Leather Luggage And Goods Market is expected to represent a value of over US$ 525 Bn by the end of 2022.
Growing need for water-resistant luggage products has led to an upsurge in demand leather among the luggage manufacturers. In addition, increase in business trips is further expected to impact growth of the global leather luggage and goods market positively. According to a recent report published by Persistence Market Research, the global leather luggage and goods market is projected to reflect a moderate CAGR over the forecast period, 2017 – 2022.
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Factors Fuelling Growth of the Global Market
Surge in business trips is projected to rev up demand for water-resistant luggage products globally. The luggage products need to be secure from dust and water contamination during travelling as it could harm the products stored in the luggage products. Bound to these factors, the manufacturers are increasingly using leather for production of luggage products globally. Increasing use of electronic gadgets has fuelled demand for the fireproof and water-resistant luggage products. Attributed to these factors, the manufacturers operating in the electronic industry is projected to witness significant demand for leather. Electronic products such as laptops, smartphones and tabs are prone to damage without while travelling, and need a sturdy luggage product. Use of leather is projected to provide the luggage products crack-proof features, which secures the stored articles.
Apart from the luggage industry, manufacturers operating in the textile industry also witnesses substantial demand during winter. Increasing demand for warm and protective jackets has led the manufacturers to use leather during the production of winter clothes. Besides the textile industry, leather is also predicted to witness considerable demand in the footwear industry in several cold countries. Growing need for footwear with inner fur lining has fuelled demand for leather. Attributed to its water-proof features, the footwear manufacturers are increasingly using leather to ensure it is warm. Bound to such features, the global leather luggage and goods market is expected witness significant growth during the predicted period.
In contrary to this, the leather luggage and goods are expensive as compared to the products made of other materials. Additionally, the ruling authorities in several countries have imposed regulations against the use of leather products. These factors are projected to inhibit global market growth of leather luggage and goods during the projected period.
Travel Bag to Represent a Leading Segment
The leather luggage and goods are projected to witness significant demand among women as compared to other genders. By gender type, the women segment is projected to represent a relatively high growth in terms of revenue in the global market. By 2017-end, this segment is projected to represent more than US$ 66,000 Mn. The leather goods such as jackets, footwear, and wallet is also projected to witness considerable demand among men globally. During the projected period, the men segment in the global market is projected to witness the second highest growth in terms of revenue.
Sales of leather luggage and goods through the online stores segment is projected to reflect a robust CAGR in the global market throughout 2022. In terms of revenue, the retail store segment is projected to represent a relatively high growth, representing more than US$ 95,000 Mn by 2022-end.
Surge in business trips, and expeditions has revved up the number of travellers globally. With the increasing number of travellers, demand for travel bags has increased in the global market. By product type, the travel bag segment is projected to witness a relatively high growth in terms of revenue, representing more than US$ 35,000 Mn in the global market by 2022-end. Growing demand for bags for daily travelling has led manufacturers to produce casual bags. The casual bag segment as compared to other product type segment is projected to witness the second highest growth in terms of revenue by 2022-end. North America among other regions is projected to remain a major market for leather luggage and goods globally.
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Major players in the global market of leather luggage and goods are LVMH Moët Hennessy Louis Vuitton SE, Christian Dior SE, Hermès International SCA, Kering SA, Samsonite International SA, Prada SpA, V.I.P. Industries Ltd., Delsey Luggage Inc., and Knoll, Inc.