The global travel bag market valued USD 33.10 billion in 2016 and is estimated to reach over USD 53.16 billion in 2024, growing at a CAGR of 6.1% during the forecast period.
Market Overview
Rising trend of fashionable and modular travel bags are boosting the growth of global travel bags market. Airlines have limitations and regulations for luggage weight thus people are more inclined towards light weighted travel bags.
Light weight bags not only help the customers in fulfilling the luggage weight limit but also provide comfort while travelling. Moreover, increasing demand for travelling and adventurous sports are expected to boost the market for light weighted, strong and designer travel bags.
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Making travelling altogether a different experience is the main focus of leading market players. Recently introduction of Modobag by Indiegogo has bought the revolution in entire luggage bag industry.
Apart from trendy design Modobag is embedded GPRS-GSM tracking and dual USB charging port. Moreover, one can ride these bags on bike making it more efficient and easily transportable.
Moreover, Hop or Spacecase designed by NUA robotics aims to make travelling more comfortable. These smart bags are equipped with bluetooth technology and camera sensors and are designed as self carried luggage bags.Acquisition of smaller and domestic brands by leading players helps key vendors to expand their profit margin and to make an exceptional presence in the global market. Samsonite’s acquisition of companies such as Tumi, Gregory Mountain Products, Speck and Liapult became a revolution for travel bags market.
Leading industry players are also investing in marketing and R&D to manufacture innovative, lighter, stronger and cost effective products. In 2016, Samsonite invested USD 25.4 million in R&D for the development of innovative travel bags.
Market Segmentation
Global Travel Bags Market is categorized on the following basis:
Based on Price-Range
- High-Price Range
• Medium-Price Range
• Low-Price Range
Based on Types of Travel Bags
- Trolley Bags
• Backpacks
• Duffle Bags
Based on Distribution channel
- Online Distribution Channel
• Offline Distribution Channel
Based on Geography
- North America U.S. & Canada {Market Size USD Billion , Growth Analysis % and Sales In Units }
• Latin America Brazil, Mexico & Rest of Latin America {Market Size USD Billion , Growth Analysis % and Sales In Units }
• Europe The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE {Market Size USD Billion , Growth Analysis % and Sales In Units }
• Asia-Pacific China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia {Market Size USD Billion , Growth Analysis % and Sales In Units }
• Middle East & Africa GCC, South Africa, North Africa, RoMEA {Market Size USD Billion , Growth Analysis % and Sales In Units }
• Rest of World {Market Size USD Billion , Growth Analysis % and Sales In Units }
Market Size and Forecast 2016-2024
Geographically, North America is acquiring the largest market share of travel bags followed by Europe. Europe has a top-line growth in fashionable travel bags across the globe.
Europe travel bags market valued USD 8.74 billion in 2015 and is projected to grow at a CAGR of 7.0% during the forecast period. Asia Pacific and Middle East are estimated show a prospective market growth during the forecast period owing to rising number of international and domestic travels in these regions.
Asia-Pacific travel bags market valued USD 17.01 billion in 2016 and is anticipated to dominate the market over the forecast period.
Latin America is also focusing on tourism and travelling which is likely to increase the travel bags demand in near future. Countries like Mexico, Brazil and Chile are experiencing high sales of branded and fashionable travel bags.
Net sales of travel bags in these countries are collectively increased by nearly 20% in 2016 as compared to previous years.
Market Drivers and Challenges
Tourism and travel industry is growing at a very faster rate resulting in the increasing demand for travel bags across the globe. Rising fashionable trends among consumers has uplifted the travel bags market mainly in emerging economies.
Lightweight carry-on travel bags are gaining huge popularity as it provides comfort as well as in matching weight regulations at airports.
Growing domestic brands and availability of low cost products provided by local and regional players mainly in developing economies are major threat for leading vendors. Moreover, counterfeits are the major concern for all leading market players as these products are available at a very low cost as compared with the branded travel bags.
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Key Market Players
• Samsonite International
• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis
• VIP Industries Ltd.
• United States Luggage Company LLC
• Shanghai Fochier International
• Louis Vuitton
• Rimova
• VF Corporation
• Ace Co. Ltd.
• Nike
• Puma
• Everest
• Safari industries
• Richardo Beverly Hills
• Targus Group International Inc.
• Travelpro International Inc.
• New Travel Sports Co. Ltd.
• Delsey SA
Scope Background
Market Synopsis
Market Segmentation
The Global Travel Bags Market is segmented as follows:
• By Price Range Market Size, Demand Analysis and Growth Analysis
• By Travel Bags Type Market Size, Demand Analysis and Growth Analysis
• By Distribution Channel Market Size, Demand Analysis and Growth Analysis
By Regions
- North America U.S., Canada {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America Argentina, Mexico, Brazil and Rest of Latin America {Market Size, Growth Analysis and Opportunity Analysis}
• Europe Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa MENA {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World {Market Size, Growth Analysis and Opportunity Analysis}
Market Dynamics: Growth Drivers, Restraints and Opportunities
- Risk Factors
• Regional Variations
• Recent Trends and Developments
Key Market Players
• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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