Global Handbags Market Size By Product Type (Satchel, Bucket, Clutch, Tote), By Distribution Channel (Online and Offline Retail Stores), By Geographic Scope And Forecast

Handbags Market Size And Forecast

Handbags Market size was valued at USD 48.96 Billion in 2021 and is projected to reach USD 77.81 Billion by 2030, growing at a CAGR of 5.28% from 2023 to 2030.

The growth in the women workforce increased the usage of Handbags among working-class women on a global level. The rising women workforce is resulting in upsurging income, along with growing brand awareness in the developing countries, which have been boosting the industry growth significantly.

Handbags play as a major fashion statement in the rising fashion industry which drives the Handbags Market. Also, the increasing social media influence on the consumers from Instagram, TikTok and Facebook is responsible for the inclination of potential consumers toward the market. Handbags companies are targeting their product range at the global young adult population as the majority of this age group is engaged in these social media platforms.

Global Handbags Market Definition

Handbags allow the user to carry a number of essential items of personal use in one bag, it makes it for women to carry their stuff with ease. Handbags have become an essential accessory of women’s wardrobes. Handbags are usually meant to complete their attire and ladies like to carry it with style. It is a trending market in the fashion industry.

Furthermore, the increasing obtainability of fashionable and innovative products is fueling the growth of leather bags over the world. The availability of a wide range of bags such as tote, satchel, clutch bags and many more in the market for consumers has also boosted the demand for these bags and the Handbags Market is on the boom.

Global Handbags Market Overview

Ladies are becoming brand conscious about their consumption choices, especially those that reflect their style and personality. Most of the potential consumers limited their spending on fashionable accessories and appeals and often look for affordable accessories, thus affordable item increasing the consumer base. Hence, the handbag segment has witnessed an evolution in the recent past globally.

The Handbags Market is a popular product and manufacturers of the Handbags face heavy competition globally. The presence of counterfeit products is one of the key challenges faced by brands globally. The market growth in the near future is expected to be affected by high import duty.

Nonetheless, the increasing availability of fashionable and innovative products is fueling the growth of Handbags especially leather bags over the world. Leather is one of the most widely traded commodities in the world and due to continuous demand from the fashion industry for Handbags. This is due to the increase in the production of light leather for Handbags and its imports from Asian countries such as China, India, and Vietnam. Furthermore, an increase in the growth of e-commerce, with the facilities of online shopping, is also expected to contribute significantly to the growth of the retail market.

Global Handbags MarketSegmentation Analysis

The Global Handbags Market is segmented on the basis of Product Type, Distribution Channel, and Geography.

Handbags Market, By Product Type

• Satchel• Bucket Bag• Clutch• Tote Bag• Others

Based on product type market can be segmented into Satchel, Bucket, Clutch, Tote. Tote and Satchel bags are the highest growing being the latest trend in the Handbags industry. Companies are staying in sync with the fashion and manufacturing Handbags that cater to the demand of the global Handbags Market.

Handbags Market, By Distribution Channel

• Online Retail Stores• Offline Retail Stores

Based on Distribution Channel, the market is divided into online and offline retail stores. The offline retail store segment accounted for the highest market share. Exclusive retail stores have gained remarkable popularity among females and producers have also strengthened their distribution channel.

Handbags Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of regional analysis, the Global Handbags Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific is projected to voice the fastest growing rate. Increasing affluence and adoption of culture from the western countries. Manufacturers have been strengthening the distribution channel in this region to meet the growing product demand. China is one of the prominent markets of this region that has witnessed a significant rise in the import of the product in the last few years. Increasing per capita income in developing economies including China and India is expected to fuel the growth of the industry.

Key Players

The “Global Handbags Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Celine, Chanel, Christian Dior, Coach, Prada, Hermes, LVMH Moët Hennessy Louis Vuitton, Michael Kors, Fossil, and Gucci. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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