The global travel accessories market is expected to witness a market value of US$ 55.29 billion in 2023 and is expected to accumulate a market value of US$ 103.8 billion by registering a CAGR of 6.5 % in the forecast period 2023 to 2033. The market for Travel Accessories Market registered a CAGR of 5% in the historical period 2018 to 2022.
Increasing per capita income, rising expenditure on luxury lifestyle, and mounting business and leisure trips per person are anticipated to drive the growth of travel accessories market during the projected period. This surge in number of leisure and business trips is anticipated to increase the utility and use of travel accessories, which in turn will boost the demand of travel pillows, blankets, and travel bags. Thus, aiding in market expansion.
Travel and tourism include leisure tourism, medical tourism, business tourism, and others. Factors contributing in the growth of travel and tourism industry such as, changing lifestyles, rising tourism promotion, increasing accessibility of transport facilities, and others are expected to proliferate the sales of the travel accessories during the assessment period. Furthermore, steady growth in travel & tourism market and easy as well as affordable accesses to the hospitality and infrastructure facilities are likely to encourage people to opt for tours and travel, which is estimated to aid the expansion of the market during the forecast period.
On the other hand, globalization of business is benefiting the market since various organizations travel in multiple countries for business purpose. This also created demand for travel accessories. Key business organizations, like Toyota Motor Corporation, Mc Donald's, Wal-Mart stores Inc., etc. have started exploration beyond national boundaries to tap more business opportunities. Therefore, business travel has been growing dynamically in the last decade, where people required basic travel accessories including travel bags, business cases, electronic accessories, and others for a convenient voyage.
Likewise, online sales have also become a key source of revenue for several companies. The online sales market of travel accessories is anticipated to expand significantly in the coming future owing to swiftly expanding online and mobile user customer bases in emerging markets, rising mobile-commerce sales, advancements in logistics services, ease of payments, and the facility to enter into new international markets by major brands which is benefitting the market.
On the regional end, Asia-Pacific dominated the major travel accessories market share in 2022, and is expected to maintain dominating share during the forecast period as well. This region is also expected to witness fastest CAGR growth of 7.1 % during the projected period. Increasing disposable income, rising expenditure on tours and travel, launch of smart luggage with tracking devices, and growing adoption of western lifestyle are some factors responsible for the growth of travel accessories market in this region.
The growth can also be ascribed to surging demand for travel items in Asian countries and enormous increase in disposable income in some countries like India and China. Also, with large-scale product penetration in Japan and Indonesia, the market in this sub-continent is estimated to gain traction over the forthcoming years. Moreover, local brands of the travel bags and electronic accessories in Asian countries are selling their product through online channels so that people can purchase their desired product on affordable prices, which in turn will boost the sales of travel accessories through online sales and will lead to overall market expansion.
Likewise, In the region of North America the economic growth has led to a rise in disposable incomes of the populace, thereby allowing them to spend more on luxury goods and services. Domestic travel and family vacations have grown significantly in this region over the past few years, thereby providing a boost to the commercial air transport, travel and tourism, and hospitality industries. Thus, these factors are expected to be responsible for future growth of travel accessories market.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 55.29 billion |
| Projected Market Value in 2033 | US$ 103.8 billion |
| Growth Rate (2023 to 2033) | 6.5% CAGR |
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Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of travel accessories are anticipated to create lucrative prospects for the market growth during the assessment period.
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.
Increasing disposable and per capita income in most of the developing countries is the key factor driving the tourism industry and thereby the travel accessories market.
Moreover, increasing trend amongst the millennial about travelling to maintain mental and physical health is further expected to push the market in upcoming future. Increasing number of business travellers at regional and international level is anticipated to bolster the market.
Various countries are promoting tourism while others are promoting international business due to which the international travellers increase and this is projected to impact the travel accessories market positively With increasing demand and changing trends in travel accessories, price of travel accessories is moving north which may act as a restraint to the market.
Principal Consultant
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.
USA 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.
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:
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.
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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.
Globally, the Travel Accessories market can be segmented on the basis of product type, and distribution channel
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