Leather Luggage and Goods Market is Estimated to Garner $94.7 billion, Globally, by 2020

Leather Luggage and Goods Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $94.7 billion by 2020, registering a CAGR of 5% during the period 2015-2020. In 2014, Asia-Pacific generated the highest revenue, followed by Europe and North America. Leather goods held a prominent share in the product type category in 2014, owing to factors such as growing per capita income, increasing tourism rate, and evolving fashion trends.

Travel bag is expected to be the fastest growing segment in the leather luggage market, registering a CAGR of 6.9% during the forecast period 2015-2020. This growth is attributable to the increasing number of domestic and international trips, by commuters worldwide. Consumers prefer compact and easy-to-handle travel luggage during transit, thus increasing the demand for lightweight and easy maneuvering luggage products. However, in leather goods segment, handbags are expected to witness the fastest growth, owing to the rise in working women population and the consequently increased economic independency, which has encouraged them to own multiple high-end branded leather handbags, thereby increasing the demand of handbags globally.

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The retail stores held a major share in the global leather luggage and goods market in 2014. Renowned companies are establishing new retail outlets in the untapped regions to expand their footprint in the market. For instance, in 2015, Prada opened its first store in Jakarta, Indonesia, which offers leather bags and accessories for both men and women. Through retail outlets, market players aim to provide a wide assortment of leather products to their consumers under a single roof.

The online store segment is anticipated to grow at a rapid rate, registering a CAGR of 26% during the forecast period (2015 - 2020). Exposure to social media, increased convenience and the rising usage of digital devices for the purpose of online shopping, have fostered the growth of online sales platform.

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In 2014, Asia-Pacific dominated the global leather luggage and goods market followed by Europe. A rising middle-class segment, along with increase in disposable income of consumers in regions such as India and China, has resulted in growing demand for new and trendy leather products in the Asia-Pacific market.

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