Global Travel and Business Bags Market 2019-2023 | 7% CAGR Projection Over the Next Five Years | Technavio
The global travel and business bags market size is expected to grow by USD 9.28 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing demand for lightweight travel bags will be one of the major factors behind the travel and business bags market growth. Continuous enforcement of strict weight regulations and the sharp rise in fares on luggage by the airline industry is fueling the demand for lightweight bags. Vendors are introducing lightweight travel bags manufactured using high-end technologies and hard-sided materials. Lightweight and ultra-light travel bags are also quite convenient to carry during travel. In addition, they also allow users to carry more luggage and offer them greater leverage to shop and remain within their stipulated luggage allowance. For instance, Samsonite International offers Samsonite Uplite 29" Spinner, a lightweight luggage bag weighing 6.19 lbs.
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As per Technavio, the increasing demand for bags made of eco-friendly materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Travel and Business Bags Market: Increasing Demand for Bags Made of Eco-Friendly Materials
The procurement of leather involves hunting of animals, which has led to an ecological imbalance. The use of leather for bags also leads to an increase in the use of tanning agents which are often improperly disposed. Thus, governments and various animal protection agencies have increased efforts to stop hunting, which has restricted the supply of leather. The US Department of Agriculture (USDA) and the National Organic Program ensure that leather is obtained only from animals raised on organic feed and that their skin is tanned in certified organic tanneries wherein plant-based agents and smoke are used. Vendors such as Kering use eco-friendly and organic leather for their finished products. Vendors are also introducing products that are made from recycled materials such as recycled plastic bottles. Thus, the increasing demand for bags made of eco-friendly materials will drive the market growth during the forecast period.
"Other factors such as the growing personalization and customization of travel and business bags, and the growing demand for business and travel bags from travel retail outlets will have a significant impact on the growth of the travel and business bags market value during the forecast period," says a senior analyst at Technavio.
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Travel and Business Bags Market: Segmentation Analysis
This market research report segments the travel and business bags market by distribution channel (offline and online), product (travel bags and business bags) and geographical regions (APAC, North America, Europe, South America, and MEA).
The European region led the market in 2018, followed by APAC, North America, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to increase in spending by millennials on personal goods, such as travel and business bags.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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