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The global leather goods market is valued at $436.4 billion 2018 and is expected to register a CAGR of 5.6% over the forecast period from 2019-2029. Market growth is primarily driven by increasing disposable income, rising middle class family, improving standard of living, changing lifestyle, and altering patterns in fashion. Further, rising demand for comfortable, trendy and fancy footwear across the globe with increasing brand awareness will have a beneficial effect on the overall market.Asia-Pacific is expected to be the fastest growing region during the forecast period due to supportive economic growth especially in China and India, huge population base, increasing disposable income, rising middle class family, and adoption of western culture. Further, growing automotive and construction sector with exponential growth rate is also supported the demand of leather goods in APAC region. China and India are the two major countries with the huge population base and highest economic growth which resulted in increased demand of leather goods in APAC region.
Footwear segment holds the largest market share in global leather goods market and is expected to dominate in the forecast period as well. The demand of footwear is supported by increasing demand of casual shoes due to comfort and design. As this product category provides a broad range of footwear with a variety of designs and colors to choose from, the demand for casual shoes is enormous.
Leading companies featured in the Leather Goods Market Report 2019-2029 report include ADIDAS AG, American Leather Holdings, LLC, Fila, Inc., Hermès International S.A., Johnston & Murphy, Knoll, Inc., Louis Vuitton Malletier, New Balance Athletics, Inc., Nike, Inc., Puma SE, Samsonite International S.A, Timberland LLC, VF Corporation, VIP Industries Ltd., and Woodland Worldwide among others. Mergers & acquisitions and joint ventures constitute some of the industry players’ common strategies for reducing product price overall and maintaining extremely competitive conditions. In order to guarantee continued raw material supplies and ease of installation services, many actors in the sector create alliances with raw material providers and third-party installers.
The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2029. In addition, the report includes dedicated leading companies covering 15 leading leather goods industry producers.
The report on the Leather Goods Market Report 2019-2029 will appreciate anyone who wants to better understand the market in various end use industries. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the leather goods industry.