Personal Accessories Market to be valued at USD738.52 Billion by 2026
Growing changes in
fashion trends and fashionable lifestyle are major factors propelling the
growth of global personal accessories market.
According to TechSci Research
report, “Global
Personal
Accessories Market, By Product Type (Jewelry, Bags &
Wallet, Watches, Others (Eyewear, Belt, Caps, etc.)), By End User (Female,
Male, Kids), (By Distribution Channel (Exclusive Stores, Multi-Brand Stores, Specialty
Stores, Online Market, Supermarket/Hypermarket), By Region, Competition
Forecast & Opportunities, 2016-2026F” the global personal accessories
market size valued at USD473.46 billion in 2020 and is projected to grow at a
CAGR of over 7.00% during the forecast period to reach around USD738.52 billion
by 2026. The rise in
technologies and innovation in personal accessories like smartwatches is one of
the major drivers for the growth of the personal accessories market. The combination
of technology and fashion in personal accessories like smartwatches provides a
fashionable look as well as technological experience to the customers. Some of
the major examples of these personal accessories’ products are Google glasses,
smartwatches, and welt belts.
Browse
111 market Figures spread through 110 Pages and an in-depth TOC on
“Global
Personal Accessories Market”
https://www.techsciresearch.com/report/personal-accessories-market/7789.html
The global Personal accessories market
is segmented based on product type, end-user distribution channel, company, and
region. In terms of product type, the market is segregated into bags &
wallets, jewelry, watches, others (eyewear, belt, caps, etc). Out of these, the
jewelry segment captured more than 50% market share in 2020, as jewelry is the
most popular and demanding personal accessories in the market and both men and
women prefer jewelry like rings, plain gold chains, and anklets to make a
fashion statement. However, watches segment
is growing at a much faster pace in the market with a projected CAGR of over
10.00% in the forecast period, due to the availability of innovative and
designer watches with new features and technologies in the market.
Based on end-user, the market is
segregated into females, male, and kids, out of which females captured 58.00%
share of the total market in 2020, as there is a wide variety of personal
accessories available for females in the market. However, the kids segment is
expected to grow at a rapid pace of over 9.00% CAGR in the upcoming years and
it is expected to be the fastest-growing segment in the forecast period as
companies are now focusing more on personal accessories for kids.
In terms of distribution channel, the
market is segregated into exclusive stores, multi-brand stores, specialty
stores, online market, and supermarket/hypermarket. Out of which, an exclusive
store is the largest contributor with around 30.00% of the market share in
2020. One of the major reasons for the highest purchase from exclusive stores
is that they specifically offer products of one single brand.
Region-wise, Asia-Pacific is the
dominating region in the global personal accessories market, holding around
32.00% of the market share in 2020. This can be attributed to the huge
population base and increasing disposable income of people. In addition to this
people are focusing on developing their personality and are shifting towards
luxury and fashion accessories products, which is also contributing to the
market growth. In Asia-Pacific, a country like China is the largest market for
personal accessories due to changing fashion trends, increasing disposable
income, and consumers’ fascination towards jewelry.
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“To keep ahead of the competition,
every fashion brand requires a strong marketing strategy. It doesn't matter if
the company is brand new to the fashion industry or experienced, it requires a
strong marketing strategy anyway. Digital marketing for the fashion industry
has changed tremendously over the past few years and so the companies should
more on focus digital marketing strategy as it is a new way to increase
consumer base and to stay ahead of the competition.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Personal Accessories Market, By Product Type (Jewelry,
Bags & Wallet Watches, Others (Eyewear, Belt, Caps, etc.)), By End User
(Female, Male, Kids), (By Distribution Channel (Exclusive Stores, Multi-Brand
Stores, Specialty Stores, Online Market, Supermarket/Hypermarket), By Region,
Competition Forecast & Opportunities, 2016-2026F”, has
evaluated the future growth potential of the Global Personal Accessories Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take a sound investment decision.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Personal
Accessories Market.
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