Belts and Wallets Market

Market Overview:

The global belts and wallets market size reached US$ 21.48 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.82 Billion by 2028, exhibiting a growth rate (CAGR) of 7.15% during 2023-2028. The rising product adoption due to emerging fashion trends, easy product availability across e-commerce platforms, and the recent development of smart wallets represent some of the key factors driving the market.

Belts refer to a flexible band or strap worn around the waist to securely hold pieces of clothing, such as pants and skirts. Wallets are small, flat cases with multiple sleeves or pockets that are used by individuals to store personal items, such as cash, coins, and debit cards. These fashion accessories are manufactured using leather, polyester, nylon, polyvinyl chloride (PVC), cotton, canvas, and denim. Belts are highly versatile, durable, and functional products that prevent sagging, ensure a comfortable fit, and provide back support. They also enhance visual appearance by clearly defining the waistline, adding structure to an outfit, and complementing other accessories, such as shoes and ties. On the other hand, wallets enhance users’ convenience, save space, improve item organization, and prevent damage to valuables, such as currency notes and identification (ID) cards.

Belts and Wallets Market Trends:

The rising product adoption due to emerging fashion trends is one of the key factors driving the market growth. Belts and wallets are widely used by individuals as fashion accessories that complement an outfit, add professionalism to the appearance, and aid in expressing personal style and taste. Furthermore, the easy product availability across various e-commerce platforms is providing an impetus to the market growth. In line with this, the changing consumer preferences toward unique accessories in terms of colors, functionality, textures, styles, and materials is propelling the market growth. Additionally, the recent development of smart wallets that are equipped with radio frequency identification (RFID) blocking technology, which provides additional security and prevents hackers from stealing sensitive information from credit cards and passports, is positively influencing the market growth. Apart from this, the introduction of multifunctional belts that have several features, such as built-in storage compartments, hidden pockets, and tools, such as bottle openers, knives, and fire starters, is providing a thrust to the market growth. Moreover, key players are focusing on the utilization of sustainable materials in product manufacturing, such as vegan leather, cork, hemp, and recycled plastics and rubbers, due to the rising environmental consciousness, which in turn is favoring the market growth. Besides this, aggressive promotional activities by manufacturers, such as social media campaigns, advertisements, and celebrity endorsements, are supporting market growth. Other factors, including rising expenditure capacities of consumers, increasing investment in the development of advanced products, and growing demand for customization, are anticipated to drive market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global belts and wallets market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on product, material, distribution channel, and end user.

Product Insights:

• Wallets
• Belts
   

The report has provided a detailed breakup and analysis of the belts and wallets market based on the product. This includes wallets and belts. According to the report, belts represented the largest segment.

Material Insights:

• Leather
• Non-Leather
   

A detailed breakup and analysis of the belts and wallets market based on the material has also been provided in the report. This includes leather and non-leather. According to the report, leather accounted for the largest market share.

Distribution Channel Insights:

• Offline
• Online
   

A detailed breakup and analysis of the belts and wallets market based on the distribution channel has also been provided in the report. This includes offline and online. According to the report, offline accounted for the largest market share.

End User Insights:

• Men
• Women
   

A detailed breakup and analysis of the belts and wallets market based on the end user has also been provided in the report. This includes men and women. According to the report, men accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for belts and wallets. Some of the factors driving the Asia Pacific belts and wallets market included rising expenditure capacities of consumers, increasing demand for customization, and various product innovations.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global belts and wallets market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Aditya Birla Management Corporation Pvt. Ltd., Burberry PLC, Diesel Fashion India Reliance Pvt. Ltd, Guccio Gucci S.p.A. (KERING), Levi Strauss & Co., Marshall wallet (abc international), PUMA SE, Ralph Lauren Corp., Titan Company, Tommy Hilfiger (PVH Corp), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global belts and wallets market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global belts and wallets market?
• What is the impact of each driver, restraint, and opportunity on the global belts and wallets market?
• What are the key regional markets?
• Which countries represent the most attractive belts and wallets market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the belts and wallets market?
• What is the breakup of the market based on the material?
• Which is the most attractive material in the belts and wallets market?
• What is the breakup of the market based on distribution channel?
• Which is the most attractive distribution channel in the belts and wallets market?
• What is the breakup of the market based on end user?
• Which is the most attractive end user in the belts and wallets market?
• What is the competitive structure of the global belts and wallets market?
• Who are the key players/companies in the global belts and wallets market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the belts and wallets market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global belts and wallets market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the belts and wallets industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.