Dublin, July 27, 2023 (GLOBE NEWSWIRE) -- The "Global Travel Bag Market (2023-2028) by Material, Luggage type, Price range, Distribution channel, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Travel Bag Market is anticipated to grow significantly, estimated at USD 24.06 billion in 2023, and projected to reach USD 35.6 billion by 2028, registering a CAGR of 8.15%. This growth is primarily driven by the burgeoning tourism sector and the rising demand for specialized travel bags that cater to various travel preferences and activities.
The increasing popularity of adventure tourism, such as hiking and camping, has fueled the demand for travel bags designed for outdoor activities. Additionally, the growing trend of cruise travel has led to a demand for compact and easy-to-carry travel bags suitable for onboard transport. Furthermore, the rise in both leisure and business travel due to increased disposable incomes in developing countries has contributed to the surge in demand for travel bags.
However, the market growth of travel bags is hampered by fluctuating prices, making it challenging for consumers to make purchase decisions and plan their budgets effectively. Such uncertainty negatively impacts consumer confidence, leading to delayed purchases and reduced overall demand for travel bags. Retailers and wholesalers also face difficulties in managing inventory, pricing strategies, and profit margins due to price fluctuations. These fluctuations disrupt market stability, erode consumer trust, and hinder sustained growth in the travel bag industry.
Despite these challenges, the global travel bag market presents substantial growth opportunities due to technological advancements, particularly in the form of smart luggage equipped with GPS trackers. These innovative features enhance the travel experience by providing improved security, convenience, and peace of mind to travelers. Smart luggage offers real-time tracking of bags' whereabouts, minimizing the risk of loss or theft. Moreover, it often includes additional functionalities like built-in chargers and digital locks, making it appealing to modern travelers. These technological innovations cater to evolving preferences and needs, driving market expansion with unique and value-added products.
Changing consumer preferences and trends also pose challenges to the growth of the Global Travel Bag Market. Manufacturers must stay updated with the latest trends and evolving needs of consumers to remain competitive in the market.
The Global Travel Bag Market is segmented based on Material, Luggage Type, Price Range, Distribution Channel, and Geography. Hard-side and Soft-side materials comprise the Material segment, with Hard-side holding the highest market share due to its enhanced security features and integrated locks.
In the Luggage Type segment, Trolley bags dominate the market with the largest market share. They are preferred by consumers for their ease of mobility and comfortable transport on various surfaces, including terminals, subways, and escalators.
Specialty Stores are the leading Distribution channels in the market, gaining popularity among customers for offering an extensive range of products and providing expert counseling to enhance the buying experience.
Geographically, the Asia-Pacific region exhibits the highest CAGR, driven by the growing trend of travel bags as fashion accessories with ergonomic designs, trendy color combinations, textures, and clean contoured lines.
Recent Developments in the market include the launch of a neon luggage collection for summer travel by Away in May 2023 and the collaboration between JetBlue Travel Products with luggage companies Briggs & Riley and Solo to launch the first retail offering on Paisly in February 2023.
The report incorporates a Competitive Quadrant, a proprietary tool that analyzes and evaluates companies based on their Industry Position and Market Performance scores. The quadrant categorizes players into four categories, considering factors such as financial performance, growth strategies, innovation score, new product launches, investments, and growth in market share.
Furthermore, the report provides a detailed Ansoff Matrix analysis of the Global Travel Bag Market, which assists companies in devising strategies for growth. The matrix evaluates approaches in four strategies: Market Development, Market Penetration, Product Development, and Diversification, and is used for risk analysis to understand the risk involved in each approach.
In conclusion, the report offers a comprehensive evaluation of the Global Travel Bag Market, providing in-depth qualitative analysis, verifiable data from authentic sources, and market size projections calculated using proven research methodologies. The report also includes market analysis using Porter's 5 forces model, PESTLE Analysis, and the impact of Covid-19 on the market. Regulatory scenarios in the industry are discussed, and recommendations are provided to companies for strengthening their market foothold.
Companies Mentioned
- ACE Co., Ltd.
- Antler
- Away
- Delsey Paris
- Eagle Creek Holdings, LLC
- Everest Trading Corp.
- Focus Technology Co., Ltd.
- Hermes
- Kering
- Ohio Travel Bag, LLC
- Osprey Packs, Inc.
- Prada S.p.A
- Ralph Lauren Media LLC
- Rimowa
- Safari Bags
- Samsonite IP Holdings S.ar.l.
- Targus
- Travelpro Products, Inc.
- Tumi, Inc.
- United States Luggage Company, LLC
- VIP Industries Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 167 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $24.06 Billion |
| Forecasted Market Value (USD) by 2028 | $35.6 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/t0emoo
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