Travel and Business Bags Market Analysis

Market Insights

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

Key players operating in the travel and business bags market are-

• Delsey (France)
• Louis Vuitton (France)
• Safari industries (India)
• Samsonite International (Hong Kong)
• VIP industries (India)
• Wildcraft India (India)
• Aldo (Canada)
• Alfred Dunhill (UK)
• Boconi (Italy)
• BottegaVeneta (Italy).

Segment Analysis

By Type

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.

Regional Analysis

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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Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

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.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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