Luggage and Leather Goods Market Scope
The items made from animals hide by means of tanning, a process that stabilizes proteins, are referred as leather products. The method of tanning animal hide makes it appropriate for different applications like wallets, clothing, footwear, and others. The luggage and leather products include the products that are used by almost everybody over the world while travelling and daily work schedule. Working-class individuals use items such as belts, handbags, footwear, and wallets every day when they commute between work and home. Leather items are profoundly durable, waterproof, fireproof, and dustproof, due to these highlights, the demand for leather luggage products is increasing.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Prada S.p.A (Italy), Samsonite International S.A. (Hong Kong), Louis Vuitton (France), Hermes International S.A. (France), Coach, Inc. (United States), Kering SA (France), Delsey S.A. (France), Christian Dior SE (France), Tumi Holdings, Inc. (United States) and VIP Industries Limited (India) |
CAGR | % |
The leather merchandise market is highly competitive as in the organized sector few key players are holding a major market share while, in the unorganized segment, numerous small players are competing to pick up market share. Major players are focusing on introducing new item offerings in the market to cater to the interests of the buyers as per the ongoing fashion trend among merchandise, like footwear, embellishments, & luggage bags. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Luggage and Leather Goods market throughout the predicted period.
Prada S.p.A (Italy), Samsonite International S.A. (Hong Kong), Louis Vuitton (France), Hermes International S.A. (France), Coach, Inc. (United States), Kering SA (France), Delsey S.A. (France), Christian Dior SE (France), Tumi Holdings, Inc. (United States) and VIP Industries Limited (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Johnston & Murphy (United States), Woodland (United Kingdom), Knoll, Inc. (United States), American Leather, Inc. (United States), Gucci (Italy) and Mark Cross (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Luggage and Leather Goods market by Type , by Application (Male, Female and Unisex) and Region with country level break-up.
On the basis of geography, the market of Luggage and Leather Goods has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In September 2022, The Prada Group ACQUIRED 43.65 percent of the share capital of Superior S.p.A., a tannery in Santa Croce sull'Arno in the province of Pisa, Tuscan. This company is alfskin processing for more than 60 years IN Italian and international market. This acquisition helped Prada Group to expand its presence in luggage and leather goods market
On August 2020, Mark Cross, the American luxury leather accessories brand, launched the "1845 Mini Trunk" in honor to the brand’s 175th commemoration. and On October 2019, as a part of the development strategy, Hermes decided to open a production site in France.
Influencing Trend:
Changing Fashion Trends
Market Growth Drivers:
An Increase in Domestic & International Tourism, Increased Awareness for Branded Product and Increasing Disposable Income
Challenges:
Covid- 19 Outbreak and Substitute Availability
Restraints:
High Cost of the Product, Low Availability of Raw Material and Availability of Synthetic Alternatives Such as Plastic Leather
Opportunities:
Untapped Market of Developing Countries and Product Launch with Some New Feature and as Per New Market Trends
Key Target Audience
Fashion Industries, Raw Material Supplier, Private research laboratories, Research and development (R&D) companies, Market research and consulting service providers, Government research laboratories and Contract manufacturing organizations