The travel bags market is expected to maintain a steady growth rate, with an estimated Compound Annual Growth Rate (CAGR) of around 8.3% throughout the forecast period. In 2022, the global market is projected to generate approximately US$16.9 billion in revenue, and it is anticipated to surpass US$37.5 billion by the conclusion of 2032.
Travel and tourism stand as one of the largest sectors contributing substantial revenue to numerous countries. However, travel is seldom solitary; it comes intertwined with various related factors, with luggage being a prominent one. Among the essentials, travel bags emerge as the ubiquitous choice for transporting luggage.
The impact of the 2007-8 Financial recession that gripped the world tourism sector for a long time also left the luggage market in a bad shape. But after the revival of the worldwide economy, travel and tourism industry has again rejuvenated and demand for luggage also remained steady.
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Robust international travel and immigration, advancement in product design, quality, and functionality, and rising affluence of middle class population in developing nations are other key factors driving the growth of the market.
Most of the airlines have luggage weight regulations enforcement, which prompts at the growing demand for lightweight carry-on travel bags. Owing to increasing number of consumers choosing flight over road or rail journey, manufacturers are concentrating more on production of lightweight and ultra-lightweight travel luggage with hard side material.
Business Growth Drivers:
- Increasing Travel Trends: The growing trend of travel, both domestic and international, is a significant driver for the travel bags market. As more people explore various destinations for leisure, business, or adventure, the demand for travel bags rises.
- Rising Disposable Income: With increasing disposable income levels globally, consumers are more willing to invest in high-quality and durable travel bags. This willingness to spend boosts market growth, especially for premium and luxury travel bag segments.
- Innovations in Design and Functionality: Manufacturers are constantly innovating to meet evolving consumer preferences. Features such as lightweight materials, ergonomic designs, smart compartments, and enhanced durability contribute to the attractiveness of travel bags, driving market growth.
- E-commerce Expansion: The proliferation of e-commerce platforms provides consumers with easy access to a wide range of travel bags. Online channels offer convenience, competitive pricing, and a diverse selection, fueling market growth as more consumers opt for online purchases.
- Growing Awareness of Sustainable Practices: Increasing awareness about environmental issues prompts consumers to prefer eco-friendly and sustainable travel bag options. Manufacturers incorporating recycled materials, ethical sourcing, and environmentally friendly production processes attract environmentally conscious consumers, driving market growth in this segment.
Industry Restraints:
- Price Volatility of Raw Materials: Fluctuations in the prices of raw materials, such as leather, polyester, and nylon, can impact manufacturing costs and subsequently affect the pricing of travel bags. This volatility poses a challenge for manufacturers in maintaining stable pricing and margins.
- Intense Competition: The travel bags market is highly competitive with numerous local and international players vying for market share. Intense competition often leads to price wars and pressure on profit margins, particularly for smaller manufacturers.
- Regulatory Compliance and Trade Barriers: Compliance with regulatory standards, including safety regulations and import/export restrictions, adds complexity and cost to the manufacturing and distribution processes. Trade barriers and tariffs can also hinder market expansion, especially for companies operating in multiple regions.
- Disruption Due to External Factors: External factors such as natural disasters, geopolitical tensions, or global health crises (e.g., pandemics) can disrupt supply chains, production processes, and consumer demand. Such disruptions pose challenges to market stability and growth.
- Changing Consumer Preferences: Shifts in consumer preferences, influenced by fashion trends, technological advancements, or cultural factors, pose a risk to manufacturers who may struggle to adapt quickly enough to meet evolving demands. Failure to anticipate and respond to changing preferences can result in loss of market share.
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Key Market Trends
Consumers are frequently travelling for business, trade, and leisure. Evolving fashion trends will continue to dominate the market during the forecast period. While backpacks remain popular among casual travelers, duffle bags, spinners, and carry-ons will continue to gain traction among business and leisure travelers.
With a burgeoning trend of carrying compact and lightweight luggage, manufacturers are investing more in the production of innovative, high quality, ultra-lightweight bags made from leather and microfibre material. 3600 spinner bags are also believed to observe strong sales.
While high-end designer bags are trending in the U.S. market, convertible and foldable travel bags are estimated to grasp more market on a global level, including developing nations. Innovative luggage designs, being an influential trend in market, has already been reported to trigger the manufacturing of smart bags equipped with size adjustment flexibility and in-built GPS.
This trend is expected to gain prominence over the forecast period 2016-2026. Moreover, demand for sophisticated travel bags effectively designed for reduced neck, back, or shoulder pain are also anticipated to gain an uptick during the forecast period.
Key Players in Market
The key players in the global travel bags market include
- Samsonite Company Stores
- United States Luggage Company (LLC)
- Ace Co. Ltd.
- Delsey SA, Crown
- VIP Industries Ltd.
- Antler
- Away
- New Travel Sports Co. Ltd.
- Eagle Creek
- Targus Group International Inc.
- Shanghai Fochier Intel’ Co. Ltd.
- Tumi
- Travelpro International Inc.
- Rimova
- Everest
- Others
While United States Luggage Company (LLC) has been in the luxury luggage market with the brand name Briggs & Riley Travelware, 24-7 International has a broad brand portfolio, including Andiamo, Pathfinder, Lucas, Ciao, and more. Samsonite’s acquisitions with Gregory Mountain Products and Liapult in 2014 have been impactful for the market.
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Key Segmentation
FMI’s research report on the global travel bags market offers a 10-year forecast, segmenting the market on the basis of material, type, distribution channel, and price.
On the basis of the material used in manufacturing travel bags, the market is segmented into,
- Soft side
- Hard side
- Hybrid
According to the type of bag, the market is segmented as
- Backpacks
- Suitcases or trolley bags
- Duffle bags
Segmentation based on distribution channel includes
- Factory outlets
- Traditional stores
- Supermarkets
- Hypermarkets
- Modern stores
- Specialty stores
- Discounted stores
- Online stores
- Others
By price, the travel bags market is segmented into
- Premium
- Medium
- Low (generally highly fragmented local brands)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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