Handbag Market Reach at a CAGR of 5.4% from 2019 to 2025: Grand View Research Inc.
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.
(firmenpresse) - 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.
To request a sample copy or view summary of this report, click the link below:
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 has segmented the global handbag market on the basis of product, raw material, distribution channel, and region:
Handbag Product Outlook (Revenue, USD Million, 2015 - 2025)
Tote Bag
Clutch
Satchel
Others
Handbag Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
Leather
Fabric
Others
Handbag Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Online
Offline
Handbag Regional Outlook (Revenue, USD Million, 2015 - 2025)
North America
US.
Europe
Germany
UK.
Asia Pacific
China
India
Central & South America
Brazil
Middle East & Africa
South Africa
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 20.08.2019 - 11:51 Uhr
Sprache: Deutsch
News-ID 597387
Anzahl Zeichen: 4653
contact information:
Contact person: Sonali Kulkarni
Town:
San Francisco
Phone: 14153490058
Kategorie:
Fashion
Typ of Press Release: please
type of sending: don't
Diese Pressemitteilung wurde bisher 273 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Handbag Market Reach at a CAGR of 5.4% from 2019 to 2025: Grand View Research Inc."
steht unter der journalistisch-redaktionellen Verantwortung von
Grand View Research Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
