Global travel bag market is expected to register a CAGR of 5.8% over the forecast period. Moreover, the global travel bag market was valued at USD 30,969 Million in 2014 and is expected to reach at notable revenue of USD 43,358 Million by the end of 2020. Factors such as, increasing disposable income and swelled spending of the consumers are escalating the growth of global travel bags market across the globe. Furthermore, increasing brand awareness amongst the population is fuelling the demand for branded travel bags which in turn expected to bolster the growth of travel bag market.
The supermarkets/department stores/hypermarkets segment by distribution channel accounted for major shares in 2014. Availability of required assistance in supermarkets, department stores and hypermarkets is a key factor which is why consumer’s preference is increasing for supermarkets/department stores/hypermarkets. Apart from this, increasing penetration of smart phones and other connected device and consumers inclination towards e-shopping are likely to drive the growth of online stores at maximum CAGR over the forecast period.
Growing Tourism Industry
Large base of millennial with high disposable income and their inclination towards travels and tourism are likely to increase the demand for travel bags across the globe. Further, rapid emergence of new tourism trends such as food tourism, adventure trips and solo travel are fostering the growth of tourism industry which in turn expected to increase the sales of travel bags in near future.
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Increasing population immigration is a key factor behind increased international travels across the globe. Furthermore, global mobility and ease of travel due to existing transportation infrastructure are expected to expand the market size of travel bags globally in near future.
However, high cost of branded travel bag and presence of local manufacturers are some of the factors that are likely to hamper the growth of the travel bag market in the near future.
The report titled “Global Travel Bag Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global travel bag market in terms of market segmentation by bag type, by material, by demography, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global travel bag market which includes company profiling of VIP Industries, VF Corporation, Briggs & Riley Travelware, MCM Worldwide, Samsonite International S.A., Delsey, Safari, Travel On, Coach Inc. and Tumi, Inc.. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global travel bag market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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