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Travel Bags Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Travel Bags Market Outlook
According to The Business Research Company's, The travel bags market size has grown strongly in recent years. It will grow from $18.31 billion in 2023 to $19.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to transportation evolution, fashion and design trends, consumer preferences and lifestyle changes, marketing and advertising, colonial expansion, cultural shifts and social norms.
The travel bags market size is expected to see strong growth in the next few years. It will grow to $27.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to urbanization and mobility, global travel trends, luxury travel, travel regulations and security measures, e-commerce expansion. Major trends in the forecast period include rise in demand for eco-friendly materials, innovative features like built-in chargers, GPS tracking, personalized customization options, versatile design, convenience for modern travelers.
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Market Drivers and Trends:
The rising tourism sector is expected to propel the growth of the travel bags market going forward. Tourism refers to the activity of traveling to different places, typically for leisure, recreation, or cultural exploration. Tourism is on the rise because of several factors, including rising social media and digital influence, increased mobility, increasing sporting events and music festivals, and more. Travel bags are used as essential tools for tourism to ensure convenience, storage, organization, and protection of their belongings while navigating the challenges of travel. For instance, in June 2022, according to reports shared by the US Department of Commerce, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the rising tourism sector is driving the growth of the travel bags market.
Major companies operating in the travel bags market are focused on the development of innovative products, such as transit travel series bags, to stay relevant, meet evolving consumer expectations, and maintain a competitive edge in the market. Transit travel series bags typically refer to a collection or line of travel bags designed specifically for ease of use during transit, such as while traveling through airports, train stations, or other transportation hubs. For instance, in February 2024, WANDRD, a US-based company that provides travel and photography gear products, launched a new line of transit travel series bags designed specifically for photographers. This bag is a versatile companion crafted to exceed expectations, featuring a sleek design with functional pockets and compartments to keep essentials organized and easily accessible. It is made from durable, weather-resistant materials with reinforced zippers for added protection. Additionally, these bags cater to different travel needs, from daily commuting to photography adventures, ensuring travelers can enjoy both style and functionality in their gear.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Louis Vuitton Moët Hennessy, Kering S.A, Eagle Creek Inc, Hermes international, VF corporation, callaway golf company, Samsonite International S.A, Marel Inc, Fenix outdoor, Tumi Holdings Inc, Pelican Products Inc, Black Diamond Equipment Ltd, Delsey SA, Patagonia Inc, Longchamp SAS, Travelpro International Inc, Thule Group, Kipling Retail LLC, High Sierra Sport Company, Timbuk2 Designs Inc, Briggs & Riley Travelware LLC, Swissgear, Rimowa GmbH, Deuter Sport GmbH, Everest Bag
Travel bags Market 2024 Key Insights:
• The travel bags market size is expected to see strong growth in the next few years. It will grow to $27.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Impact Of Rising Tourism On The Travel Bags Market
• Innovative Travel Bags For Photographers Enhancing The Travel Experience
• North America was the largest region in the travel bags market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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