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 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.
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.
To request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/leather-goods-market
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.
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
Genuine Leather
Textiles & Tropical Fibers
Rubber & Plastic
Other
Leather Products
Genuine Leather
Synthetic Leather
Bio-based Leather
Leather Goods Product Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
Footwear
Military Shoes
Casual Shoes
Slippers & Sandals
Sneakers
Others
Formal Shoes
Sports Shoes
Others
Leather products
Upholstery
Luggage
Trunks
Suitcases
Others
Accessories
Clothing & Apparel
Bags, Wallets, & Purses
Handbags
Coin Purses
Others
Others
Leather Goods Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Netherlands
Asia Pacific
China
India
Japan
Malaysia
Indonesia
Central & South America
Brazil
Middle East & Africa
UAE
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."