Investing in Research and Development: Fueling Leather Goods Innovation
Author : scott Bang | Published On : 06 May 2024
Leather Goods Industry | Forecast 2030
Grand View Research’s leather goods industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.
The leather goods industry is projected to experience growth owing to several factors, including an increase in consumer disposable income, improved living standards, evolving fashion trends, and the rise in domestic and international tourism. The demand for stylish and comfortable leather apparel, leather goods, and accessories is on the rise, driven by growing brand awareness among consumers. These factors collectively contribute to a favorable outlook for the leather goods sector.
Access the Global Leather Goods Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
The growing awareness of fashion among consumers has played a crucial role in driving the demand for leather goods, prompting numerous brands to diversify their product offerings. Not only established labels and brands but also smaller and more affordable manufacturers have gained significance in the leather goods industry. Moreover, startups have emerged to cater to the customization needs of consumers, offering tailored leather products that align with their specific preferences. The market is growing due to rising employment and disposable income. Among footwear options, sneakers have experienced the most significant growth in sales due to the rising demand for fashionable and comfortable shoes. The sneaker segment faces fierce competition, as luxury fashion brands like Balenciaga, Gucci, and Prada have entered the market, competing with well-established athletic brands such as Nike and Puma.
The significant growth in e-commerce retail sales due to factors such as increased consumer spending, expanding population, and improved internet accessibility further created ample growth in the leather goods industry. The online retail industry’s growth is further boosted by the introduction of mobile shopping applications and the availability of secure and convenient payment gateways. Notably, fashion blogs and popular social media platforms like Pinterest and Instagram play a crucial role in shaping fashion trends, thereby positively impacting the leather goods sector.
Order your copy of the Free Sample of “Leather Goods Industry Data Book - Leather Handbags, Small Leather Goods/ Accessories, Leather Apparel, Leather Footwear, Leather Home Decor & Furnishing, Leather Pet Accessories and Leather Automotive Accessories Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Leather Footwear Market Insights
The global leather footwear market size was valued at USD 166.53 billion in 2018 and is expected to grow with a CAGR of 2.8% from 2019 to 2025. The growth is attributed to the growing working-class population, rising income among consumers, flourishing retail e-commerce sector worldwide, growing fashion trends in business wear. Leather shoes are durable and provide an elegant look making it popular among various consumers. The breathable features of real leather which can cool down the feet and avoid unwanted odors is also driving the growth of the product in the market.
Leather footwear market is closely aligned with consumer spending on fashion accessories. Rapid growth in the spending on fashion accessories due to growing influence of social media is driving the market. Recent changes in consumer shopping trends and increasing propensity toward buying high-end and designer shoes are estimated to trigger the growth. Demand for trendy, fancy, and comfortable footwear is driving the demand.
Leather shoes are widely accepted as a premium product. Introduction of new products by numerous brands has been driving the market growth. High adoption of the products even in areas with relatively warmer climates is anticipated to drive growth. As the demand for flexible and lightweight products is growing at a rapid rate, numerous innovations and technological advancements help surge the product demand. Leather footwear have high durability and stand strong even in heavy duty work along with casual, designer shoes and can be used for both indoor and outdoor applications, making it more popular among consumers.
Availability of counterfeit footwear made from synthetic leather developed by local manufactures is restraining the growth. Growing alternatives like synthetic and vegan leather are also likely to posing a challenge for growth. Leather footwear costs more on an average than any other type of footwear which act as a major restrain in the cost centric countries. Consumers sensitive to animal slaughtering and aware regarding animal ethics and rights are also hindering the growth.
Go through the table of content of Leather Goods Industry Data Book to get a better understanding of the Coverage & Scope of the study
Leather Home Decor and Furnishing Market Insights
Increasing expenditure of people on home furnishing and renovation has been a factor driving the leather home decor & furnishing market growth. According to the International Monetary Fund, the global housing market has been steadily climbing up as of 2022. Another important factor is the housing index, which reflects changing prices of residential properties. The leather furniture segment includes a diverse range of products like dining sets, rocking chairs, and recliner chairs. The market for leather furniture involves a myriad range of regional and domestic manufacturers globally, and each player, to create a unique position in the market and to sustain customers, has been focusing on continuous product evolutions.
Rising consumer inclination towards luxury decorative products, along with an increasing number of houses being purchased or rented every year, is influencing the growth of the segment. Similarly, the demand for leather tabletop products such as desk organizers, remote holders, and stackable holders that are used often has also been influencing the market positively. Leather-made hanging storage has become a major design element in houses with shifting consumer preferences. Moreover, it is suitable in the living room, dining room, and kitchen, which has propelled the product demand. Manufacturers and interior designers involved in making home artifacts offer aesthetically appealing styles, patterns, textures, and comfortable storage products for homes and offices with contemporary looks and designs.
Competitive Insights
The presence of numerous well-established companies such as Adidas AG; Nike, Inc.; Puma SE; Fila, Inc.; New Balance Athletics, Inc.; Knoll, Inc.; and Samsonite International S.A. characterizes the leather goods market. These manufacturers are expected to experience growth opportunities driven by the increasing demand for leather goods, particularly in emerging economies spanning North America, Europe, Asia Pacific, and Central & South America.
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