Global Travel Accessories Market to Worth USD 95.7 Billion by 2031 | Industry CAGR of 6.4%

According to a new report published by Allied Market Research, titled, "Travel Accessories Market," The travel accessories market was valued at $48.2 billion in 2021, and is estimated to reach $95.7 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

Travel accessories are products that are used during journey, which can be for various purposes, including business and leisure travel. People usually buy travel accessory products to obtain convenience and comfort during the travel. Thus, rise in the travel and tourism sector and business trips is a major factor that drives the growth of the travel accessories market size during the forecast period.

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The COVID-19 outbreak has negatively impacted the overall growth of the travel accessories industry. Closures of boundaries of countries and cancelations of business trips disrupted transportation and production facilities, which highly and harshly impacted the product market in 2020.

Prominent Market Players

The players operating in the travel accessories market have adopted product launch and business expansion as their key developmental strategies to expand market share, increase profitability, and remain competitive in the market. The key players profiled in this report include, ACE Co., Ltd., Adidas AG, LVMH Group, Magellan's, Nike Inc., Sungjoo Group, Travel Blue Ltd, United States Luggage Company, LLC., LLC., VF Corporation, and VIP Industries Ltd.

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According to the travel accessories market opportunities, by region, North America has been gaining significant share in product market and is expected to sustain its share during the forecast period. In the U.S., stylish and smart travel belongings, including travel bags represent lifestyle and fashion statement for travelers. Furthermore, high spending capacity on luxury goods and services, quick acceptance technological advanced smart suitcases, and rise in the number tours and travel persons boost the growth of the of the product market during the forecast period.

KEY FINDINGS OF STUDY

-> The travel accessories market size was valued at $48,225.1 million in 2021, and is estimated to reach $95,711.3 million by 2031, registering a CAGR of 6.4% from 2022 to 2031.
-> By type, the electronic accessories segment accounted for $10,814.4 million in 2021, garnering 22.4% of the global market share.
-> By distribution channel, the specialty stores segment acquired $11,601.2 million in 2021, exhibiting 24.1% of the global market share.
-> China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $13,822.6 million by 2031, growing at a CAGR of 6.1% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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