LUGGAGE AND LEATHER GOODS MARKET ANALYSIS

Regional Analysis

Global Luggage and leather goods Market Regional Insights:

• Europe is estimated to dominate the market with 39% in 2024. Some of the primary drivers driving the growth of the European market include the strong presence of local and international companies, product and technology breakthroughs, the rise in online commerce, and the use of social media platforms. Luggage and leather products sales in the region are driven by expanding fashion consciousness, rising disposable incomes, and rising demand for attractive bags. Furthermore, as consumers become more interested in travel and unusual experiences, demand for leather products, such as luggage bags, is expanding, particularly in the luxury market, as buyers seek out high-quality things. Furthermore, because of the high presence of fashion-driven countries such as France and Italy, the area continues to be the market's largest consumer.
• Asia Pacific dominated the market with 20% in 2024. Increasing demand for premium and luxury products are the factors driving the demand for the product. Bangladesh and Pakistan are important sources for primary leather in Asia Pacific. Significantly low tariff rates on exported leather products make Bangladesh an eye-catching market for overseas leather goods brands.

Figure 1.  Luggage and leather goods Market Share (%), By Region, 2024

The North American region dominates the market however the Asia Pacific region is projected to be the fastest growing market during the forecast period. Countries like China, Japan, and India show high potential for growth. In China, the rising affluent population and their increasing spending power is a key growth driver. Meanwhile, innovations in material and designs open up new opportunities. Lighterweight and hard-side spinner suitcases are gaining popularity. Development of smart and connected luggage using internet-of-things (IoT) is another emerging trend.