Press release
Luggage and Leather Goods Market is taking Foot Back due to COVID-19! Is it? Check Out with Analysis of Leading Player in Globe
Luggage and Leather Goods
The global luggage and leather good market is projected to reach around US$ 418.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.2% during the forecast period (2019-2027).
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The threat of substitutes such as counterfeit products, especially handbags, which are available at a cheaper rate is expected to hinder the market growth. Growing usage of rexine product instead of pure leather is another major factor adversely affecting the quality of the leather products. This is expected to restrict the adoption of leather product which in turn hindering the market growth.
Market Opportunities
Growing demand for lightweight bags and luggage around the globe is projected to provide a potential opportunity for the manufacturer of leather. Due to this manufactures are highly engaged in the production of varieties of lightweight handbags and luggage with enhance the quality and aesthetic appeal. This offers an opportunity for organized and unorganized vendors to introduced luggage and leather goods in the lightweight segment with improved quality.
Competitive Section:
Key players operating in the global luggage and leather goods market are Knoll, Inc., American Leather, Inc., Aero Leather Clothing Ltd., Samsonite International S.A., VIP Industries Ltd., LVMH Moët Hennessy Louis Vuitton SE, Timberland, Johnston & Murphy, Woodland, and Hermes International SA
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