The Travel Bags Market is likely to hold the global market at a moderate CAGR of ~8.3% during the forecast period. The global market holds a forecasted revenue of ~US$ 16.9 Billion in 2022 and is likely to cross ~US$ 37.5 Billion by the end of 2032.
The travel bags market is anticipated to show promising growth prospects during the forecast period, expanding the Travel Bags market size.
| Attribute | Details |
|---|---|
| The Travel Bags Market Estimated Size (2021) | ~US$ 15.2 Billion |
| The Travel Bags Market Estimated Size (2022) | ~US$ 16.9 Billion |
| The Travel Bags Market Projected Size (2032) | ~US$ 37.5 Billion |
| The Travel Bags Market CAGR (2022 to 2032) | ~8.3% |
Travel and tourism is the one of biggest sector providing large chunk of revenue to most of the countries. Travel does not come alone, there are some factors which are always related to it, and the most common one is luggage. The travel bags are the commonly used commodity for transporting luggage.
There are lots of innovations and design changes in travel bags, even now, we have tons of options of lightweight and durable bags, with lots of designs and many more factors to choose from. Along with these selection criteria’s, changing lifestyle, increasing income and trending tourism in different countries are few factors helping travel bags sector.
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Travelling is slowly becoming a popular trend for every individual. Everyone is planning to travel somewhere, whether it may be a domestic trip or international trip. People are using travel as a medium of relaxation and escaping the daily boring routine.
Every traveller always struggles with one problem, and that is luggage. Planning what is important and to take along while travelling is always a struggle. To avoid such trouble, travellers prefer bigger or multiple bags. As the tourism grows, demand for travel bags will be growing along with it. So as long as tourism sector is running positively, the travel bags market will remain in action.
Travellers always try to pick the best travel bag according to their needs, and the manufacturers are always ready to respond to such demands. Every traveller is different and to satisfy their demands, bags manufacturers provide number of features, designs, quality and functionality to these bags.
As the tourism is rising and everyone is travelling for some reason, it might be for leisure or business, long trip or short trip, bags are also changing their forms. Due to all these reasons, travelling bags market is observing rise in the market.
There are some challenges faced by travel bags manufacturers and the main challenges are: availability of local, relatively cheaper brands and fluctuations in tourism sector.
There are some times when tourism will be closed. Such a moment was the COVID epidemic. Globally, tourism was completely shut down during the pandemic for almost a year. Travel luggage and other industries associated to tourism were severely impacted by this.
The pandemic is finished today, but the repercussions of lockdown are still present. People opt for remote locations or favour local travel because they are afraid to visit crowded regions. This is causing the demand for travel bags to decline generally.
Local suppliers' competition is another issue that travel bag manufacturers deal with. There are several well-known brands in the market that are well-liked by travellers due to the features and services they offer for travel bags. New companies are however joining the market as a result of regional development.
These suppliers sell bags that are reasonably priced and of good quality. As many travellers do not make long-term plans, they also favour these products. Some locally produced companies attempt to copy popular national brands and sell them for less money.
Due to their similarity to the original products and inexpensive pricing, these products are frequently purchased by consumers. These factors are might have negative impact on the Travel Bags market.
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Japan is one of the most COVID aware countries, which had limited the tourist’s entries. The country is now opening its borders for all tourists. The domestic tourism is also forecasted to observe rise. This means travel bag providers will also see rise in business.
Japanese people are known for simplicity and minimal lifestyle and these qualities can be observed in their travel bags too. The Japanese travel bags are simple in design, but are packed with unique features and large storage sizes. Not only big bags, but backpacks are also provided some convenient features and large storage.
America is observing a rise in tourism sector, with both international and domestic travels are on incline. The outbound tourism was much less previous year due to pandemic and regulations on travelling, but as the regulations are removed, American tourists are ready to explore the world once again.
America people mostly spend on international leisure tours, and business tours. Again, international flights have rules for baggage weight, so American people prefer lightweight and strong trolley bags. There is always danger of theft of losing the luggage, in such cases, American tourists purchase a bags with inbuilt GPS and smart locks.
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.
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| Attribute | Details |
|---|---|
| Growth Rate | CAGR of ~8.3% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical Data Available for | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative units | Revenue in USD Billion, volume in Units, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, pricing analysis |
| Segments covered | Material Used, Type of Bag, Distribution Channel, Price Range, Region |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Thailand, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, South Africa |
| Key Companies Profiled | 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 |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The travel bags market is expected to reach a valuation of ~US$ 16.9 Bn in 2022.
Increased tourism post COVID and increase in frequent travellers travelling for multiple reasons, like leisure and business are some key trends responsible for driving the travel bags market.
Leading players operating in travel bags market are Samsonite Company Stores, United States Luggage Company (LLC), Ace Co. Ltd., Targus Group International Inc., Shanghai Fochier Intel’ Co. Ltd., Tumi, Travelpro International Inc., Rimova, Delsey SA, Crown, VIP Industries Ltd., Antler, Away, New Travel Sports Co. Ltd., Eagle Creek, Everest and among others.
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Travel Bags Market
