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.
Research report provides comprehensive data on
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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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challenges - Download a Sample Report
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
- 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.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
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
-
- Travel Bags
- Business Bags
- Distribution Channel
-
- Geography
-
- Europe
- APAC
- North America
- Middle East And Africa
- South America
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