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Travel Bag Market Size is To Grow at a CAGR of 7.1%

11-24-2022 12:53 PM CET | Tourism, Cars, Traffic

Press release from: Allied Market Research

According to a new report published by Allied Market Research, titled, "Travel Bag Market by Material Type, Luggage Type, Distribution Channel, and Price Range: Global Opportunity Analysis and Industry Forecast, 2017-2023," The global travel bag market was valued at $15,045 million in 2016, and is projected to reach $24,027 million in 2023, registering a CAGR of 7.1% from 2017 to 2023. In 2016, the trolley bag segment is anticipated to grow at the highest rate during the forecast period.

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Key Findings of the Travel Bag Market:

In 2016, Asia-Pacific dominated the global market with more than one-third share in terms of value.
Asia-Pacific is estimated to witness the highest growth rate during the forecast period.

In 2016, China was the leading revenue contributor to the Asia-Pacific travel bag market.

The soft-side by material type segment generated the highest revenue to the global market in 2016, and is expected to grow at a CAGR of 7.4%.

The trolley bag segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 10.3%.

Major market players have focused on R&D activities to provide light weight & high resistance to wear & tear travel bags to provide utmost convenience while traveling. In addition, the players in the market have focused on expanding their product portfolio through mergers and acquisitions and to increase their customer base.

Travel bags consist of bags or cases, or containers, which can hold a traveler's belongings while travelling. The travel bags are generally used to carry clothing, toiletries, small possessions, trip necessities, and souvenirs. In the present era, bags also represent their owner's wealth and fashion statement. The duffle segment generated the highest revenue in 2016, and is projected to continue to dominate throughout the analysis period. This is attributed to rise in consumer demand as it is fashionable and very popular among travelers and fitness practitioner.

The growth of the travel bag industry is attributed to the growth of the travel and tourism industry. Introduction of low cost carrier, government initiative to increase national & international tourism, and increase in business travel are the significant factors that boost the growth of the travel & tourism industry and its supplementary industry including travel bag industry.

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Asia-Pacific dominated the global market, owing to robust growth of the business travel & leisure industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 5.5% in terms of revenue.

Key Benefits

The study provides an in-depth analysis of the travel bag market with current and future trends to elucidate the imminent investment pockets in the market.

The report provides information regarding key drivers, restraints, and opportunities with impact analysis.

Porters Five Forces model analysis of the industry illustrates the potency of the buyers and suppliers.
Market player positioning in the report provides a clear understanding of the position of leading companies.

The key players profiled in the report are Delsey SA., VIP Industries, TGHI, Inc., Samsonite, Ace Co. Ltd., U.S. Luggage Company, Jiaxing Bianca Luggage Industrial Co. Ltd., Travelpro Products, Inc., Rimowa GmbH, and Kering SA.

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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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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