Wallet Market Size – USD 8.75 Billion in 2021, Market Growth – at a CAGR of 8.3%, Market Trends – Increasing innovation in various wallet designs.

NEW YORK, NY, UNITED STATES, July 18, 2022 /EINPresswire.com/ -- Increasing demand for luxury lifestyle products and rising demand for leather goods are key factors driving market revenue growth.

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.

There are a variety of wallets available in the market with various shapes, capacities, and patterns, which includes Bi-fold wallets, wristlet wallets, trifold wallets, travel wallets, card case wallets, clutch wallets, and other styles of wallets. These wallets include features such as coin purse, money clips, straps, chain fastener, or rein and are made of materials such as cotton, leather, and synthetics. However, wallets made of pure leather are regarded as expensive accessories with high reputation.

Download sample @ https://www.reportsanddata.com/sample-enquiry-form/5172

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.
• A few companies operating in the market are 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.

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/5172

For the purpose of this report, Reports and Data has segmented the global wallet market based on type, material, distribution channel, gender, and region:

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

Regional Outlook (Revenue, USD Billion; 2019-2030)

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Buy Now @ https://www.reportsanddata.com/report-pricing/5172

Thank you for reading our report. For customization or any query regarding the report, kindly connect with us. Our team will make sure you the report best suited to your needs.

Tushar Rajput
Reports and Data
+1 212-710-1370
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn