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The travel and business bags market size is forecast to increase by USD 13.88 billion at a CAGR of 8.09% between 2023 and 2028. The market's growth is fueled by several factors, including the growing demand for lightweight travel bags, increased product and brand promotions through marketing campaigns, and the rise in online sales of travel and business bags. Lightweight travel bags cater to the preferences of modern travelers seeking convenience and mobility without compromising durability. Moreover, intensified product promotions and marketing campaigns enhance brand visibility and consumer awareness, driving sales and market penetration. Additionally, the surge in online sales platforms provides consumers with convenient access to a wide range of travel and business bags, further boosting market growth.
It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market encompasses a wide range of products designed to accommodate various needs, from carrying commodities to transporting important documents and electronic gadgets. These bags are essential for travelers and professionals alike, offering storage solutions for clothes, essentials, and more. With a growing consciousness towards sustainable materials, manufacturers are increasingly using jute, textile, and coated fabrics to create durable and eco-friendly bags. As lifestyle and economic standards evolve, there is a shift towards design changes that prioritize functionality and style. Duffel bags, in particular, have seen a surge in demand, driven by the tourism sector and the changing lifestyle of consumers with increasing income. In response to these trends, the market continues to innovate, offering durable bags that cater to the needs of modern travelers and business professionals. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for lightweight travel bags is notably driving the market growth. The sharply rising fares and strict weight regulations on luggage by the airline industry have increased the demand for lightweight bags. Traveling using lightweight and ultralight bags is convenient and costs less per pound of luggage. They also allow users to carry more luggage and offer them leverage to shop at their travel destinations within their stipulated luggage allowance. Hence, vendors operating in the market are introducing lightweight travel bags by using high-end technologies and hard-sided materials to address this growing demand.
For instance, Samsonite International offers Samsonite Uplite 29" Spinner, a lightweight luggage bag weighing 6.19 lbs. Similarly, DELSEY offers Turenne 20" Spinner Carry-On that weighs 4.8 lbs. It is made of polycarbonate and equipped with four wheels. These travel bags are made of high-end materials and smart design engineering.
Growing demand for travel and business bags with smart features is the key trend in the market. Vendors in the market offer a wide range of products, such as trolley bags in order to cater to growing consumer demand for travel and business bags equipped with smart features. These bags are equipped with features such as Transportation Security Administration (TSA) approved fingerprint combination lock, built-in weight scale, Bluetooth proximity tracker, and integrated universal serial bus (USB) port with an internal power bank pocket. The integrated USB port with a power bank pocket helps consumers to charge their devices, such as smartphones, on the go.
Additionally, vendors offer travel bags with RFID-blocking zipped pockets, which shield against scanners retrieving information in credit cards and passport chips. Prominent vendors in the market, such as Samsonite, offer an EVOA TECH trolley bag, which has features such as a fingerprint-activated lock and can save up to ten fingerprints. These market trends will drive the growth of the market during the forecast period.
Stringent government regulations on the procurement of raw materials such as leather is the major challenge impeding market growth. In the market for premium business bags, leather is a key raw material. Nonetheless, in several regions of the world, there are stringent legislative restrictions on the leather sector. For instance, the leather industry in Europe, specifically in Germany, is highly regulated by various government bodies and associations.
To make leather, participants in the leather tanning industry must go by a number of rules on waste disposal, the use of chemicals, environmental protection, and recycling. Waste reduction and environment protection measures cost almost 5% of the total operational cost of manufacturers. These regulations and restrictions imposed on the leather industry and personal goods (such as business bags) increase the costs borne by vendors and hinder the production processes.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
DELSEY - The company offers suitcases, bags, accessories, and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the travel bags segment will be significant during the forecast period. The travel bags segment includes bags such as duffle bags, trolley bags, suitcases, and backpacks. Based on the type of materials used, travel bags are categorized into hard-side, soft-side, and hybrid luggage. The major reason for the growth in demand for travel bags is the growing popularity of tourism, adventure tours, and outdoor sports, especially in emerging countries. Therefore, the growth in the number of global international tourist arrivals will fuel the demand for travel bags.
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The travel bags segment was valued at USD 16.90 billion in 2018. Various prominent vendors in the market offer travel bags; for instance, Capri Holdings Limited, operating in the US, offers travel bags through its brands, including Gianni Versace, JIMMY CHOO, and Michael Kors. With increasing disposable income and a rise in the number of tourism and vacation trips post the lifting of lockdowns since H2 2020, the demand for travel bags is expected to increase, which, in turn, will spur the growth of the market during the forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Western European countries are considered fashion hubs due to the presence of various well-known brands. The huge availability of personal goods such as travel and business bags in the region is the key factor leading to the growth of the market in Europe. The major share of the market in Europe comes from Germany, France, and the UK. Many cities in Europe are style capitals for fashion connoisseurs. Travel and business bags, especially from luxury brands, are considered fashion accessories. In addition, the availability of a wide variety of designs in the market and related accessories is expected to fuel market growth.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is influenced by various factors, including population trends, consumer preference, and entertainment enhancements. As people seek relaxation and escape from routine through travelling, there is a growing demand for luggage solutions, especially in developing regions. However, the market also faces challenges such as counterfeit products and luggage problems during transit, particularly in remote locations.
Furthermore, leather luggage manufacturers are responding with innovative designs, incorporating features like smart locks and specialized compartments for laptops and suits. Brands like Everest and VIP bags offer unique designs and attractive colors in the leather luggage segment to cater to different segments of travelers, including corporate travelers on domestic and international trips. As domestic tourism and business travel continue to rise, the leather luggage market is poised for growth, providing solutions that balance functionality with style. These advancements in leather luggage enhance convenience and security for travelers, addressing the evolving needs of modern consumers who prioritize both practicality and aesthetic appeal in their travel accessories. As competition intensifies in the leather luggage sector, brands are focusing on innovation to differentiate their offerings and capture a larger share of the expanding market.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 13.88 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 32% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
DELSEY, Eagle Creek Holdings LLC, Hermes International SA, IT Luggage Ltd., Kering SA, Ohio Travel Bag LLC, Osprey Packs Inc., Prada Spa, Ralph Lauren Corp., Safari Industries India Ltd., Samsonite International S.A., Tapestry Inc., Targus, The LVMH group, Titan Co. Ltd., Tods Spa, United States Luggage Co. LLC, Valigeria Roncato Spa, VIP Industries Ltd., and Wildcraft India Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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