The
global Handbag Market size is expected to reach USD 67.9
billion by 2025, according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 5.4% over the forecast period. Growing brand awareness
of luxury bags as a fashion symbol among adults in the developing countries
including India, China, and Brazil is expected to remain a key trend in the
market. Furthermore, rising female workforce on a global level is expected to
promote the usage of handbags over the next few years.
By
product, tote bag dominated the market in 2018. Consumers prefer these bags due
to their large space. Necessary items such as mobile phone, wallet, laptop,
sunglasses, documents, and makeup of the consumers can be fitted in these types
of bags. As a result, these products have gained significant popularity among
the working class women. Manufacturers have been expanding the product line of
tote bags with new designs and better quality. In 2015, Furla, an Italian
luxury company, launched Twist Tote bag under its Spring Summer collection.
These tote bags are available in a wide range of colors including ocean onyx,
petalo onyx, and emerald onyx.
Leather
bags dominated the market in 2018 and accounted for 48.5% share of the global
revenue. Better quality and durability of the leather are driving the demand
for the product across the world. Moreover, rising per capita income in the
developing countries is fueling the demand for luxury goods, including leather
bags.
Asia
Pacific is expected to witness the fastest growth from 2019 to 2025.
Availability of affordable brands, along with rising per capita income of
consumers, is driving the market for the product in this region. In 2018,
Coach, one of the leading brands of this industry, launched platinum ‘Parker’
Diwali handbag in India for the Indian festive season. These bags are made of
leather and available in two different sizes.
Key
competitors in this industry include Tapestry, Inc.; LVMH Moët Hennessy - Louis
Vuitton SE; Michael Kors; Gucci; Fossil Group, Inc.; Ted Baker plc; Hermès
International S.A.; Prada S.p.A.; Chanel S.A.; Burberry Group PLC; and
Compagnie Financière Richemont SA. Industry participants are emphasizing on the
establishment of new online distribution channels as customers are increasing
their spending on utilizing e-commerce portals as a selling window.
Request
a sample copy or view summary of this report @ https://www.grandviewresearch.com/industry-analysis/handbag-market
Further key findings from the study suggest:
- North
America held the largest share of more than 30.0% in 2018
- The online
distribution channel is expected register the fastest CAGR of 7.4% from
2019 to 2025
- The tote bag
product segment held the largest share of 41.7% in terms of revenue
- By raw
material, leather dominated the market in 2018 and accounted for 48.5%
share of the overall revenue.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment