Belts And Wallets Market Size Worth USD 39.24 Billion By 2030

March 2023 | Report Format: Electronic (PDF)

Belts And Wallets Market Growth & Trends

The global belts and wallets market size is anticipated to reach USD 39.24 billion by 2030, expanding at a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc., The primary drivers of market expansion are the growing working population's desire for belts and wallets, rising consumer purchasing power, and expanding belt and wallet fashion trends.

The COVID-19 pandemic has had a negative effect on the global belt and wallet business. Belt and wallet sales from offline channels have constantly decreased as a result of store closures brought on by lockdown procedures. Due to limitations, government regulations, and lockdown circumstances, which required customers to stay at home to prevent an increase in the transmission of the disease, physical outlets were primarily negatively impacted.

Manufacturers can focus on the profitable market of design innovation to enhance their brand's reputation. In terms of personalization, size, color, and material quality, belts, and wallets provide a wide range of opportunities for product distinction. Design innovation thus presents appealing economic potential. Manufacturers believe that the rising popularity of personalized belts and wallets will present them with further opportunities to increase their market share.

In 2022, the offline distribution channels dominated the market and generated 72.0% of total revenue. A wide selection of goods, appealing promotions, and discounts are just a few of the major tactics these channels utilize to boost sales and foot traffic in any store. Customers also regularly enter a business to physically inspect the products to determine how they were manufactured, how useful they are, and what makes them unique since these physical inspections improve their confidence in making a purchase.

In 2022, Asia Pacific accounted for 44.2% of worldwide revenue and dominated the belt and wallet market. The market is expanding due to the large working population in China and India who use belts and wallets. Also, the growing disposable income in emerging economies and expanding brand recognition of products like belts and wallets offer the sector plenty of room to grow.

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Belts And Wallets Market Report Highlights

By product, belts led the market and accounted for a 58.1% share of the global revenue in 2022. The rising popularity of belts among the working population further contributed to the market growth.
By distribution channel, the online segment is expected to witness the fastest growth of 9.2% throughout the forecast period. One of the main factors driving the market is the rising availability of a broad selection of products from various brands, free delivery, and seasonal discounts on e-retailer platforms.
Asia Pacific is expected to register the fastest CAGR of 8.4% from 2022 to 2030. The growing working population coupled with the rising demand for belts and wallets among women population in India, and China further contributes to the market growth.