Global Wallets Market 2020-2024 | 6% CAGR Projection Over The Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jan 10, 2020--
The wallets market size is poised to grow at a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global wallets market 2020-2024. (Graphic: Business Wire)
Although brick-and-mortar stores remain a key channel for the sale of wallets, sales through online retail stores are witnessing rapid growth across the world. The online retail channel provides consumers with a wide range of product options to choose from. It also allows them to compare products and conveniently place orders. In addition, many online retailers offer discounts on wallets, enabling customers to buy products at cheap rates. Moreover, fast shipping services and changing consumer demands will play a significant role in the growth of online retail channel during the forecast period.
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As per Technavio, the rising popularity of eco-friendly wallets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Wallets Market: Rising Popularity of Eco-Friendly Wallets
Consumers are increasingly demanding sustainable and eco-friendly wallets with the growing focus on minimizing the carbon footprint. The use of tanning agents in the production of leather wallets and the improper disposal of these agents leads to serious environmental issues. Therefore, manufacturers operating in the market are focusing on using alternatives with a lower carbon footprint, such as ethically-sourced faux leather and synthetic materials. For instance, France-based Kering is phasing out harmful polyvinyl chloride (PVC) from its products. Thus, the increasing preference for eco-friendly wallets will have a positive impact on the growth of the market.
“Other factors such as the growing preference for customized wallets, and the increasing market consolidation will have a significant impact on the growth of the wallets market value during the forecast period,” says a senior analyst at Technavio.
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Wallets Market: Segmentation Analysis
This market research report segments the wallets market by product (conventional wallets and smart-connected wallets) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The growth of the wallets market share in APAC can be attributed to several factors such retail expansion by vendors and the increase in online sales in the region.
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Five Forces Analysis
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