Travel Bags Market To Make Great Impact In Near Future by 2016-2026
With the global travel and tourism industry providing a strong impetus to allied sectors, the travel bagsegment will continue to account for the largest revenue share in the global luggage market. According to FMI’s recent research, the market will experience sustained growth throughout the forecast period 2016-2026. U.S., Middle East, and APAC will exhibit the highest growing potential during the forecast period. While U.S. will remain key market in terms of global sales, China will remain a formidable region in APAC.
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Key Drivers for Market Growth The growing globalisation trend has led most of the emerging economies to witness a sprint in sales of consumer products sector, and sales of travel bags and accessories have also witnessed an uptick. Increase in the number of road and rail travelers, along with increasing frequency of flyers is also positively impacting the global travel bags market. Robust international travel and immigration, advancement in product design, quality, and functionality, and rising affluence of middle class population in developing nations are other key factors driving the growth of the market.
Most of the airlines have luggage weight regulations enforcement, which prompts at the growing demand for lightweight carry-on travel bags. Owing to increasing number of consumers choosing flight over road or rail journey, manufacturers are concentrating more on production of lightweight and ultra-lightweight travel luggage with hard side material.
Possible Restraints Leading industry brands continue to maintain a strong hold in established market. However, developing regional markets include a wide range of domestic brands, which contribute a sizeable share to the total market revenues. However, counterfeits have been a major challenge to the global travel luggage market. Although these counterfeit products are of low quality, a specific consumer base tends to buy products owing to their inexpensive prices compared to authenticated brand products.
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Travel Bags Market: Segmentation FMI’s research report on the global travel bags market offers a 10-year forecast, segmenting the market on the basis of material, type, distribution channel, and price.
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