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Luggage And Leather Goods Market analysis by Top Leading Player Strategic Investment Plans, Business Opportunities, SWOT Analysis 2031 | Knoll, American Leather, Aero Leather Clothing Ltd.

05-22-2024 11:30 AM CET | Consumer Goods & Retail

Press release from: Coherent Market Insights

Luggage And Leather Goods Market

Luggage And Leather Goods Market

The luggage and leather goods Market size was valued at US$ 495.5 Bn in 2023 and is expected to reach US$ 740.2 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

Market Overview:

The luggage and leather goods market consists of goods such as travel bags, purses, wallets, briefcases, backpacks, leather accessories and more. These products are made from materials like leather, nylon, polyester and are used for storage and transportation during travel or everyday use.

Market Dynamics:

The luggage and leather goods market is expected to witness significant growth over the forecast period owing to rising tourism industry worldwide. The tourism industry has been growing at a steady rate over the past few years. According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals grew by 4% in 2019 to reach 1.5 billion globally. This rise in tourism has fueled the demand for luggage bags and leather accessories for storage and travel convenience. Additionally, increasing disposable income and changing lifestyles encouraging more frequent travel has also been contributing to market growth. Rapid urbanization coupled with growing working professional population preferring branded leather accessories is further supporting the market expansion during the forecast period.

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Major Driver 1: Growing Tourism Industry

The luggage and leather goods market is highly dependent on the growth of tourism industry worldwide. As people travel more for leisure, business and other purposes, the demand for quality luggage and bags to carry personal belongings during travel increases tremendously. According to World Travel & Tourism Council, the tourism sector accounted for 10.4% of global GDP and 330 million jobs in 2019, showing solid growth prospects. Various emerging markets like India, China, Southeast Asian countries are witnessing a boom in their domestic and international tourist arrivals which directly fuels the sales of travel bags, backpacks and other accessories.

Major Driver 2: Increasing Spending Capacity of Millennial Consumers

Millennials represent a major consumer segment for luxury and premium luggage brands today due to their high spending power and focus on experiences over material possessions. As this generation travels more frequently for work and leisure, they are willing to invest in high quality, fashionable and durable luggage items that match their personalities and taste. The growing affluence of younger population in developing nations is translating into robust demand for imported and designer luggage brands from Western countries. Bag manufacturers are catering to millennial preferences by launching new collections featuring lightweight materials, colorful designs and smart connectivity features regularly.

Major Trend: Focus on Eco-friendly and Sustainable Materials

There is a strong trend of businesses and consumers prioritizing sustainability in their manufacturing and consumption choices. The luggage industry has responded proactively to this shift by introducing new collections crafted from eco-friendly materials like recycled plastics, organic cotton and plant-based leathers extracted without harming environments or animals. Top brands are highlighting their green credentials through certifications and detailed sourcing information to appeal ethically-conscious millennials and Gen Z. Companies encouraging circularity through initiatives like take-back programs for repairs also help improve brand perception. Adopting sustainable practices will likely emerge as a key priority area for luggage makers in future to align with evolving social and regulatory standards globally.

Worldwide major and leading players within the market are:

★ Knoll
★ American Leather
★ Aero Leather Clothing Ltd.
★ Samsonite International S.A.
★ VIP Industries Ltd.
★ LVMH Moët Hennessy Louis Vuitton SE
★ Timberland
★ Johnston & Murphy
★ Woodland
★ Hermes International SA.

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Segmental Overview

Luggage And Leather Goods Market segmentation offers an in-depth analysis of the various segments of the market, including application, type, end use, and region. The segmentation overview section offers crucial information about the market share, sales, and growth rate for each of the segments over the forecast period. Moreover, an examination of the relative multitude of significant sub-portions in the market has been canvassed in the report.Having a knowledge about the various segments and sub-segments helps businesses recognize the importance of factors that drive industry growth.

The titled segments and sub-section of the Luggage And Leather Goods market are illuminated below:

Global Luggage And Leather Goods Market, By Product Type:

★ By Type: Leather Goods (Footwear, Clothing and Apparel, Clutches and Wallets, Upholstery (Furniture and Automotive), Leather Accessories, Others), Luggage (Rolling Luggage, Duffle Bags, Suitcases and Briefcases, Backpacks, Totes and Hand-luggage, Others)
★ By Sales Channel: General Retailers, Single Brand Stores, Specialty and Multi-brand stores, Unorganized small stores, Online, Others

Regional Analysis for Luggage And Leather Goods Market:

📍 North America (United States, Canada, and Mexico)
📍 Europe (Germany, France, UK, Russia, and Italy)
📍 Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
📍 South America (Brazil, Argentina, Colombia, etc.)
📍 The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Key Highlights of the Report

Offers a comprehensive and holistic analysis of the Luggage And Leather Goods Market.
Evaluates the competitive environments, covering partnerships, joint ventures, acquisitions, and organic growth.
Provides forecast information related to every region and sub-region of the Luggage And Leather Goods market.
Includes information on the key opportunities and challenges faced by key industry players worldwide.
Covers the Luggage And Leather Goods market's current and future market outlook on industry drivers, market restraints, and regional constraints.
The report answers a number of crucial questions, including:

➥ Which companies dominate the global Luggage And Leather Goods market?
➥ What current trends will influence the Luggage And Leather Goods market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular Luggage And Leather Goods market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

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Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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