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%.
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Technavio has announced its latest market research report titled Global Leather Goods Market 2020-2024 (Graphic: Business Wire)
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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Value chain analysis
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 Segmentation by Product
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
Comparison by Distribution channel
Offline - Market size and forecast 2019-2024
Online - Market size and forecast 2019-2024
Market opportunity by Distribution channel
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 positioning of vendors
Capri Holdings Ltd.
Compagnie Financière Richemont SA
LVMH Moet Hennessy - Louis Vuitton
Scope of the report
Currency conversion rates for US$
List of abbreviations
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