Know More About “Leather Goods Market 2019-2025” Growth Worldwide…..|Grand View Research, Inc.



The global leather goods market size is expected to reach USD 629.65 billion expanding at a CAGR of 5.4% by 2025, according to a new report by Grand View Research, Inc. The market growth is driven by the millennials and Generation Z as younger shoppers seek a personalized shopping experience that integrates both online and offline platforms. In the offline platforms, the availability of leather goods in retail stores has an affinity to showcase its content to a large number of audiences. In U.S. it was reported that 94% of all the purchases made in 2016 were through retail stores.
The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the global sales of clothing, footwear, & accessories is attributable to massive supply chain disruptions across significant export markets, including China and India. However, the industry is likely to recover over the forecast timeframe, given the rising popularity of online/e-commerce sales. From a manufacturing standpoint, the sustainable or ethical fashion trend is expected to favor market growth throughout the forecast timeframe. Luxury apparel is another lucrative space for prospective manufacturers to target, given the mushrooming number of affluent and fashion-conscious consumers across the globe. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
The major reasons driving the sale included age, gender, and location. In the footwear product segment, casual shoes like sneakers, slippers, and flats are gaining popularity, which is expected to boost the segment growth in the coming years. The market for formal shoes is expected to witness a significant growth over the forecast period owing to constant innovations, in terms of products and designs. In the sports shoes category, major manufacturers in the market including Adidas AG; Nike, Inc.; New Balance Athletics, Inc.; and Sketchers USA, Inc. are increasingly focusing on developing innovative technologies to enhance the stability of sports shoes and make them more comfortable.
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Application of leather in manufacturing bags and wallets has increased significantly in the recent years. Among all types of leather, synthetic leather has attained tremendous popularity as it is softer than conventional leather and offers high durability. The growth of casual footwear segment coupled with increasing online purchases is expected to drive the leather goods market in North America over the forecast period. Furthermore, rising number of athletes in the region and awareness about the benefits of staying active and fit are anticipated to fuel the market growth.
Further key findings from the study suggest:
·         Rubber & plastic material segment in the footwear market is expected to witness the highest growth rate over the forecast period
·         E-commerce distribution channel in North America was estimated as the largest segment of the leather goods market in 2017
·         China was the largest market. The Asia Pacific region is expected to be the fastest-growing regional market during the estimated period.
The global leather goods market size was valued at USD 414.0 billion in 2017 and is anticipated to progress at a CAGR of 5.4% from 2018 to 2025. The market growth is mainly driven by growing disposable income, improved living standards, changing fashion trends, and growing domestic and international tourism. Rising demand for comfortable, trendy, and fancy footwear along with growing brand awareness is expected to have a positive impact on the footwear market.
Growing number of working individuals and resultant rise in the disposable income levels will also boost the market growth in the years to come. In the footwear segment, sneakers sales have grown the most due to increasing demand for comfortable and trendy footwear. There is an intense competition in the sneaker segment as high-end fashion brands, such as Balenciaga, Gucci, and Prada are entering the market and are up against well-established athletic brands, such as Nike and Puma.
E-commerce retail channels play a very important role in the leather goods market. A significant portion of revenue is generated through this channel and is contributing more each year. Online sales channels make it easy for consumers to browse through billions of products at once without having to physically visit retail stores. The trend of online customizations is being driven by millennials, since such products are unique. In addition, few websites allow customers to add their own prints on the shoe.
This trend is further expected to fuel the e-commerce retail channels. Moreover, rising usage of internet in various emerging regions, such as Asia Pacific, will drive the segment growth. All these factors together will have a positive impact on the demand for leather goods in Asia. However, the adverse effects associated with the use of Polyvinyl Chloride (PVC) and Polyurethane (PU) in synthetic leather production is expected to constrain the market growth to certain extent.
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Grand View Research has segmented the global leather goods market on the basis of basis of distribution channel, material, product, and region:
Leather Goods Distribution Channel Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·         E-Commerce
·         Retail Stores
·         Supermarkets/Hypermarkets
·         Others
Leather Goods Material Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·         Footwear
o    Genuine Leather
o    Textiles & Tropical Fibers
o    Rubber & Plastic
o    Other
·         Leather Products
o    Genuine Leather
o    Synthetic Leather
o    Bio-based Leather
Leather Goods Product Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
·         Footwear
o    Military Shoes
o    Casual Shoes
o  Slippers & Sandals
o  Sneakers
o  Others
o    Formal Shoes
o    Sports Shoes
o    Others
·         Leather products
o    Upholstery
o    Luggage
o  Trunks
o  Suitcases
o  Others
o    Accessories
o    Clothing & Apparel
o    Bags, Wallets, & Purses
o  Handbags
o  Coin Purses
o  Others
o    Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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