Travel bags market size is anticipated to grow from USD 18.46 Billion to USD 42.67 Billion, at a CAGR of 8.74% in 10 years. A variety of travel bags are in high demand due to the significant growth in the travel and tourist industry, particularly medical tourism. The key market players are listed in the report with their sales, revenues and strategies are Deuter Sport, Hermès, Louis Vuitton, LVMH, Rimowa, Timbuk2, VIP Industries, Delsey SA, Kering, Osprey, Victorinox, Fenix Outdoor, Samsonite, Lowe Alpine and others.
Newark, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 18.46 Billion in 2022 travel bags market will reach USD 42.67 Billion by 2032. The growing tourism industry, which contributes to the world's rapid urbanisation, is one of the primary factors driving the market's expansion. Additionally, consumers are more willing to spend money on expensive and high-end travel gear to stay up with the trends that are constantly changing. Several product innovations, such as developing creative and aesthetically beautiful designs and eco-friendly varieties, support a positive outlook for the market. Luggage and travel bags are becoming popular among customers because they are made from natural and organic fabric dyes, organic canvas, repurposed leather, and other eco-friendly materials. Additional factors projected to drive market growth include the rise of the online retailing sector, which provides customers with a hassle-free purchasing experience while displaying a wide range of options, and aggressive promotional activities by businesses.
Asia-Pacific is anticipated to expand at the highest CAGR of 10.74% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 10.74% over the forecast period. The region's demand for the product is anticipated to be driven by an increase in travel and tourism activities and business travellers, among other factors. Through the projection period, it is anticipated that the market will develop due to well-known brands like VIP and others that are becoming more actively involved in the manufacture of travel backpacks, duffel bags, laptop bags, etc.
The trolley segment is expected to register the highest CAGR of 11.63% over the projected period in the travel bags market.
The trolley segment is anticipated to grow at the highest CAGR of 11.63% in the travel bags market. Throughout the projected period, high consumer preference due to comfort when travelling on different surfaces, such as escalators, subways, terminal terminals, and navigating busy and crowded terminals, are anticipated to fuel market expansion.
Over the projected period, the online segment is expected to register the highest CAGR of 12.41% in the travel bags market.
Over the forecasted period, the online segment is anticipated to grow at the highest CAGR of 12.41% in the travel bags market. Due to the convenience of payment, attractive rates, and home delivery, e-commerce websites are becoming increasingly popular with consumers, who increasingly prefer to buy travel accessories online. These factors are anticipated to fuel the segment's expansion in the travel bag market throughout the projection.
The medium segment is expected to register the highest CAGR of 11.46% over the projected period in the travel bags market.
The medium segment is anticipated to grow at the highest CAGR of 11.46% in the travel bags market. Consumers are drawn to the medium range because it offers reasonably priced high-quality goods in various patterns, colours, and other features. These components are anticipated to fuel the segment's market expansion during the projected time frame.
Driver: The increasing need for travel bags that are lightweight
The growing demand for lightweight travel bags has rapidly led the business to grow. Due to major cost hikes and rigorous baggage weight restrictions enforced by the airline industry, there is an increased need for lightweight bags. It is more practical and cost-effective to travel with lightweight and ultralight baggage. Additionally, they allow customers to buy within the constraints of their permitted luggage and allow them to bring along more bags. Manufacturers have offered lightweight travel bags with cutting-edge technologies and robust materials to satisfy this growing demand.
Opportunity: Increasing demand for smartly equipped travel and business bags
An increase in demand for smart features in corporate and travel bags is the main market driver. Market suppliers offer a wide range of items, including trolley bags, to meet growing consumer demand for advanced business and travel bags. These bags have several features, including a fingerprint combination lock authorised by the Transportation Security Administration (TSA), an internal power bank pocket, an integrated weight scale, a Bluetooth proximity tracker, and an integrated USB port. Due to the built-in USB connector and power bank pocket, customers may charge their portable electronics like telephones. To stop scanners from reading information from passports and credit card chips, vendors also offer luggage with zipped RFID-blocking pockets.
Challenge: Strict government guidelines
The primary barrier to business growth is the government's rigorous regulations on procuring raw materials like leather. In the market to upscale business bags, leather is an essential raw material. However, severe governmental restrictions exist on the leather sector in many parts of the world. For instance, several organisations and governmental bodies tightly regulate the leather industry in Europe, particularly in Germany. To create leather, businesses in the leather tanning industry must abide by many rules involving waste disposal, the use of chemicals, environmental protection, and recycling.
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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