The Europe Leather Goods Market would witness market growth of 9.6% CAGR during the forecast period (2021-2027).
Leather goods refer to articles that are created from the skins and hides of animals like hogs, cattle, sheep, buffaloes, and goats. These raw materials are treated with various chemicals such as solvents, surfactants, dyes, tanning agents, salts, and dyes with an aim to improve the strength, durability, and flexibility of the leather. They are further used in the manufacturing of leather goods like garments, gloves, footwear, harnesses, bracelets, saddles, bags, wallets, belts, watches, wallets, and smartphone covers. Along with this, as leather is durable, crack and dust, fire-resistant, it is extensively used in the making of sports equipment and apparel, and automotive upholstery.
The demand for leather goods across the world is boosted due to the factors like increasing population, along with the rising disposable income of people around the world. In addition to it, as these products are considered cost-effective, comfortable, and functional, their sales are growing across the world. Moreover, key market players are providing innovative and stylish products in order to cater to the rising demand from well-off consumers. There are implementing sophisticated technologies like the automated cutting process in their manufacturing process with an aim to offer varieties and customization options.
The thriving automotive sector is also creating profitable growth opportunities for the market players to enhance their consumer base. Though, the growing sustainable and ethical fashion trends are substantially influencing the usage of leather goods around the fashion sector. This trend is further encouraged by the launch of bio-based leather, which would substitute traditional leather goods over the forthcoming years.
Europe is a promising region for the leather goods market as major countries of the region especially Spain & Italy have high & easy access to European raw materials. Moreover, various countries of this region are ahead in terms of developing superior design and innovation. In addition to it, many leading fashion brands which extensively use leather products have their outlets in this country, which makes it conducive for further development & demand.
Unique designs and the utilization of exclusive leather to develop products have helped makers to fulfil the demand for affluent and premium customers. Additionally, major market players are aiming to develop customized and personalized leather goods in order to encourage consumers to spend more on high-end products.
The Germany market dominated the Europe Small Leather Goods & Accessories Product Market by Country 2020, thereby, achieving a market value of $2,551.8 million by 2027. The UK market is exhibiting a CAGR of 11% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 12.7% during (2021 - 2027).
Based on Type, the market is segmented into Genuine Leather, Synthetic Leather and Vegan Leather. Based on Product, the market is segmented into Footwear, Automotive Accessories, Home Décor & Furnishing, Small Leather Goods & Accessories, Apparel, Handbags, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Leather Goods Market Size will Hit $560.5 Billion by 2027, at a CAGR of 9.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Adidas AG, Nike, Inc., PUMA SE, Tapestry, Inc., New Balance, Inc. (New Balance Aesthetics, Inc.), Herman Miller, Inc., American Leather Operations, LLC, Lear Corporation, VF Corporation, and Hermes International S.A.
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