Wallets Market by Product and Geography - Forecast and Analysis 2020-2024
- Published: Dec 2019
- Pages: 143
- SKU: IRTNTR40795
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The wallet market size will decrease by USD 1.19 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by product (conventional wallets and smart-connected wallets) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors including Bellroy Pty Ltd., Burberry Group Plc, Fossil Group Inc., Hermès International, Hidesign, Kering SA, LVMH Moët Hennessy - Louis Vuitton, Mulberry Co. Ltd., Ralph Lauren Corp., and Tapestry Inc.
Wallet Market Size
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Market Competitive Analysis
The wallet market is currently fragmented, and the degree of fragmentation will increase during the forecast period. Market vendors are increasingly focusing on mergers and acquisitions (M&A) to gain access to new products and technologies and increase their wallets market share. Bellroy Pty Ltd., Burberry Group Plc, and Fossil Group Inc. are some of the major market participants. Although the wide availability of wallets online will offer immense growth opportunities, the threat of counterfeit products will challenge the growth of the market participants. To increase their wallet market share, companies should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this wallet market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this wallet market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading wallet manufacturers, including:
- Bellroy Pty Ltd.
- Burberry Group Plc
- Fossil Group Inc.
- Hermès International
- Kering SA
- LVMH Moët Hennessy - Louis Vuitton
- Mulberry Co. Ltd.
- Ralph Lauren Corp.
- Tapestry Inc.
Wallets Market: Segmentation by Region
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APAC was the largest market for wallets in 2019, and the region will offer the maximum growth opportunities to market vendors during the forecast period. The increasing number of retail store expansions and the growing focus of vendors on the expansion of their online presence are contributing to wallets market growth in this region.
China and Japan are the key markets for wallets in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Wallets Market: Segmentation by Product
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Market vendors are launching advertising and marketing campaigns through various social media platforms to boost the sales of luxury and premium conventional wallets. The increasing availability of different types of conventional wallets is expected to fuel the growth of the wallets market in this segment.
However, the market growth in the conventional wallets segment will be slower than the growth of the market in the smart-connected wallets segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the wallets market size.
Wallets Market: Key Drivers and Trends
The wide availability of wallets online will be a significant factor in driving the growth of the wallets market. The sales of wallets through online retail stores are expected to increase significantly during the next five years. Consumers increasingly prefer to buy products online because of the availability of a wide range of products, the ability to compare products, and place orders conveniently without visiting stores physically. Discounts provided by online retailers also allow customers to buy products at cheap rates. The growth of the e-commerce industry, fast shipping services, changing consumer demands, and developments in logistics infrastructure in countries such as India and China have encouraged market vendors to offer their products through online distribution channels. Several vendors, including Caprese and Hidesign, offer a range of wallets directly through their company websites or various third-party online retail platforms.
- The rising demand for environment-friendly products and the growing focus on minimizing carbon footprints have boosted the demand for sustainable and eco-friendly wallets.
- The use of tanning agents in the production of leather wallets and their improper disposal leads to serious environmental issues.
- The ban on hunting by governments and various animal protection agencies has restricted the supply of leather.
- Market vendors are increasingly focusing on using alternatives with low carbon footprints, such as ethically sourced faux leather and synthetic materials, to manufacture wallets.
- The growing popularity of eco-friendly wallets, which is one of the critical wallet market trends, will positively influence the growth of the market during the forecast period.
- During 2020-2024, the wallets market will register a CAGR of over (2)%.
Wallets Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive the wallet market growth during the next five years
- Precise estimation of the global wallets market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the wallets industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wallet vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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