According to Goldstein Research, “Adoption of advanced innovative technologies and trendy designs are strengthening the expansion of travel bag market across the globe. Moreover, rising popularity of adventurous sports such as mountaineering and trekking among young population are boosting the demand for multi-purpose travel bags which is positively impacting the growth of travel bags market.”
The global travel bag market is segmented on the basis of distribution channel which is further bifurcated into online and offline distribution channel. Offline distribution channel occupied 71% revenue share of global travel bags market in 2015. However, growing popularity of travel bags through online shopping is one of the key factors to drive the growth of global travel bags market. Online distribution channel is expected to reach USD 18.07 billion in 2024 and is projected to growth at a notable CAGR during the forecast period.
North America is the dominating region for global travel bags market in 2015, owing to the huge adoption of trendy and sophisticated travel bags. North America travel bags market valued USD 10.92 billion in 2016 and is anticipated to grow at CAGR of 4.0% during the forecast period. Expansion of tourism industry and rapid inclination of consumers towards adventurous sports accelerating the demand for travel bags in countries such as the U.S and Canada.
IoT penetrating into travel bag industry: Smart Bags
Introduction of lightweight, cost-effective bags with in-built GPS and camera sensors bags are fuelling the travel bags market to a new level. Operating travel bags connected with smartphones is gaining popularity and giving hand free experience of travelling to consumers. Furthermore, growing demand for compact and light-weight travel bags for adventurous sports are encouraging the manufacturers to develop advanced products. However, high cost of branded travel bags and availability of counterfeits are some of the major factors which are likely to obstruct the growth of travel bags market globally.
“Global Travel Bags Market 2024” contains detailed overview of the global travel bags market in terms of market segmentation by prices, by travel bag type and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global travel bags market also provides competitive outlook of some of the major players of global travel bags market which includes profiling of companies such as Samsonite International, VIP Industries Ltd., United States Luggage Company (LLC), Shanghai Fochier International, Louis Vuitton, Rimova, VF Corporation, Ace Co. Ltd., Nike, Puma, Everest, Safari industries, Richardo Beverly Hills, Targus Group International Inc., Travelpro International Inc., New Travel Sports Co. Ltd. and Delsey SA. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global travel bags 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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