E-commerce Fashion Accessories Market Size, Share & Trends Analysis Report By Product Type (Watches & Jewelry, Luggage & Bags), By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global e-commerce fashion accessories market size was valued at USD 182.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2028. E-commerce provides an effective buying experience by providing access to global market information which helps the consumer to evaluate various factors associated with accessories that are increasing their adoption and usage. Additionally, the increasing adoption of smartphones along with rising internet penetration, eCommerce, and social media are contributing to the market expansion.

The COVID-19 pandemic had a significant positive impact on the market. Lockdown restrictions were imposed in all the countries across the globe to stop the further spread of SARS-CoV-2, owing to which, the population across the globe started moving towards eCommerce for all their needs and requirements as offline retail stores were shut down. Due to this a huge surge was observed in the global market hence broadening its usage across the globe.

Diverse fashionable and wearable accessories which are easily available on e-Commerce and help any individual to achieve a statement to their fashion that complements their fashion statement as per their necessity, requirement, and like are known as fashion accessories and the market available for that is known as eCommerce fashion accessories market. The market provides great convenience to users as it helps them to find products quickly as per their needs and requirement using the available filter system.

An operative buying experience is provided by eCommerce to the users as it provides the user with information about the market across the globe. This information includes a comparison of prices, the value of any brand, the availability of a product, and others. The market provides the shoppers or users with highly personalized products as well as offers. It also provides the shopper with a review system that helps them to get an insight into the product before buying it. Also, if needed they can easily return the bought products using return policies.

E-commerce enables the user to buy or shop fashion accessories anywhere irrespective of place and time. Moreover, it is convenient and saves a lot of time for the user or consumer which is increasing its usage among the population across the globe and thus boosting the market growth. In addition, eCommerce provides the user with a high variety of choices for fashion accessories to choose from. Furthermore, it allows the user to buy products internationally which is increasing its adoption and hence further contributing to the market expansion.

Introduction and incorporation of new & advanced technology in eCommerce such as virtual fitting to provide the consumer with a better experience is expected to present lucrative opportunities for the market. Such technology reduces the efforts of the need of the user to see and check the physical product and gives them an experience similar to offline stores. However, the unavailability or insufficient security of systems, standard protocols for communication, and reliability are projected to hamper the market growth during the forecast period.

Product Type Insights

The watches & jewelry segment dominated the market and contributes a revenue share of more than 40% in 2021 and is projected to exhibit a CAGR of 15.2% from 2022 to 2028. The watches & jewelry segment includes various types of watches and jewelry. Jewelry consists of fine jewelry made of precious metals including silver, gold, titanium, and others as well as fashion jewelry. Watches & jewelry are highly bought by young users over eCommerce as it helps those who are conscious of the product cost. Moreover, eCommerce provides a transparent and trustworthy process and supply of watches & jewelry which leads to its high adoption. Therefore, its increasing demand is contributing to more revenue generation for the market.

The luggage & bags segment is expected to witness the 2^nd highest CAGR of 14.7% from 2022 to 2028. The luggage & bags segment includes various types of bags such as wallets, suitcases, briefcases, and others. The usage of luggage & bags has increased among the young users and has become a basic necessity to them. In addition, the development of a new product, rising awareness regarding new products, and growing investment in technology for luggage & bags are contributing to market growth. Thus, the luggage & bags segment is expected to grow at a considerable CAGR over the forecast period.

The others segment is expected to grow at a considerable CAGR of 13.5% in the forecast period. The growth of the segment is attributed to the increased use of shawls, scarves, and other accessories by the targeted population. Nowadays, fashion enthusiasts are promptly experimenting with their fashion with the usage of such fashion accessories and thus contributing to the segment growth over the forecast period.

Regional Insights

The Asia Pacific accounted for a major market revenue share of over 50% in 2021 and is estimated to expand at a CAGR of 16.2% from 2022 to 2028. China was the dominant and fastest-growing country in the region. Increasing usage of mobile and growing penetration of the internet is contributing to the market expansion. The other factor contributing to market growth is new emerging business channels and models. The growing disposable income of the population is another key factor contributing to market growth. Therefore, due to the above-mentioned factors the demand for the market in the Asia Pacific is high and contributes more to revenue generation.

The Middle East & Africa is anticipated to register the 2^nd highest CAGR of 15.1% from 2022 to 2028. The growth of the market in the region is attributed to growing opportunities in the region along with various investments made in new eCommerce channels. The high penetration of the internet in the region is also contributing to the market growth. The above-mentioned factors make the region much easier to penetrate as compared to the market that is growing slowly as they are matured. Therefore, Middle East & Africa is estimated to expand at a significant CAGR over the forecast period.

Europe accounted for the second major share of over 20% in 2021 in terms of revenue and is forecast to grow at a substantial CAGR in the forecast period. The growth of the region is attributed to the increasing spending of the population on fashion accessories over eCommerce. The growth of the region can also be attributed to the increasing inclination of consumers toward eCommerce and thus contributing to the market expansion.

Key Companies & Market Share Insights

The global market is characterized by the presence of established as well as new players. Most of the key players working in the eCommerce fashion accessories market are adopting various strategies such as alliances, partnerships, mergers, development & launch of new systems to gain maximum share in the market. For instance, the announcement for the acquisition of Souq a leading eCommerce company in the Middle East & Africa was made by Amazon in 2017. In addition, in September 2018, Walmart Inc. acquired Flipkart to provide users with an eCommerce shopping portal. It consists of a wide and diverse range of products. Additionally, in May 2018, Alibaba Group Holding Limited acquired Open Sky to provide users with an online platform where they can experience a marketplace for social shopping. Some of the prominent players in the global e-commerce fashion accessories market include:

• Amazon.com, Inc.

• Walmart Inc.

• Alibaba Group Holding Limited

• Inditex SA

• eBay Inc.

• ASOS plc

• Revolve Group, Inc.

• Zalando SE

• Nordstrom, Inc.

• H & M Hennes & Mauritz AB

E-commerce Fashion Accessories Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global e-commerce fashion accessories market report based on product type, and region:

• Product Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Watches & Jewelry

  • Luggage & Bags

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • GCC

    • South Africa