Travel Bag Market Overview:
The Global Travel Bag Market was valued at $15,045 million in 2016, and is projected to reach $24,027 million in 2023, growing at a CAGR of 7.1%. The substantial boom in the travel and tourism sector (including medical tourism) fosters the demand for various types of travel bags. The robust movement of business travelers, further fuels the requirement of travel bags especially backpacks and trolleys.
Rise in travel and tourism has intensified the demand for travel bags. Besides, increase in urbanization, changes in lifestyle, and demand for innovative products such as polycarbonated luggage is further expected to impel the global travel bag market between 2017 and 2023. Increase in purchasing power of middle class households especially in the developing regions is anticipated to create more demand for premium and fashionable travel bags in the region. The advancement in technology such as development of smart luggage with GPS system tracker is also projected to expand the growth of overall market during the forecast period (2017-2023).
The global travel bag market is segmented based on material into hard side, and soft side. The market is also divided by luggage type into duffle, trolley, and backpacks. The market is further sub-divided by different price range, which includes premium, medium range, and low range and by distribution channel into supermarket/hypermarket, specialty stores, factory outlets, online stores, and others. Based on region, the market is categorized across North America, Europe, Asia-Pacific, and LAMEA.
Key players identified across the value chain of this report include Delsey SA., VIP Industries, TGHI, Inc., Samsonite, Ace Co. Ltd., U.S. Luggage Company, LVMH Group, Travelpro Products, Inc., Rimowa GmbH, Kering SA, and others.
The Asia-Pacific travel bag market witnessed a rapid growth as travel bags are increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures, and clean contoured lines. In addition, design modification and innovative materials offering light bags has further fueled the growth of the market. As more and more people are becoming globally mobile and exposed to international accessories, the demand for travel accessories is shooting up.
The trolley bag segment is estimated to be the most lucrative market in the global market due to high consumer preference, owing to its ease of mobility, comfortable to transport on various surfaces; across terminals, subways and escalators, and navigating busy and crowded terminals.
Specialty stores by distribution channel dominates the travel bag market. They have gained high preference among consumers as these stores offer considerable depth in the product portfolio by price range, material, luggage type, and design. In addition, high service quality and expert guidance to shoppers enhances shopping experience of consumers.
- The study provides an in-depth analysis of the travel bag market with current and future trends to elucidate the imminent investment pockets in the market.
- The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
- Porters Five Forces model analysis of the industry illustrates the potency of the buyers and suppliers.
- Market player positioning in the report provides a clear understanding of the position of leading companies.
Travel Bag Market Report Highlights
By LUGGAGE TYPE
By PRICE RANGE
By DISTRIBUTION CHANNEL
Key Market Players
KERING, TGHI, INC, RIMOWA GMBH, ACE CO., LTD, VIP INDUSTRIES LIMITED, SAMSONITE INTERNATIONAL S.A, LVMH GROUP, UNITED STATES LUGGAGE COMPANY, LLC, TRAVELPRO PRODUCTS, INC, DELSEY S.A
Travel bags consist of bags or cases, or containers, which can hold a traveler’s belongings while travelling. The travel bags are generally used to carry clothing, toiletries, small possessions, trip necessities, and souvenirs. In the present era, bags also represent their owner's wealth and fashion statement. The duffle segment generated the highest revenue in 2016, and is projected to continue to dominate throughout the analysis period. This is attributed to rise in consumer demand as it is fashionable and very popular among travelers and fitness practitioner.
The growth of the travel bag industry is attributed to the growth of the travel and tourism industry. Introduction of low cost carrier, government initiative to increase national & international tourism, and increase in business travel are the significant factors that boost the growth of the travel & tourism industry and its supplementary industry including travel bag industry.