|10-31-2018 01:55 PM CET - Business, Economy, Finances, Banking & Insurance||
Smart Bags Market Segmented By Material Type - Ballistic Nylon,Canvas,Leather,Polycarbonate,PVC,Tegris ; By Product Type - Duffle smart bags , Trolley smart bags , Backpacks
Press release from: Fact.MR
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Smart Bags - Market Overview
Smart bag is an application-specific design that can be useful for almost everyone in the society. Smart bags are intelligent enough to carry out various features such as USB charging ports, built-in weighing scale, TSA-approved lock and an anti-theft feature. It has the ability to transmit its location via GPS and cell phones.
The solar panels attached in front of the smart bags not only charge the power banks but also to power the whole GPS and Bluetooth system. Some smart bags come with the RF-ID technology that stores data about the required items. It has an emergency button, which when pressed sent text to three emergency numbers and will solve the problem in any threatening situations.
With the technological advancement, the smart bag market witnessed rapid growth, as they are increasingly becoming a fashion accessory with innovative designs. Smart bags are more preferred over conventional bags because of their easy-to-use design and wide applications. With the increasing number of consumers preferring state-of-the-art products, manufacturers of smart bags are being forced to realign their strategies to remain in sync with the increasing global demand.
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Smart Bags - Market Dynamics
Increasing airline travel and tourism, innovations in product design and quality, demand for IoT (Internet of things)-based applications are the significant key drivers for global smart bags market. With the increasing consumer focus on luggage security, the demand for smart bags is also growing. The emergency button feature in smart bags will help the female consumers and aid in the expansion of global smart bags market.
The prominent driver for the growth of smart bags market is the ease of availability of a product. Consumers are more willing to purchase smart bags from the branded outlets where a variety of brands are available. Availability of products on e-commerce websites and also at retail stores aids in the expansion of the smart bags market. The third-party online channels provide worldwide home delivery of the product which increases the sales of the product.
Several airlines including Delta Air Lines, Southwest Airlines, American Airlines, Alaska Airlines, Qantas, Air Canada and British Airways have banned the use of smart bags in flight as they contain Lithium-ion batteries, which increases the risk of battery fires. This is an important factor hindering the growth of the sales for the smart bags market.
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Smart Bags - Market- Regional Analysis
In terms of regional demand, the smart bags market sales vary vastly across the regions. The North America smart bags market witnessed a rapid growth as smart bags are increasingly becoming a fashion accessory with innovative designs, trendy color combinations, textures and clean contoured lines. The Asia-Pacific smart bags market is expected to grow at a rapid pace as countries, including China and Japan have technological advancement, whereas CIS and Russia and MEA regions have a limited growth in the global smart bags market.
Smart Bags - Market- Key Manufacturers
The market is run by some small and big manufacturers globally. Some of the international Key players of smart bags are Xiaomi Bags, AWAY, barracuda, Fugu Luggage and Trunkster along with Delsey, Modobag, Planet Travvelers, Traxpack.
Smart Bags - Market- Competitive Analysis
The smart bags have high sales in the developed market, with the presence of third-party online channels. The competition is very high as the online channels provide the product at a highly discounted price. This competitive environment also leads retailers and suppliers to cut the prices of their products to retain their market position, which can also negatively affect the profit margin of the manufacturers.
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