Travel and Business Bags Market Analysis
Travel and Business Bags Market Growth, Trends, Dynamics & Market Insights: 2021-2026
The Travel and Business Bags Market is expected to witness an impressive growth of 7.2% CAGR in the coming years.
Travel and business bags are considered as one of convenient commodities as it accommodates all the necessary items such as daily use articles, clothes, important documents, electronic gadgets, and other essentials while traveling from one place to another. Travel and business bags are produced from various types of materials such as jute, textile, coated fabrics, and leather.
The travel and business bags are widely augmented by the rise in economic standards of the people over the years, increasing industrialization, and growing consciousness towards tourism and fashion among the population across the globe. In addition, the surge in income among consumers along with the inclination towards proper lifestyle and entertainment enhancements are resulting in the shift in consumer preference towards different brands of travel and business bags. However, the increasing number of counterfeit products as well as growing unorganized sectors are likely to hinder the industry growth.
The COVID-19 outbreak negatively impacted the growth of the travel and business bags market negatively. Entertainment and travel & tourism sectors were hit significantly amid the pandemic. Most governments have enforced lockdowns in their countries to curb the spread of the pandemic. This in turn affected the product demand significantly amid the pandemic.
Key players operating in the travel and business bags market are-
The travel and business bags market has been segmented into backpacks, duffel bags, business bags, trolley bags, and suitcases. Under these, the trolley bags segment accounted for the largest market share in 2020. The segment growth can be attributed to their benefits as they are light in weight, consist of easily accessible pockets, are appropriate for the elderly population, are well placed with special handles, and have spinner wheels for easy movement.
The market in North America accounted for a significant market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to the high product adoption rate and presence of key market players such as in the region. The market in developing regions is expected to register a significant CAGR during the review period on account of the growing tourism industry coupled with the rising per capita income of the consumers.
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Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-
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In-depth analysis of the Travel and Business Bags Market
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Market forecast and trend data and emerging trends
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Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Competitive landscape analysis, Market share analysis
How complex is the business environment?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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The travel and business bags market is expected to witness an impressive growth of 7.2% CAGR in the coming years.
Delsey (France), Louis Vuitton (France), Safari industries (India), Samsonite International (Hong Kong), VIP industries (India), Wildcraft India (India), Aldo (Canada), Alfred Dunhill (UK), Boco-ni (Italy), and BottegaVeneta (Italy) are among the key players in the travel and business bags market.
Rise in economic standards of the people over the years, increasing industrialization, and growing consciousness towards tourism and fashion among the population across the globe are the factors driving the growth of travel and business bags market.
The trolley bags segment accounted for the largest share in the travel and business bags market in 2020.
North America is expected to grow at a significant CAGR in the travel and business bags market in the coming years.