SAN FRANCISCO, March 4, 2019 /PRNewswire/ -- The global leather goods market size is expected to reach USD 629.65 billion expanding at a CAGR of 5.4% by 2025, according to a new report by Grand View Research, Inc. The market growth is driven by the millennials and Generation Z as younger shoppers seek a personalized shopping experience that integrates both online and offline platforms. In the offline platforms, the availability of leather goods in retail stores has an affinity to showcase its content to a large number of audiences. In U.S. it was reported that 94% of all the purchases made in 2016 were through retail stores.
Key suggestions from the report:
- Rubber & plastic material segment in the footwear market is expected to witness the highest growth rate over the forecast period
- E-commerce distribution channel in North America was estimated as the largest segment of the leather goods market in 2017
- China was the largest market. The Asia Pacific region is expected to be the fastest-growing regional market during the estimated period.
Read 260 page research report with TOC on "Leather Goods Market Size, Share & Trends Analysis Report, By Distribution Channel (E-commerce, Retail Stores), By Product (Footwear, Luggage, Accessories, Others), By Material And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/leather-goods-market
The major reasons driving the sale included age, gender, and location. In the footwear product segment, casual shoes like sneakers, slippers, and flats are gaining popularity, which is expected to boost the segment growth in the coming years. The market for formal shoes is expected to witness a significant growth over the forecast period owing to constant innovations, in terms of products and designs. In the sports shoes category, major manufacturers in the market including Adidas AG; Nike, Inc.; New Balance Athletics, Inc.; and Sketchers USA, Inc. are increasingly focusing on developing innovative technologies to enhance the stability of sports shoes and make them more comfortable.
Application of leather in manufacturing bags and wallets has increased significantly in the recent years. Among all types of leather, synthetic leather has attained tremendous popularity as it is softer than conventional leather and offers high durability. The growth of casual footwear segment coupled with increasing online purchases is expected to drive the leather goods market in North America over the forecast period. Furthermore, rising number of athletes in the region and awareness about the benefits of staying active and fit are anticipated to fuel the market growth.
Grand View Research has segmented the global leather goods market on the basis of basis of distribution channel, material, product, and region:
- Leather Goods Distribution Channel Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
- Retail Stores
- Leather Goods Material Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
- Genuine Leather
- Textiles & Tropical Fibers
- Rubber & Plastic
- Leather Products
- Genuine Leather
- Synthetic Leather
- Bio-based Leather
- Leather Goods Product Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
- Military Shoes
- Casual Shoes
- Slippers & Sandals
- Formal Shoes
- Sports Shoes
- Leather products
- Clothing & Apparel
- Bags, Wallets, & Purses
- Coin Purses
- Leather Goods Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Nylon 6 & 66 Market – Global Nylon 6 and 66 market size was estimated at USD 25.66 billion in 2017 and is expected to register a CAGR of 6.2% over the forecast period
- Silica Market – Global silica market size was valued at USD 5.22 billion in 2018 and is estimated to exhibit a CAGR of 8.6% over the forecast period
- Plastic Dielectric Films Market – Global plastic dielectric films market size was valued at USD 1.10 billion in 2018 and is expected to register a CAGR of 3.6% over the forecast period
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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