Consumption in Luggage Industry
As travelers increasingly prefer luggage products that are long-lasting and water-proof, manufacturers turn to leather for production of several consumer goods. With the increasing number of travelers globally, manufacturers witness a significant demand for crack-proof luggage products. While travelling, the luggage products are exposed to contamination of water, and dust, which could harm the products stored in the luggage. Attributed to dustproof, and fireproof features the leather luggage products offer the travelers protection from any contamination. Moreover, increasing need to carry electronic gadgets safely while travelling has further revved up demand for leather among the manufacturers. Bound to such factors, demand for leather among the manufacturers of luggage is predicted to remain considerably high.
According to a recently published report by Persistence Market Research, the global leather luggage goods market is expected to register a moderate CAGR during the predicted period, 2017 – 2022. In terms of revenue, the global leather luggage and goods market is expected to represent a value of over US$ 525 Bn by the end of 2022.
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Considerable Demand in the Textile Industry
Apart from the luggage industry, leather also witnesses considerable demand among the textile manufacturers. Growing need for protective and warm jackets during winter is projected to fuel demand for leather in the textile industry. As leather is in trend today, manufacturers in the textile industry are producing leather products including jackets, pants, belts and other accessories. Surge in demand for water-proof, and warm footwear in the cold countries has further led manufacturers to produce leather footwear products. In an attempt to produce warm clothes and footwear, manufacturers are offering leather footwear embedded with fur linings. Such factors is further expected to contribute towards growth of the global market.
On the other hand, leather goods and luggage products are comparatively costly than the other products. Moreover, government in several countries are imposing bans the leather products. This is expected to hinder growth of the global leather luggage and goods market during the predicted period.
Retail Store to Represent a Leading Segment
With the increasing number of travellers and business trips, travel bags are likely to witness steady demand globally. On the basis of product type, the travel bags segment is expected to represent the highest revenue growth in the global market, accounting for a value of over US$ 35,000 Mn. Further, daily travelling is expected to rev up demand for casual bags globally. The casual bags segment as compared to other products type segments is expected to represent the second highest revenue growth in the global market by the end of 2022. North America is expected to represent the largest market for leather luggage and goods.
Demand for leather goods will continue to remain high among women due to surge in demand for casual bags, accessories, clothes and various others. By gender type, the women segment is expected to represent the highest revenue growth, represent a value of over US$ 66,000 Mn in the global luggage and goods market by the end of 2017. Apart from women, demand for wallets, footwear, and jackets among men is expected to impact growth of the global leather luggage and goods market positively. By the end of 2017, the men segment is expected to represent the second highest revenue growth in the global market.
Sales of leather luggage and goods is expected to generate significant revenues through retail stores. The retail store segment is expected to represent the highest revenue growth, accounting for a value of over US$ 95,000 Mn in the global market by the end of 2022. The online stores segment is expected to represent the second highest revenue growth by 2022. However, this segment is expected to register the highest CAGR throughout 2022.
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Leading market players operating in the global leather luggage and goods market include Christian Dior SE, LVMH Moët Hennessy Louis Vuitton SE, Kering SA, Hermès International SCA, Coach, Inc., Prada SpA, Samsonite International SA, Knoll, Inc., V.I.P. Industries Ltd., and Delsey Luggage Inc.
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