The global leather goods market size was valued at USD 242.85 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030.
Leather Handbags Market Analysis & Forecast
The global leather handbags market size is expected to reach USD 37.32 billion in 2022 and is projected to register a CAGR of 6.8% during 2023-2030. The market is gaining popularity due to the rising demand from the millennial population. Brands such as Gucci, Prada, and Louis Vuitton are popular among both men and women across the globe. Evolving trends such as the introduction of new colorful leather handbags available in different shapes and sizes are expected to boost this segment’s growth. With a busy life and hectic work schedule, consumers are looking for a leather tote that is elegant, fashionable, and trendy as well as enables them to carry all their daily essentials hassle-free. Tote bags are quite spacious and can be used for both formal and casual occasions.
Small Leather Goods/ Accessories Market Analysis & Forecast
The global leather goods/ accessories market size is expected to reach USD 21.79 billion in 2022 and is projected to register a CAGR of 5.8% during 2023-2030. The growth of the small leather goods market is propelled by the increasing demand for fashionable small leather accessories such as wallets, phone covers, watch straps, and pouches. Consumers are seeking highly durable and sleek leather accessories to meet their needs. Leather wallets and pouches are popular choices for everyday cash storage due to their durability and style. Unlike hard materials such as nylon or plastic that can cause discomfort, leather remains smooth even when folded, making it more comfortable to carry in one's pocket.
Leather Apparel Market Analysis & Forecast
The global leather apparel market size is expected to reach USD 42.84 billion in 2022 and is projected to register a CAGR of 6.0% during 2023-2030. Continuously evolving personal grooming as well as fashion habits among men and women along with the subsequent demand for comfort wear, has been driving this market growth. Rising product availability with a range of unique designs, color combinations, prints, and customized designs in leather shirts for men has been driving segment growth. Furthermore, the increased preference among men for leather shirts that are lightweight and come with customized designs to add distinction to the clothing has resulted in higher penetration of leather shirts for men.
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Leather Footwear Market Analysis & Forecast
The global leather footwear market size is expected to reach USD 95.37 billion in 2022 and is projected to register a CAGR of 7.0% during 2023-2030. The growth is attributed to the growing working-class population, rising income among consumers, flourishing retail e-commerce sector worldwide, growing fashion trends in business wear. Leather shoes are durable and provide an elegant look making it popular among various consumers. The breathable features of real leather which can cool down the feet and avoid unwanted odors is also driving the growth of the product in the market.
Leather footwear market is closely aligned with consumer spending on fashion accessories. Rapid growth in the spending on fashion accessories due to growing influence of social media is driving the market. Recent changes in consumer shopping trends and increasing propensity toward buying high-end and designer shoes are estimated to trigger the growth. Demand for trendy, fancy, and comfortable footwear is driving the demand.
Europe held the largest market share of 31.0% in 2018. High importance of footwear in European countries is anticipated to drive the growth. U.K. accounted for approximately 13.0% of the market share in 2018. In the U.K., leather footwear accounts for 49.0% of the total footwear market. Asia Pacific is the fastest growing market with a CAGR of 5.1% from 2019 to 2025.
Leather Home Decor and Furnishing Market Analysis & Forecast
The global leather home decor and furnishing market size is expected to reach USD 16.64 billion in 2022 and is projected to register a CAGR of 5.3% during 2023-2030. Increasing expenditure of people on home furnishing and renovation has been a factor driving the leather home decor & furnishing market growth. According to the International Monetary Fund, the global housing market has been steadily climbing up as of 2022. Another important factor is the housing index, which reflects changing prices of residential properties. The leather furniture segment includes a diverse range of products like dining sets, rocking chairs, and recliner chairs. The market for leather furniture involves a myriad range of regional and domestic manufacturers globally, and each player, to create a unique position in the market and to sustain customers, has been focusing on continuous product evolutions.
Leather Pet Accessories Market Analysis & Forecast
The global leather pet accessories market size is expected to reach USD 1.10 billion in 2022 and is projected to register a CAGR of 4.4% during 2023-2030. High demand for pet care products & boarding services, coupled with a rise in the adoption of pets, is estimated to drive the leather pet accessories market growth. According to American Pet Products Association, people in the country spent over USD 136.8 billion on pets in 2022, a significant increase from USD 123.6 billion in 2021. In addition, increasing government animal healthcare organizations and rising awareness of veterinary health are swiftly boosting the investment by manufacturers in pet toys in the market. Moreover, according to the 2019-2020 APPA National Pet Owners Survey, 67% of U.S. households own a pet, which equates to 84.9 million homes.
Leather Automotive Accessories Market Analysis & Forecast
The global leather automotive accessories market size is expected to reach USD 27.79 billion in 2022 and is projected to register a CAGR of 7.3% during 2023-2030. Increasing automobile production coupled with the growing requirement for sophisticated and alluring interiors is driving the leather automotive accessories market growth. Unlike leather used in luggage or apparel, the leather used in automotive interiors needs to be harder and durable enough to resist stains, fading, and people sliding across. Automotive leather can be of various types and comes in different styles like aniline, semi-aniline, and pigmented (coated/protected) leather. Among these, pigmented leather is used in most automobiles. On the other hand, aniline and semi-aniline leather types are a little expensive and mostly found in higher-end vehicles and older specialty vehicles.
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Leather Goods Industry Data Book Competitive Landscape
Key players are concentrating on strategic measures such as product launches, acquisitions, sponsoring events, collaborations, participating in industry events, and expanding their operations to bolster revenue growth and strengthen their global market position.
Key players operating in the leather goods industry are –
• Adidas AG • Nike, Inc. • Puma SE • Fila, Inc. • New Balance Athletics, Inc. • Knoll, Inc. • Samsonite International S.A.