The global travel accessories market is poised for substantial growth, with an anticipated market value of USD 55.29 billion in 2023, projected to reach USD 103.8 billion by 2033, reflecting a CAGR of 6.5% during the forecast period. Key drivers include increasing disposable incomes, rising expenditure on luxury travel, and a surge in business and leisure trips.
Key Takeaways
- The global travel accessories market is projected to grow significantly by 2033.
- Increasing disposable incomes are driving luxury travel expenditures.
- A rise in business and leisure trips is boosting demand for travel accessories.
- Asia-Pacific leads market share and is expected to maintain its dominance.
- Online sales channels are reshaping the market landscape.
- Major brands are focusing on innovative designs to meet consumer needs.
- Changing lifestyles are influencing travel behaviors and accessory preferences.
- Stakeholders are encouraged to explore emerging trends in this lucrative market.
Regional Insights
- Asia-Pacific: Dominates the travel accessories market, driven by rising consumer spending in China and India.
- North America: Economic growth boosts disposable incomes, enhancing spending on travel and accessories.
- Japan: Significant consumer demand for travel accessories supported by advanced tourism infrastructure.
- China: Expected to become the largest aviation market, fueling increased demand for travel accessories.
- India: Growing disposable income and travel trends contribute to the expanding market.
- ASEAN Region: Notable consumption of travel accessories reflects rising tourism activities.
- Europe: High budgets for travel and tourism promote robust sales of travel accessories.
- USA: The largest aviation market, with a strong focus on domestic travel and vacations driving accessory sales.
Recent developments
- In April 2021, Vikki Jones, LLC announced launch of its latest innovation – a blend of sophistication, functionality, and eye-catching details in its latest collection. The new line of bags and accessories are designed to complement luxury travelers.
- In 2020, Victorinox AG announced launch of premium robust and water repellant bags in its Vx Touring collection. These travel bags when exposed to tough weather and water will resist abrasion and repel water.
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.
Global Travel Accessories Market: Segmentation
Globally, the Travel Accessories market can be segmented on the basis of product type, and distribution channel
By Product Type:
- Travel Bags
- Travel Outfits
- Business Cases
- Electronic Accessories
- Personal Leather Goods
- Toiletries
- Food box
- Travel Pillow and Blanket
- Locks
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Factory Outlets
- Online Channels
- Multi-brand Outlets
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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