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 Insights™ 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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List of Key Players Profiled in the Handbag Market Report

• Coach IP Holdings LLC (New York, U.S.)
• Louis Vuitton Malletier (Paris, France)
• Chanel Ltd (Paris, France)
• 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.)

Impact of COVID-19

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.

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Segments

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.