Leather Handbags Market - 32% of Growth to Originate from APAC, Technavio

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Apr 02, 2024, 19:55 ET

NEW YORK, April 2, 2024 /PRNewswire/ -- The global leather handbags market size is estimated to grow by USD 8.5 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.84% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%.

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Technavio has announced its latest market research report titled Global Leather Handbags Market 2023-2027

APAC is expected to play a pivotal role in propelling the global leather handbags market

Geographic Landscape:

The APAC leather handbags market is experiencing robust growth, driven by rising fashion consciousness and increasing demand for premium and luxury products. The product portfolio includes traditional handbags, affordable leather handbags, and customized options. Product improvement, technological innovations, and brand recognition are key factors fueling market expansion. Social platforms and distribution channels, including e-commerce companies and startups, are transforming sales strategies. However, concerns over animal killing and trade regulations may impact the industry. Production analysis, value chain optimization, and emerging revenue pockets offer opportunities for growth. Application niches, such as tote bags and accessories for working women, are gaining popularity. Product approvals and launches, along with consumer preferences for designer pieces, quality, craftsmanship, and longevity, continue to influence market trends. The leather handbag segment dominates, but the fabric handbag segment is also growing. Online and offline distribution channels cater to diverse consumer needs. The installed base of leather handbags is substantial, with technology playing a crucial role in enhancing consumer experience. Women's participation in the workforce and fashion statements further boost demand.

Research Analysis

The Leather Handbags Market is experiencing significant growth among young adults in the context of rapid globalization. Consumer spending on high-quality leather handbags, as a fashion accessory, reflects their lifestyles and consumer behavior. Women's participation in the workforce has led to increased demand for durable and long-lasting handbags with compartments, suitable for their professional needs. The Omnibus survey reveals that American women prefer leather handbags over fabric ones due to their longevity and investment value. Leather materials, such as raw hide and processed leather, are in high demand for this segment. Handcrafted leather accessories, with their emphasis on quality craftsmanship and designer pieces, are popular fashion statements. The Leather Handbag segment and Fabric Handbag segment are distinct markets, with the former focusing on luxury and investment, while the latter caters to more casual and affordable consumer preferences. The online distribution channel is increasingly important for reaching consumers, especially those who value convenience and variety. In conclusion, the Leather Handbags Market is driven by consumer preferences for durability, longevity, and investment value, as well as the desire for high-quality, fashionable accessories.

Market Drivers

The leather handbags market is witnessing significant growth due to fashion consciousness and the demand for customized and personalized products. Leading market players in the luxury segment are enhancing their product portfolio with customized leather handbags, incorporating precious metals, stones, and personalized embellishments. Traditional handbags are being reimagined with affordable leather options, catering to a wider consumer base. Product improvement and technological innovations are key focus areas, with social platforms and e-commerce companies driving sales. Startups are disrupting the market with handcrafted accessories and niche application areas. Brand recognition and value chain optimization are crucial for market success. Raw material prices, trade regulations, and production analysis are critical factors influencing the market. Emerging revenue pockets include working women and the tote bag segment. Consumer preferences for fashion statements, quality, craftsmanship, and longevity continue to drive demand. Animal killing remains a contentious issue for luxury consumers. Product approvals, launches, and application dominance are shaping the market landscape.

Market Overview

The Leather Handbags Market is a significant segment of the global fashion industry. Consumers prefer leather handbags due to their durability, style, and versatility. The production process involves various stages, including tanning, cutting, stitching, and assembly. The raw materials used are primarily hides from cattle, sheep, and goats. The market is driven by factors such as increasing disposable income, growing urbanization, and changing consumer preferences. Brands like Ralph, Comfortable, and Fashionable offer a wide range of leather handbags, catering to different budgets and styles. Consumers are also becoming more conscious of ethical and sustainable production practices, leading to an increase in demand for eco-friendly leather handbags. The market is projected to grow at a steady pace in the coming years, with Asia-Pacific being a major contributor due to its large population and growing economy.

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Key Topics Covered:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio