The global leather goods market is expected to post a CAGR of close to 5% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global leather goods market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the perception of luxury associated with leather goods. Leather has been considered and promoted as a luxury product for quite a long time now. Additionally, as leather offers a premium feel that is not provided by synthetic products, it has become aesthetically appealing to several customers. The high durability of leather also attracts customers as they prefer goods that offer value for the money spent. Innovations in design and use of exotic leather to manufacture products have enabled manufacturers to cater to the demand of high-end and premium customers. In addition, key competitors are designing personalized and customized leather goods to attract customers.
This market research report on the global leather goods market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the technological advances in the manufacturing process as one of the key emerging trends in the global leather goods market:
Global leather goods market: Technological advances in the manufacturing process
Key players in the industry are coming up with several technologies to enhance the properties of leather goods. In addition to this, since transforming leather into finished goods involves many processes, manufacturers are trying to optimize the quality and yield at low costs while reducing environmental pollution. For instance, Florida-based Graphix on Finishes has launched 2D and 3D printing technology for enhancing leather. This leather is waterproof, fade-resistant, and highly durable. Similarly, LANXESS, a specialty chemicals company has developed LEVOTAN W, a functionalized silicone-containing microemulsion to produce waterproof leathers. Such developments are expected to boost the global leather goods market during the forecast period.
According to a senior analyst at Technavio for retail goods and services research, “Growing disposable incomes have led to an increase in demand for aesthetically appealing and durable leather goods. Innovations in design and the use of exotic leather are enabling manufacturers to cater to the demands of high-end and premium customers.”
Global leather goods market: Segmentation analysis
This market research report segments the global leather goods market by product (footwear, luggage, bags, wallets, and purses; and others) and geographical regions (the Americas, EMEA, and APAC).
The Americas led the market in 2017 with a market share of more than 38% of the market share, followed by APAC and EMEA respectively. The market share of APAC is expected to witness the maximum increase in its market share over the forecast period, while the Americas and EMEA will see a decrease in their market shares.
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Some of the key topics covered in the report include:
Five Forces Analysis
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