Travel Bags Market Outlook 2031
The global travel bags market size was valued at USD 17.10 Billion in 2022 and is anticipated to reach USD 30.06 Billion by 2031, expanding at a significant CAGR of 6.47% during the forecast period, 2023-2031. Travel bags refer to travel gear that provides storage for people travelling long distances, such as trekkers, mountain climbers, travelers, and explorers.
These bags provide an enormous packing space for the users to carry their gear and utilities while going on long journeys. They also have locks and protective material inside to keep delicate and fragile items such as electronic gadgets and valuables safe.
There are various kinds of travel bags such as duffels, wheeled backpacks, rolling luggage, weekenders, totes, trolleys, and backpacks, each well suited according to the specific requirements of the user. Additionally, these bags have a sidechain or a pocket to keep immediate essentials in them.
Travel Bags Market Trends, Drivers, Restraints, and Opportunities
- Growing travel and tourism industry has increased the demand for travel bags, which primarily drives the market.
- Increasing urbanization and employment resulted in the increased purchasing power of the people which propels the market.
- Social media influencers have encouraged the younger generation to purchase premium and branded travel bags to add a fashion statement.
- Rising demand for innovative products and fashionable travel bags has subsequently increased the market growth in the recent years.
- Technological advancement has positively impacted the market owing to the introduction of GPS tags and trackers installed in travel bags which is projected to provide lucrative opportunities for key players.
Scope of Travel Bags Market Report
The report on the global travel bags market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Travel Bags Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Material Types (Hard Side and Soft Side), Luggage Types (Trolley, Duffle, and Backpacks), Distribution Channels (E-commerce Stores, Supermarkets/Hypermarket, Factory Outlets, Specialty Stores, and Others), and Price Ranges (Premium, Medium, and Low)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market Scope, Analysis, Share, Competitive Analysis, Growth Facts, Restraints, Opportunities, and Revenue Forecast
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Key Players Covered in the Report
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Delsey SA; LVMH; Osprey; Lowe Alpine; Hermes; Deuter Sport; Fenix Outdoor; Timbuk2; Victorinox; Kering; Samsonite; Louis Vuitton; and VIP Industries.
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Travel Bags Market Segment Insights
Material Type Segment Analysis
On the basis of material types, the market is bifurcated into hard side and soft side. The hard side luggage and travel bags segment is projected to register substantial CAGR during the forecast period.
Hard side travel bags are those bags which have a hard surfaced exterior with a hard shell that protects the items stored inside the travel bags. Hard side travel bags are easier to carry at airports and regular travels which increases the demand for hard side travel bags.
Weather resistance and waterproof features are two other factors that positively impact the growth of this segment. The hard-shell exterior is impossible to break and thus keeps the fragile and delicate items safe during the travel.
Luggage Type Segment Analysis
Based on luggage types, the travel bags market is segmented into trolley, duffle, and backpacks. The trolley segment accounted for a significant market share in 2019 owing to high consumer preference and rise in tourism and travel.
Trolley bags are easier to carry and have wheels at the bottom which allows the user to drag the bag using a handle. These bags can be used to travel long distances and have easy mobility. They are carried through airports or any hard surface using the trolley wheels.
Various brands have launched stylish and fashionable trolley bags to adhere to the dynamic fashion trends and provide excess luggage space and storage to the consumers. Duffels are bulky bags made of synthetic or natural fibres that are extremely rigid and are used to carry heavy gear such as sports gear or military gear.
Distribution Channel Segment Analysis
On the basis of distribution channels, the market is categorized as e-commerce stores, supermarkets/hypermarkets, factory outlets, specialty stores, and others. The specialty stores segment is projected to expand at a robust rate during the forecast period.
The availability of a variety of options, brands, material types, and price ranges in specialty stores has increased the preference of this distribution channel. Festive offers, incentives, and discounts offered by specialty stores aided with excellent customer services has driven the segment.
Price Range Segment Analysis
Based on price ranges, the market is classified as premium, medium, and low. The premium segment is expected to grow at a significant CAGR during the forecast period owing to shifting preference of users towards high prices, luxury travel bags. The increasing prevalence of the internet and smartphones has resulted in extensive brand promotion by key players which increases the sales of premium travel bags.
These bags provide a sense of fashion, style, and efficiency to the users. The increasing brand consciousness among consumers and extensive marketing strategies by luxury brands to promote travel bags has substantially driven the segment.
Regional Outlook
In terms of regions, the global travel bags market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to dominate the market during the forecast period owing to high penetration of the internet in developing countries such as India, China, and Japan, aided with the increasing travels and tourism in the region.
Heavy marketing strategies undertaken by key players to increase the sales of travel bags among the middle class has boosted the market. Brand consciousness and extensive branding has resulted in the growth of the high-priced travel bags.
Segments
Material Types
Luggage Types
Distribution Channels
- E-commerce Stores
- Supermarkets/Hypermarket
- Factory Outlets
- Specialty Stores
- Others
Price Ranges
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Delsey SA
- LVMH
- Osprey
- Lowe Alpine
- Hermes
- Deuter Sport
- Fenix Outdoor
- Timbuk2
- Victorinox
- Kering
- Samsonite
- Louis Vuitton
- VIP Industries
Competitive Landscape
Key players in the global travel bags market include Delsey SA; LVMH; Osprey; Lowe Alpine; Hermes; Deuter Sport; Fenix Outdoor; Timbuk2; Victorinox; Kering; Samsonite; Louis Vuitton; and VIP Industries.
These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally.
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