Leather Luggage Market size to grow by USD 3.89 billion from 2022 to 2027, APAC to occupy 49% market share, Technavio
NEW YORK, April 10, 2024 /PRNewswire/ -- The Leather Luggage Market size is estimated to grow by USD 3.90 billion at a CAGR of 5.59% between 2022 and 2027. APAC contributes 49% to global market growth. Technavio analysts detail regional trends. Leather travel goods industry expands with durable and stylish products. Manufacturers in APAC, like Hidesign, expand retail networks and online presence to boost sales. China's market growth driven by rising middle class and online retail. Domestic and international luxury brands flourish in APAC.
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Company Offering:
- DELSEY - The company offers suitcases, bags, accessories, and others. The key offerings of the company include these solutions.
The leather luggage market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer leather luggage market are Bellroy Pty Ltd., Capri Holdings Ltd., Compagnie Financiere Richemont SA, DELSEY, Fossil Group Inc., Goldlion Group Co. Ltd., Hermes International SA, Hidesign, Kering SA, Leatherology, LVMH Moet Hennessy Louis Vuitton SE, MAHI Leather Ltd., NAPPA DORI Pvt. Ltd., Prada S.p.A, Samsonite International S.A., Tapestry Inc., Tucano Srl, VIP Industries Ltd., Zhejiang Jinluda Leather Goods Co. Ltd., and Kenneth Cole Productions Inc.
For details on companies and their offerings
By Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market. APAC contributes 49% to global market growth, driven by expanding retail networks and online presence of vendors. The leather travel goods industry thrives with durable products. China's market growth fueled by rising middle class and online retail emergence. Domestic and international luxury brands flourish in APAC.
To get more insights on the market share of various regions and contribution of the segments.
The rising number of initiatives is notably driving market growth:
Initiatives drive market growth, as demand from manufacturers rises globally. Expanding leather industry boosts availability for diverse leather goods, from neckpieces to handbags, sold via B2B and B2C channels. Innovations like wheeled handle bags emerge. Strategic plans, like India's CLE plan, aim to boost leather exports. Planned facilities in Tanzania will further increase leather supply, driving market growth.
- The increasing demand for eco or organic leather and bio-fabricated leather is an emerging trend in the market.
- The wide availability of leather-free luggage products is a major challenge impeding the market growth.
Market Segmentation
- By Product, the market is classified into travel bags, casual bags, and business bags. The travel bags segment contributes the largest share of the market.
- The travel bags segment shows significant growth prospects. Valued at USD 5.29 billion in 2017, it offers various options like totes, duffels, and rolling luggage. Customization options, such as color and design, cater to fashion-conscious consumers. Leather bags, including neckpieces and handbags, dominate the market. Innovative features like spinner systems and increased storage capacity drive growth. Retailers like Modern and Tribal CC offer customizable options like the Marcus Leather backpack, appealing to diverse consumer preferences. Expanding product lines through new variations further stimulates market growth.
Technavio Research experts has provided more insights on the market share of segments
Analyst Reveiw:
The Leather Luggage Market is witnessing a surge in demand, fueled by the needs of modern travelers seeking durable, stylish, and reliable luggage solutions. With increasing travel frequencies and the rising preference for high-quality luggage, the market is experiencing notable growth. One of the key features driving the popularity of leather luggage is its durability and resilience. Leather luggage is known for its water-proof and crack-proof properties, offering protection against contamination, dust, and other environmental factors. Additionally, many leather luggage products are fireproof, providing added safety for travelers, especially those carrying electronic gadgets or valuable belongings.
The integration of innovative materials such as pineapple leaves and mushroom root into leather production is further enhancing the appeal of leather luggage. These sustainable and eco-friendly materials not only contribute to the crack-proof and water-resistant features of leather products but also align with the growing consumer demand for environmentally conscious goods. The leather luggage market caters to diverse consumer segments, including travelers, business professionals, and fashion enthusiasts. Leather products extend beyond luggage to include jackets, pants, belts, footwear, and accessories such as purses, wallets, bracelets, and gloves. This versatility makes leather an attractive choice for consumers seeking both functionality and style in their travel gear. Retail stores play a significant role in the distribution of leather luggage, offering a wide range of options to consumers. However, the market is also witnessing an increase in online sales channels, providing convenience and accessibility to a broader audience.
Innovations in leather luggage design, such as trolley bags with wheels, side handles, and compact travel bags, are catering to the evolving needs of travelers. Additionally, premium designer leather bags are gaining popularity among fashion-conscious consumers, driving the market's growth in the luxury segment. The leather luggage market is closely intertwined with the tourism industry, as travelers seek durable and stylish luggage solutions for their journeys. Working women, in particular, are driving demand for trendy handbags and fashionable leather accessories that offer both functionality and style. In conclusion, the leather luggage market is thriving due to the demand for durable, stylish, and functional travel gear. With innovative features, sustainable materials, and a focus on consumer preferences, the market is poised for continued growth and expansion in the coming years.
Market Overview:
The leather luggage market caters to travelers seeking durable, stylish products for their journeys. These luggage items boast features such as water-proof and crack-proof materials, ensuring protection against contamination, dust, and fire. With a focus on functionality, manufacturers integrate compartments for electronic gadgets and provide fireproof features. Leather luggage extends beyond travel needs, serving as fashion statements in the textile industry, offering jackets, pants, belts, and footwear with fur linings for cold countries. Premium designer leather bags dominate retail stores, appealing to consumers in the tourism industry. Innovative products like compact leather travel bags and stylish handbags meet evolving consumer demands, emphasizing quality, durability, and fashion.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.
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SOURCE Technavio
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