The global Travel Bags Market is set to expand significantly, with an expected compound annual growth rate (CAGR) of approximately 8.3% over the forecast period. The market is projected to increase from an estimated revenue of ~USD 16.9 billion in 2022 to over ~USD 37.5 billion by the end of 2032.
The travel and tourism sector remains one of the largest contributors to global economies, with travel bags being essential for transporting luggage. As lifestyles evolve and disposable incomes rise, the demand for innovative, lightweight, and durable travel bags is expected to soar.
Key Takeaways
- The Travel Bags Market is set for significant growth in the coming years.
- Projected market revenue is expected to increase substantially.
- A CAGR of 8.3% reflects positive long-term trends.
- Travel and tourism are primary drivers of bag demand.
- Innovations in design are transforming consumer choices.
- Rising disposable incomes are boosting demand for premium bags.
- Local competition challenges established brands in the market.
- Post-pandemic travel behavior is shifting consumer preferences.
Regional Insights:
- Japan: Known for its minimalistic and functional designs, Japanese travel bags are experiencing increased demand as the country reopens its borders. The focus on simplicity and unique features appeals to domestic tourists.
- United States: As international travel resumes, American consumers are gravitating towards lightweight and secure travel options, including anti-theft bags equipped with GPS and smart locks.
Competitive Landscape
Some key players in the Travel Bags market are Samsonite Company Stores, United States Luggage Company (LLC), Ace Co. Ltd., Targus Group International Inc., Away, Shanghai Fochier Intel’ Co. Ltd., Tumi, Travelpro International Inc., Rimova, Delsey SA, Crown, VIP Industries Ltd., Antler, and New Travel Sports Co. Ltd., Eagle Creek, Everest and others.
- VIP bags launched a special trolley bag series in 2021, designed keeping the corporate travelers in mind. These bags are named ‘Zorro Pro’, and have some features extremely useful for business travelers. The bag has accessible laptop compartment and a compartment for suit, helping in keeping them safe and accessible when needed.
- Away luggage bags are popular among travelers, thanks to their unique design, attractive colors and features. The carry-on bags are top sellers among all the products from the brand. These bags are equipped with features like TSA approved detachable charger, smart lock and lightweight design. In 2021, they launched 8 more products, from side bags, trolley bags to laptop sleeves.
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Key Segments Profiled In The Travel Bags Market
By Material Used:
- Soft side
- Hard side
- Hybrid
By Type of Bag:
- Backpacks
- Suitcases or trolley bags
- Duffle bags
By Distribution Channel:
- Factory outlets
- Online stores
- Supermarkets
- Specialty stores
- Traditional stores
- Discounted stores
- Others
By Price Range:
- Premium
- Medium
- Budget
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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 over 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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