The Asia Pacific Belts And Wallets Market would witness market growth of 8.3% CAGR during the forecast period (2022-2028).
The increasing demand for wallets and belts among working women is predicted to open up several opportunities for market growth. Furthermore, it is also projected throughout the forecast period that rising consumer desire for fashionable belts and wallets will support market growth. The invention of RFID technology wallets was also born due to the growing security issues surrounding contactless card innovation, which uses RFID.
As a result, consumers are adopting this technology at an increasing rate. Companies like Buffway, Travando, and Himi sell leather wallets with RFID capabilities that enable tracking of imported items like debit cards, credit cards, and passports and stop identity theft by utilizing RFID-blocking technology.
PU belts are currently the most preferred, and the demand for leather belts is declining. One of the greatest belt exporters in the world is China. To improve efficiency, the best players are mostly focusing on technical advancements. However, this market's long-term growth patterns can be achieved by maintaining the current development trends and having the necessary financial resources to engage in the most effective methods.
The major firms in the region are eager to invest in cutting-edge machinery and adopt automation, energy-saving measures, and reduced water usage. Also, China is a leader in the leather goods sector owing to its extensive production of leather shoes, furniture, clothing, and other products. China is also a significant and quickly expanding market for high-end leather items like belts and wallets. Additionally, the Indian government now expects all tanneries to adhere to environmental rules. This demonstrates the growing demands for the accountability of the whole supply chain coming from brand owners and retailers worldwide. This region's belts and wallets market would grow quickly with the help of the confluence of these variables.
The China market dominated the Asia Pacific Belts And Wallets Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,008.1 Million by 2028. The Japan market is estimated to grow a CAGR of 7.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 8.9% during (2022 - 2028).
Based on Material, the market is segmented into Leather and Non-Leather. Based on End User, the market is segmented into Men and Women. Based on Distribution Channel, the market is segmented into Offline and Online. Based on Product, the market is segmented into Belts and Wallets. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Belts and Wallets Market is Projected to reach USD 32.7 Billion by 2028, at a CAGR of 7.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PUMA SE (Groupe Artémis S.A.), Levi Strauss and Co., Guccio Gucci S.p.A. (Kering group), Burberry Group PLC, Ralph Lauren Corporation, Tommy Hilfiger Licensing, LLC (PVH Corp.), Aditya Birla Fashion and Retail Limited (Aditya Birla Group), Titan Company (Tata Group), Marshal Wallet (ABC International) and Diesel Fashion India Reliance Pvt. Ltd.
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