Handbag Market Size To Reach USD 78.46 Billion By 2028 | CAGR Of 6.7%

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Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The global handbag market size is projected to touch USD 78.46 billion by 2028, exhibiting a CAGR of 6.7% during the forecast period. The market stood at USD 47.57 billion in 2020 and is estimated to reach USD 49.63 billion in 2021. Developing tourism and transport industry and rising preferences towards premium fashion products are likely to fuel market growth. Fortune Business InsightsTM provides this information in its report titled ' Handbag Market, 2021-2028. '

The rising demand for premium fashion accessories is likely to boost handbag demand. It is portable and comes in different designs, colors, and shapes. The rising tourism and transport are expected to boost the product's demand drastically. As per the information provided by the United Nations World Tourism Organization, tourist visits exhibited a 5% growth in 2018 touching 1.4 billion. The product's portability, strength, elegant designs are likely to attract consumers towards attractive bags. Further, evolving consumer preferences and rising demand for premium fashion accessories are likely to increase sales. Moreover, manufacturers launch high-quality bags with innovative features such as outer shells, power units, and removable flaps to attract consumers' demand. For example, Evolution Smart Bag launched Autumn Blue Signature Handbag with charging base, removable flap, and EVA outer shell evolution power unit. These factors are likely to bolster market growth during the forecast period.

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Halt on Manufacturing to Impede Market Progress

This market is expected to be negatively affected during the COVID-19 pandemic because of the halt on manufacturing activities. Rising COVID-19 infections led to the imposition of stringent lockdown regulations by governments. The disruptions in the supply chain are likely to reduce sales. Further, the restrictions imposed on tourism and transport and the lack of raw materials may impede the market progress. However, the adoption of reduced capacities, production machinery, and part-time shifts may enable companies to even costs and recover losses. This factor may boost market growth during the pandemic.

Handbag Market Report Scope & Segmentation:

Report Coverage	Details
Forecast Period	2021-2028
Forecast CAGR	6.7%
2028 Value Projection	USD 78.46 billion
Base Year	2020
Handbag Market Size in 2020	USD 47.57 Billion
Historical Data	2017-2019
No. of Pages	160
Segments Covered	By Product Type, By Raw Material, By End-user, By Region
Handbag Market Growth Drivers	Increasing Inclination of the Global Population towards Fashion Products to Fuel the Market
Rising Female Employment Rate to Aid Market Growth

The Handbag Market Report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2028.

How will you analyse the competitional analysis between top key players included in the report?

With the aim of clearly revealing the competitive state of the industry, we concretely analyse not only the leading plyers that have a voice on a global scale, but also the regional small and medium-sized players that play key roles and have plenty of potential growth.

Who are some of the key players operating in the Handbag Market and how high is the competition 2023?

• Guccio Gucci S.p.A. (Florence, Italy)
• Prada S.p.A. (Milan, Italy)
• Fendi (Rome, Italy)
• Burberry (London, U.K.)
• Hermès International S.A. (Paris, France)
• Kate Spade (New York, U.S.)
• Calvin Klein Inc. (New York, U.S.)
• Coach IP Holdings LLC (New York, U.S.)
• Louis Vuitton Malletier (Paris, France)
• Chanel Ltd (Paris, France)

What is a major information sources?

Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.

How Did We Conduct Our Research?

The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous Handbag industry experts. We have also used bottom-up and top-down approaches to calculate the market size.

What does the Report Provide?

The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the growth of this market.

Browse Detailed Summary of Research Report with TOC:

Highlights of the Report

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Which are the driving factors of the Handbag Market?

Evolving consumer preferences and increasing spending capacity have led to the adoption of fashion products. The adoption of a wide range of handbags is likely to foster the product's sales. As per the data provided by the Business of Fashion Ltd and McKinsey & Company's report titled 'The State of Fashion 2019' the market reached USD 1.3 trillion and is anticipated to employ approximately 300 million people globally. Further, a rising number of sales from the female population is likely to escalate the product's adoption. According to the information provided by Catalyst.Org, the total female consumer spending reached approximately USD 31.8 trillion in 2019. In addition, the incorporation of promotional campaigns by manufacturers attracts consumers and boosts adoption. For example, as per the National News (UAE), in July 2018, Chanel selected Penelope Cruz as its brand ambassador. These factors are likely to drive the handbag market growth.

However, the availability of alternative products may hamper the progress of the industry.

Which segment is expected to lead the global Handbag Market Market during the forecast period?

By Product Type

• Tote
• Clutch
• Satchel
• Others

By Raw Material

• Leather
• Fabric

By End-User

• Men
• Women

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

By product, the market is segmented into satchel, clutch, tote, saddle, body cross, hobo, and others. As per raw material, it is bifurcated into leather and fabric. Based on the end-user, it is classified into women and men. Regionally, it is grouped into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.

Which regions are dominating the Handbag Market growth?

Europe is projected to dominate the handbag market share because of the rising per-capita income and evolving consumer preferences. The market in Europe stood at USD 16.14 billion in 2020 and is expected to grow positively during the upcoming years. Further, rising demand for premium fashion items and the presence of several major players are likely to fuel product demand. These factors are likely to boost market development.

Asia-Pacific is expected to grow steadily because of the presence of the rapid surge in employment. As a result, the number of consumers willing to purchase premium products has increased significantly. As per the International Labor Organization, the employment ratio in Asia-Pacific increased by 33.1% in 2019. These factors are likely to boost industry growth.

In North America, the positive growth of the small industries has boosted handbag adoption. For example, as per the data published by the Small Business Administration, the number of small businesses in the U.S. is approximately 30.7 million as per 2019 and possesses nearly 59.9 million employees. In addition, the presence of several fashion shows such as Micam Americas Las Vegas, Stylemax Chicago, and Apparel Sourcing USA are likely to boost the market growth.

Competitive Landscape

Major Players Launch Innovative Products to Improve Brand Image

Prominent companies operating in the market launch innovative products to satisfy consumer demand and boost brand image. For example, VKY Original launched a slew of classic luxury handbags including tote and messenger bags in November 2019. The handbags are designed using a signature concealed secret lining to increase the bag's appeal. This launch may enable the company to boost its brand image globally. Moreover, the adoption of acquisition strategies may enable manufacturers to acquire resources and produce quality products. This strategy can boost companies' annual revenues.

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Detailed TOC of Handbag Market Research Report 2023 - Market Size, Current Insights, and Development Trends:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Emerging Trends
• Key Insights
  • Overview of the Parent/Related Markets
  • Industry SWOT Analysis
  • Supply Chain and Regulatory Analysis
  • Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
  • Qualitative Analysis (In relation to COVID)
    • Impact of COVID-19
    • Supply Chain Challenges
    • Potential Opportunities due to COVID-19
• Global Handbag Market Analysis, Insights, and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Size Estimates and Forecast
    • By Product Type (Value)
      • Tote
      • Clutch
      • Satchel
      • Others (Hobo, Body Cross, and Saddle)
    • By Raw Material (Value)
      • Leather
      • Fabric (Cotton, Wool, Silk, Polyamide,and Polyester)
    • By End-User(Value)
      • Men
      • Women
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • South America
      • Middle East & Africa

TOC Continued...!

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