Travel Bag Market to Experience Robust Developments ; The Specialty Store Segment held the Major Share in the Market

According to a new report published by Allied Market Research, titled, "travel bag market" was valued at $24.0 billion in 2023, and is projected to reach $48.3 billion by 2033, growing at a CAGR of 7.3% from 2024 to 2033.

A travel bag is a portable container designed to carry personal belongings, clothing, and other essentials during travel. Travel bags come in various shapes, sizes, and materials to accommodate different types of journeys, ranging from short trips to extended vacations. They include suitcases, backpacks, duffel bags, tote bags, and garment bags, each serving specific purposes, such as ease of transport, protection of contents, or convenience. These bags often feature compartments, zippers, handles, and wheels to enhance functionality and ease of use.

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The travel bag market is segmented on the basis of material, luggage type, price range, distribution channel and region. By material, it is divided into hard side, and soft side. By luggage type, it is divided into duffle, trolley, and backpacks. By price range, it is segregated premium, medium range, and low range. By distribution channel, it is divided into supermarket/hypermarket, specialty stores, factory outlets, online stores, and others. By region, the market is categorized across North America, Europe, Asia-Pacific, and LAMEA.

Based on material, travel bag market is categorized into hard and soft. Among these, soft segment dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period. The soft segment has dominated the travel bags market due to its lightweight and flexible nature, making these bags easier to carry and maneuver in various travel situations. Soft-sided bags, typically made from materials like nylon, polyester, or canvas, offer expandable storage options, allowing travelers to pack more items or accommodate souvenirs.

Based on luggage type, it is divided into duffle, trolley, and backpacks. Among these, duffle segment dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period. The duffel bag segment has dominated the travel bags market due to its versatility, spacious and flexible storage, and ease of portability. Duffel bags are suitable for various types of travel, from short weekend trips to gym visits and as supplementary luggage for longer journeys. According to Travel Bag Market forecast, their large, unstructured interior allows for easy packing of a wide range of items, including irregularly shaped ones. Additionally, duffel bags are designed for easy transport, often featuring handles and adjustable shoulder straps, which makes them convenient for on-the-go travelers. Made from durable materials like canvas, nylon, and leather, duffel bags can withstand rough handling and varying travel conditions, while their ability to be compressed or folded when not in use makes them easy to store. Their cost-effectiveness further adds to their appeal, contributing to the duffel bag segment's dominance in the market. and increasing the Travel Bag Market demand.

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Based on price range, it is segregated premium, medium range, and low range. Among these, medium range segment dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period. According the Travel Bag Market trends, the medium-range segment has dominated the travel bag market due to its balanced value and quality, offering durable materials, good craftsmanship, and functional features at an affordable price point. This segment appeals to a wide range of consumers, from casual travelers to frequent flyers, by providing a variety of styles and designs that cater to different travel needs. Medium-range bags are known for their durability and functionality, often featuring high-quality materials, multiple compartments, and ergonomic handles, making them reliable for frequent use. Additionally, the perceived value of these bags, offering better longevity than lower-priced options without the high cost of premium brands, drives their popularity.

Based on distribution channel, it is divided into supermarket/hypermarket, specialty stores, factory outlets, online stores, and others. Among these, specialty store segment dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period. The specialty store segment has dominated the travel bags market due to its focus on expertise, curated selections, and superior customer service. These stores specialize in travel bags and related accessories, offering expert advice and personalized service that help customers make informed decisions. They provide a carefully chosen range of high-quality, often exclusive or premium products that are not available in general retail outlets, attracting consumers seeking unique or high-end options in Travel Bag Industry. The superior in-store experience, with knowledgeable staff and well-designed displays, enhances customer satisfaction and loyalty, increasing the Travel Bag Market growth.

Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, Asia-Pacific dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period. The Asia-Pacific region has dominated the travel bag market share due to rapid economic growth, rising disposable incomes, and a burgeoning middle class, particularly in countries like China and India. High levels of domestic and international travel, driven by tourism and business, fuel the demand for travel bags and providing Travel Bag Market opportunities. Urbanization and modernization have heightened the focus on lifestyle and fashion, increasing the need for stylish and functional travel bags. Additionally, the growth of e-commerce has made travel bags more accessible and competitively priced, while cultural emphasis on travel further drives demand.

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

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Key Findings of The Study

By material, the soft segment dominated the global market in 2023, and is expected to retain its dominance throughout the travel bags market forecast period.

By luggage type, the duffle segment lead in terms of market share and is expected to continue to grow with robust CAGR during the forecast period.

By distribution channel, the specialty store segment held the major share in the market in 2023, and is projected to remain dominant during the forecast period.?

By region, Asia-Pacific accounted for highest market share in 2023.

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This release was published on openPR.