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The travel and business bags market is estimated to grow at a CAGR of 7.64% between 2022 and 2027. The size of the market is forecast to increase by USD 12,165.86 million.
The travel and business bag market is rapidly growing due to the high demand for lightweight travel bags. Moreover, customers are more into online shopping and vendors are seizing the opportunity. Vendors of travel and business bags invest heavily in the marketing and promotion of their products. They focus on consumer engagement, reinforcement of brand relevance, increasing brand awareness, and guiding consumers to stores or shopping websites. They also use social media platforms such as Facebook, Twitter, Pinterest, and Google+ to stand out in the market.
For instance, Louis Vuitton, a brand of LVMH, launched Spirit of Travel, the company's first travel advertising campaign, in September 2019. The campaign was held in Vietnam and involved a photo shoot of the company's product line of luxury travel bags. The company used its advertising strategies to increase awareness about its brand and products in international markets.
This report extensively covers market segmentation by product (travel bags and business bags), distribution channel (offline and online), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Other factors driving the market growth are the demand for travel bags with smart features, the popularity of personalization and customization, and awareness of using eco-friendly bags. Prominent brands in the travel and business bags market include Gianni Versace, JIMMY CHOO, and Michael Kors, Bottega Veneta, Guccio Gucci, and SAINT LAURENT.
The reports categorize the global travel and business bags market as a part of the global apparel, accessories, and luxury goods market, within the textiles, apparel, and luxury goods market. The parent market, the global apparel, accessories, and luxury goods market, covers products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing demand for lightweight travel bags is notably driving the market growth, although factors such as stringent government regulations on the procurement of raw materials such as leather may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Travel and Business Bags Market Driver
The growing demand for lightweight travel bags is notably driving market growth. The sharply rising fare 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.
Significant Travel and Business Bags Market Trend
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.
Major Travel and Business Bags Market Challenge
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.
In order 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.
Key Travel and Business Bags Market Customer Landscape
The 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 growth strategies.
Global Travel and Business Bags Market Customer Landscape
Vendors 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 operates under one segment. The company offers suitcases, bags, accessories, and others. The company offers travel and business bags such as the SECURBAN backpack, TURENNE Clutch, and many more as its key offerings.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 15,996.70 million in 2017 and continued to grow until 2021. 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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APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. 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.
In 2020, the COVID-19 pandemic had a negative impact on the regional market. However, in H2 2020, due to the availability of vaccines, the number of COVID-19 cases in the region declined, which led to the lifting of the travel restrictions. In June 2020, most European Union countries had begun to ease travel restrictions, and by July 2020, domestic tourism in Europe had almost returned to the level of the previous year. As a result, the regional demand for travel and business bags rebounded, which is expected to increase during the forecast period and will drive the growth of the regional market.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Travel and Business Bags Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.64% |
Market growth 2023-2027 |
USD 12,165.86 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.88 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
DELSEY, Eagle Creek Holdings LLC, Hermes International SA, 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 Inc., The LVMH group, Titan Co. Ltd., Tods Spa, United States Luggage Co. LLC, Valigeria Roncato Spa, VIP Industries Ltd., Wildcraft India Pvt. Ltd., and IT Luggage Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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