The North America Leather Goods Market would witness market growth of 9.1% CAGR during the forecast period (2021-2027).
Trolley bags and suitcases utilized for carrying personal belongings fall under the ambit of leather luggage while products such as purses, handbags, wallets & belts, footwear, and others fall under the leather goods segment. Leading companies operating in the market are constantly introducing innovative and stylish leather goods with an aim to align with the changing demands of consumers. Moreover, consumers feel comfortable and easy while traveling with fashionable and compact luggage products that are launched and offered by market players. Higher per capita income motivates consumers to choose high-end and high-quality leather products.
Leather fashion accessories are considered as products that are made of leather that is commonly worn with or supplementary to other clothing products. They generally have a functional as well as an aesthetic value. Leather accessories also generally have a longer life-cycle as compared to garments and non-leather fashion accessories, particularly regarding product categories such as exclusive products that have gained traction in the last few years. The rising segments of leather fashion accessories product categories involve carrying products, gloves & mitts, belts, and other accessories.
The USA is an region that has been supported by big export volumes of bovine wet blue. In addition to it, the USA has been popular as being a major manufacturer of upholstery leather, which would augment the already high demand & growth of leather goods across this region. Moreover, the demand for leather goods is supported by the massive demand for automotive leather upholstery affected by issues confronted by the three major US car manufacturers.
Moreover, the presence of leading market players in this region is expected to support the growth of the regional leather goods market in the next few years. Moreover, the growing demand for fashionable products made of leathers among the consumers is also boosting the growth of the market. In the USA, the growth of skinning machines for abattoirs assumed a crucial role in the usage of pigskin as raw material for the leather industry.
The US market dominated the North America Synthetic Leather Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $42,058.3 million by 2027. The Canada market is experiencing a CAGR of 12.3% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 11.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Leather Goods Market is Estimated to Reach USD 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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