In 2023, the global travel accessories market is projected to reach a value of USD 55.29 billion and is forecasted to grow to USD 103.8 billion by 2033, with a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2023 to 2033. Previously, from 2018 to 2022, the market for travel accessories witnessed a CAGR of 5% in the historical period.
The global Travel accessories industry is ever changing where the old ones go obsolete as the new trend or fashion enters the market. Travel accessories are utilized for tourism, personal, and also for business travels. Travel accessories/goods include travel bags, travel outfits, business cases, electronic accessories, personal leather goods, toiletries, food box, travel pillow and blanket and locks amongst which travel bags holds the prominent share in the market.
Some of the travel accessories can also be seasonal. Travel Bags can be further classified as luggage bags, sport bags, backpacks and others. Backpack is expected witness highest CAGR as compared to other types of bags.
Nowadays, travel agencies assists consumers to choose between travel accessories. The overall travel accessories market is expected to grow at high rate in the coming decade, given the increasing discretionary income and growing international travel.
Business Growth Drivers:
- Increasing Travel Trends: The rising trend of travel, both domestic and international, is a significant driver for the travel accessories market. As more people engage in leisure travel, there’s a growing demand for various travel-related products such as luggage, backpacks, travel pillows, and organizers.
- Rising Disposable Income: With increasing disposable income levels globally, individuals are more willing to invest in travel accessories to enhance their travel experiences. This financial capability enables consumers to opt for premium and innovative travel accessories that offer convenience, durability, and style.
- Technological Advancements: Innovations in travel accessory technology have led to the development of smart luggage, anti-theft backpacks, portable chargers, and other high-tech products. These advancements attract tech-savvy consumers seeking convenient and efficient solutions for their travel needs, thereby driving market growth.
- E-commerce Expansion: The proliferation of e-commerce platforms has significantly widened the reach of travel accessory manufacturers and retailers. Online channels offer a convenient and accessible platform for consumers to explore a wide range of products, compare prices, read reviews, and make purchases, thereby boosting market growth.
- Growing Awareness of Travel Comfort: Increasing awareness about the importance of comfort during travel has fueled the demand for ergonomic and specialized travel accessories such as neck pillows, compression socks, eye masks, and noise-canceling headphones. As consumers prioritize comfort and convenience during their journeys, the market for such products continues to expand.
Industry Restraints:
- Economic Uncertainty: Economic downturns or uncertainties can impact consumer spending on non-essential items like travel accessories. During periods of economic instability, individuals may cut back on travel-related expenditures, leading to a decline in market growth.
- Environmental Concerns: The travel industry is increasingly scrutinized for its environmental impact, and this extends to travel accessories. Products made from non-sustainable materials or those with excessive packaging may face backlash from environmentally-conscious consumers, affecting sales and market growth.
- Intense Competition: The travel accessories market is highly competitive, with numerous brands vying for market share. Intense competition can lead to price wars, reduced profit margins, and the need for continuous innovation to stay ahead, posing challenges for both established players and new entrants.
- Regulatory Challenges: Compliance with regulations and standards, especially regarding product safety and material sourcing, can pose challenges for manufacturers and retailers in the travel accessories industry. Adhering to various regulatory requirements adds to production costs and may limit product offerings, impacting market growth.
- Supply Chain Disruptions: Disruptions in the global supply chain, such as natural disasters, geopolitical tensions, or pandemics (as evidenced by the COVID-19 pandemic), can disrupt manufacturing processes, lead to shortages of raw materials, and delay product deliveries. Such disruptions can hinder the availability of travel accessories in the market and affect consumer purchasing decisions.
Global Travel Accessories Market: Regional Outlook
Asia-Pacific region is expected to dominate the global travel accessories market and is projected to continue its dominance over forecast period owing to increasing consumer spending in countries such as China and India. Japan and ASEAN region also have the significant consumption of travel accessories.
U.S. is largest aviation market while China is projected to be the largest aviation market in future. With growth in aviation industry, the demand for travel accessories is also expected to increase. Most of the European countries have high budget for travel and tourism as compared to other regions and also promotes tourism activities.
Global Travel Accessories Market: Market Participants
Distribution channel plays a key role for the sales of travel accessories. Key players’ focuses on online distribution channel as the adoption of online services is at high rate. The manufacturers also tie-up with travel agencies for long term supply.
The prominent players in the market also focuses on delivering compact lightweight accessories with enhanced performance to attract large customer base.
Some key players involved in the Travel Accessories market include:
- ACE Luggage Co. Ltd
- ExOfficio, Magellan’s
- MCM Worldwide
- Nike Inc.
- TravelSmith Outfitters
- VIP Industries Ltd.
- SINOX COMPANY LTD.
The research report presents a comprehensive assessment of the Travel Accessories market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Travel Accessories market segments such as product type, intensity and end-use industry.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- South Asia (India, ASEAN)
- East Asia (China, Japan, South Korea)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on Travel Accessories market segments and geographies.
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