Why Luggage and Leather Goods Market is Likely to Experience a Tremendous Growth in Near Future By Market 2021 – 2027?

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).

Luggage and leather goods are produced from leather which is made up of animal skin. These products are highly durable and offer aesthetic look to the products. Leather goods includes footwear, clutches and wallets, clothing, and apparel, upholstery (furniture and automotive), and leather accessories. Luggage leather includes, duffle bags, rolling luggage, backpacks, suitcases and briefcases, and totes and hand-luggage. Moreover, leather is elegant that adds quality to the style as these products can be carried anywhere.

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Increasing demand for leather products due to its durable nature is expected to boost the market growth of luggage and leather goods. According to the Council for Leather Exports, the export of footwear, leather and leather products from India reached a value of US$ 5.69 billion during 2018-19. India is the second-largest producer of footwear in the world, producing about 2.41 billion pairs (2017). This is expected to fuel market growth.

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 adversel

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.

Growing demand for leather products from military sectors is expected to foster the market growth of luggage and leather goods. Various products such as harness, belts, holsters, saddles, and footwear which are used in the military are expected to accelerate the marker growth of luggage and leather goods. Hence, growing demand for the leather product from the military sector will favor the market growth.

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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This release was published on openPR.