The global wallet market size was USD 8.75 Billion in 2021 and is expected to register a revenue CAGR of 8.3% over the forecast period, according to the latest report by Reports and Data. Rising popularity of leather products owing to dust proof, durability, and crack-proof properties, growing fashion industry, and rising demand for leather goods are factors driving revenue growth of the market.
Wallets are now a critical component of fashion accessories since they express a person’s personal style, therefore, wallet market is expanding positively along with the fashion industry. People’s growing fashion consciousness has driven the wallet market to expand and it is expected to grow over the forecast period. In addition, another factor driving the market is increase in individual consumer expenditure on fashion accessories.
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Top Profiled Companies in the Global Wallet Market Report:
Hermès, Calleen Cordero Designs, Inc., The Donna Karan Company Store LLC, Dolce & Gabbana, Changshu Maydiang Leather Co., Ltd., Bottega Veneta, Ralph Lauren, Tapestry, Inc., Fossil Group, and KERING.
Some Key Highlights From the Report
- The billfolds segment revenue is expected to account for largest share over the forecast period. A bi-fold or billfold wallet is an ideal size for everyone because it is neither too big nor too small. Due to their appearance, they may be folded in half pretty easily to fit in a backpack or briefcase as well as a jacket or pant pocket . This traditional-style wallet comes in two popular variations The bi-fold type has two equal sides that can fit all necessary stuff within. Two identical sides will strap over middle joining portion in the tri-fold while coin purses are frequently included in bi-fold wallets.
- Leather is among the most popular types of materials seen in wallets and its easy availability and excellent qualities make it the leading contender. Leather is long-lasting, providing excellent services and improving with each use. Cowhide, full-grain cow leather, and horse leather are just a few examples of leather. Some leathers are smoother and suppler than others, on the other hand, some are more stern and inflexible. Regardless of shapes and designs, they all provide a comfortable feel and luxurious appearance to the wallet.
- The online segment accounted for largest revenue share in 2021. Rising use of digital media and availability of low-cost products offered by e-commerce websites are factors driving revenue growth of the market. Consumers are becoming more discerning in their product choices and want to compare products quickly and easily based on pricing, ratings, and features, hence they prefer online shopping for product categories and greater selection.
- The Asia Pacific market is expected to register largest revenue share in the global wallet market over the forecast period. Market revenue growth in the region is expected to be driven by India and China’s increasing investments in luxury and stylish goods. According to research, India exported leather wallets worth USD 125.86 million in 2020–2021 (Apr–Nov). In addition, increasing production of leather goods in the region is expected to drive revenue growth of the market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Type Outlook (Revenue, USD Billion; 2019-2030)
- Slim Wallets
- Billfolds
- Clutch Wallets
- Long Wallets
- Coin Wallets
- Others
Material Outlook (Revenue, USD Billion; 2019-2030)
- Leather
- Cotton
- Synthetic
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online
- Offline
Gender Outlook (Revenue, USD Billion; 2019-2030)
- Men
- Women
- Kids
Key Takeaways of the Global Wallet Market Report:
- A comprehensive overview of the global Wallet industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Wallet market.
- Elaborate study of the leading regional markets in the global Wallet market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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