Durable goods and materials are always on the priority list among consumers and Leather Goods are considered as one of the premium goods. Growing spending capacity and living standards is expanding the Leather Goods market. Innovation in Leather Goods with new designs and features is augmenting the Leather Goods demand. By analysing various industrial aspects of the consumer goods sector, QYR Consulting has announced a release of a new research report titled, “Global Leather Goods Market Report, History and Forecast 2014-2025.” As per the report, the global Leather Goods market is predicted to reach the value of US$ 110 Bn by the end of 2025, which was around US$ 90 Bn in the year 2018. The market is expected to exhibit a sluggish CAGR of 2.9% during the forecast period of 2019-2025.
Footwear segment to be at the forefront in the global Leather Goods market
The global Leather Goods market is segmented into by product and by application. On the basis of product, the market is further segmented into synthetic leather, cowhide, sheep and goat skin, hog skin, deer skin, buffalo hide, crocodile, and others. Changing home décor trends resulted in a high demand for synthetic leather.
By application, the market is segmented into footwear, vehicle upholstery, gloves, luggage and other leather goods, clothing, and furniture upholstery. Among these applications, the footwear segment is estimated to account for a strong market share in the global Leather Goods market. Sneakers are highly popular in the footwear segment because of its comfort and trendiness.
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North America is likely to hold a greater market share in the global Leather Goods market
US is one of the largest markets in North America and Projected to acquire a major market share in the global Leather Goods market. Increasing spending capacity in the US is likely to be the key factor driving the product demand. Growing popularity of online shopping because of various digital payment options and expansion of the e-commerce industry is further accelerating the global Leather Goods market growth.
As far as Asia Pacific is concerned, it is anticipated to register the fastest growth in the global market due to the increasing standard of living and consumer disposable income in developing countries. Fast growth in the construction and automobile industries is supporting the Leather Goods market growth.
Some of the key players operating in the global Leather Goods market are Richemont Group, Prada Group, MANWAH, Belle, Hugo Boss, Red Dragonfly, Coach, Ekornes , Kering, Hermes, Natuzzi, LVMH, Burberry, Ferragamo, Daphne, AoKang, Saturday, Fossil Group and C. banner
Emerging fashion trends is anticipated to drive the global Leather Goods market growth
Emerging fashion trends across the world has compelled manufacturers to launch a variety of trendy and fashionable products to serve the changing demands of consumers and attract more number of customers. Additionally, consumer prefers leather goods, which are convenient yet fashionable. Therefore, evolving fashion trends could solidify the Leather Goods market growth in the years to come.
Rise in the domestic, as well as international tours, has flourished the growth of several other industries. People are opting for premium quality leather luggage bags and handbags for traveling, which is forecasted to surge the demand for Leather Goods in the global market. Nowadays, people are more concerned about their personality and products that they are using. Increasing awareness about branded products could help in the growth of Leather Goods market.
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