Yahoo Finance Travel and Business Bags Market size is set to grow by USD 13.88 billion from 2024-2028, Growing demand for lightweight travel bags to boost the market growth, Technavio
NEW YORK, June 27, 2024 /PRNewswire/ -- The global travel and business bags market size is estimated to grow by USD 13.88 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Growing demand for lightweight travel bags is driving market growth, with a trend towards growing demand for travel and business bags with smart features. However, rising labor costs and fluctuating raw material prices poses a challenge. Key market players include 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..
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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Product (Travel bags and Business bags), Distribution Channel (Offline and Online), and Geography (Europe, APAC, North America, Middle East and Africa, and South America) |
Region Covered | Europe, APAC, North America, Middle East and Africa, and South America |
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. |
Key Market Trends Fueling Growth
The travel and business bags market is experiencing significant growth due to increasing consumer preference for smart luggage. Vendors provide a variety of products, including trolley bags with advanced features such as TSA-approved fingerprint locks, built-in weight scales, Bluetooth trackers, and USB ports with power banks. RFID-blocking pockets and magnetic zipper pullers are additional features. Notable brands like Samsonite offer fingerprint-activated locks and Bluetooth trackers. These innovations enhance convenience and efficiency, driving market expansion.
The Functionality, Remote Locations, Travel, and Business bags market is experiencing significant growth. These bags cater to various needs such as corporate events, commuting, and vacations. The latest trends include lightweight, durable, and sustainable materials like nylon and canvas. Locations and climate conditions are essential factors driving the demand for these bags. Domestic and international travelers seek comfortable and compact bags for their trips. Comfort features like padded shoulders and adjustable straps are popular. Additionally, the integration of technology like RFID protection and USB charging ports adds value to the market. The market also offers a wide range of sizes and styles to cater to diverse customer preferences. Overall, the Travel and Business bags market is a dynamic and evolving industry.
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Market Challenges
The travel and business bags market faces challenges from rising production costs in Asian countries due to labor expenses and raw material procurement. Vendors respond by investing in technology, collaborations, and automation. Fluctuating leather prices, driven by regulations and transportation costs, add to the challenge. Fuel price volatility increases transportation expenses, putting pressure on profit margins. These factors negatively impact market growth during the forecast period.
The Travel and Business Bags market faces several challenges. Durability is a key concern, as bags must withstand frequent use and travel conditions. Lightweight and compact design are essential for convenience, yet they should not compromise security. Comfort is another challenge, as bags may be carried for extended periods. Customization is also important, as consumers seek bags that meet their specific needs. Additionally, the market must keep up with technological advancements, such as RFID protection and charging ports. Cost is a significant factor, as consumers seek affordable yet high-quality options. Lastly, sustainability is becoming increasingly important, with consumers preferring eco-friendly materials and production methods.
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Segment Overview
This travel and business bags market report extensively covers market segmentation by
Product
1.1 Travel bags
1.2 Business bags
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 Europe
3.2 APAC
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Travel bags- The travel bags segment of the global travel and business bags market experienced significant growth over the last five years, driven by the increasing popularity of tourism, adventure tours, and outdoor sports. Major players in this market include Kering SA and LVMH, offering travel bags through brands like Bottega Veneta, Guccio Gucci, SAINT LAURENT, Donna Karan International, LOUIS VUITTON, BERLUTI, CELINE, Christian Dior, and FENDI. The number of international tourist arrivals, which reached approximately 975 million in 2023, further fueled demand. Despite volatility in airline ticket prices, the market is expected to grow due to the rise in disposable income and increased tourism and vacation trips post-lockdowns.
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Research Analysis
The Travel and Business Bags market encompasses a wide range of products designed to cater to the needs of modern-day consumers in the travel and tourism sector. This market includes various types of bags such as duffel bags, business bags, trolley bags, and suitcases. These bags are made from diverse materials like jute, textile, coated fabrics, leather, and other materials. The changing lifestyle and increasing population have led to a significant increase in demand for luggage, both lightweight and durable. The travel industry's growth and the rising income levels have further fueled the market's expansion. The fashion industry also plays a crucial role in this market, as consumers seek stylish and trendy bags to complement their lifestyle. The commodities market's fluctuations can impact the prices of raw materials used in bag manufacturing. Overall, the Travel and Business Bags market is a dynamic and evolving industry that caters to the diverse needs of consumers in the travel sector.
Market Research Overview
The Travel and Business Bags market encompasses a wide range of products designed to cater to the needs of professionals and frequent travelers. These bags are engineered to be durable, functional, and stylish, offering ample space for laptops, documents, and personal items. The market is driven by the increasing trend of remote work and business travel, leading to a surge in demand for high-quality bags that can withstand the rigors of daily use. Key features of these bags include multiple compartments, adjustable straps, and waterproof materials. Additionally, the market is witnessing the emergence of smart bags, which offer advanced features such as charging ports and GPS tracking. Overall, the Travel and Business Bags market is a dynamic and competitive space, with manufacturers continually innovating to meet the evolving needs of consumers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Distribution Channel
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
