the global luxury leather goods market size is expected to reach at USD 48.0 Billion by 2025, expanding at a CAGR of 4.8%. The growing consciousness for fashionable accessories is likely to influence the market growth in the forecast period. Affordable luxury brands are available throughout the global market attributing to the emergence of various startups and consumer preference.
Emergence of latest printing technologies and robotics has empowered the production of trendy products within a minimal time frame. Also, the emergence of synthetic leather products have lowered animal killing for the production of luxury products. For instance, startups such as Modern Meadow has raised USD 53.4 Billion to empower animal free lab grown leather. This startup uses collagen through living cells and tans the assembled collagen sheets to produce lab-grown leather.
The trend of buying luxury products has gained a tremendous traction as many stored are giving consumers the choice of buying the luxury products on rent. This encourages middle-class population to experience the feel of luxury products.
Further key findings from the report suggest:
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By product, bags is projected to ascend at a CAGR of 5.1% in the forecast period owing to the wide scale adoption for premium and luxury bags
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The footwear product segment accounted for a major revenue share attributing to availability of branded products for elite population
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U.S., Germany, U.K., China, Japan, and Turkey are the major countries with the largest market in their respective regions.
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Europe emerged as the large market in the past few years attributing to presence of business tycoons and increasing rate of business travelers.
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The key players are introducing new products for elite consumers based on their preference and taste
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Grand View Research has segmented the global luxury leather goods market on the basis of product, distribution channel, and region:
Luxury Leather Goods Product Outlook (Revenue, USD Billion, 2015－2025)
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Footwear
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Bags
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Accessories
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Others
Luxury Leather Goods Distribution Channel Outlook (Revenue, USD Billion, 2015－2025)
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Offline Retail
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Online Retail
Luxury Leather Goods Regional Outlook (Revenue, USD Billion, 2015－2025)
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North America
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U.S.
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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Japan
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Central & South America
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Colombia
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Middle East & Africa
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Turkey
List of Key Players for Luxury Leather Goods Market:
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Georgia
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Armani
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Burberry
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Prada
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Dolce & Gabbana
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Gucci
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Versace
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