Global Travel Bag Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Smart luggage are gaining popularity among the customers

The Global Travel Bag Market is estimated to be USD 24.63 Bn in 2023 and is expected to reach USD 36.46 Bn by 2028 growing at a CAGR of 8.16%.

The rising tourism sector propels the global travel bag market forward by the rising demand for specialized travel bags. For example, as adventure tourism grows in popularity, there is a greater need for travel bags built for hiking, camping, and other outdoor activities. Similarly, the increased popularity of cruise travel is driving a desire for travel bags that are compact and easy to transport on board a ship. Thus, the increasing number of people traveling for leisure and business is increasing the demand for travel bags. Also, the rising disposable income of consumers in developing countries is making travel more affordable, boosting demand for travel bags.

However, the market growth of travel bags is being hindered by fluctuating prices of travel bags. The inconsistent pricing makes it challenging for consumers to make purchasing decisions and plan their budgets effectively, leading to hesitation and delayed purchases. This uncertainty negatively impacts consumer confidence and reduces the overall demand for travel bags. In addition, retailers and wholesalers face difficulties in managing inventory, pricing strategies, and profit margins due to the unpredictability of fluctuating prices. Constant adjustments in pricing can result in increased costs and reduced profitability for businesses operating in the travel bag market. As a result, these price fluctuations undermine market stability, erode consumer trust, and impede the sustained growth of the travel bag industry.

The global travel bag market is experiencing substantial growth opportunities due to technological advancements, particularly in the form of smart luggage equipped with GPS trackers. These cutting-edge features have revolutionized the travel experience by providing travelers with improved security, convenience, and peace of mind. The integration of GPS trackers allows users to effortlessly monitor the whereabouts of their bags in real time, significantly reducing the likelihood of loss or theft. Moreover, smart luggage often incorporates additional functionalities like built-in chargers for electronic devices and digital locks, further enhancing its appeal to modern travelers. These technological innovations not only cater to travelers' evolving preferences and needs but also drive the expansion of the global travel bag market by offering distinctive and value-added products.

But changing consumer preferences and trends are challenging the growth of the Global Travel Bag Market. Manufacturers need to update with the latest trends and evolving needs of consumers.

Market Segmentations

• The Global Travel Bag Market is segmented based on Material, Luggage type, Price range, Distribution channel, and Geography.
• By Material, the market is classified into Hard-side and Soft-side.
• Hard-side material holds the highest market share because of its high cost and benefits as it offers better security than soft-sided baggage because it can't be ripped open as easily and usually has integrated locks.
• By Luggage type, the market is classified into Duffle, Trolley bags, and Backpacks.
• The trolley bag segment holds the largest market share due to high consumer preference, ease of mobility, and comfortable transport on various surfaces; across terminals, subways and escalators.
• By Distribution channel, the market is classified into Supermarkets/Hypermarkets, Specialty Stores, Factory Outlets, Online Stores, and Others.
• Specialty Stores segment holds the largest market share. They gained popularity among customers since they provide an extensive range of products in terms of price, material, luggage type, and design. Furthermore, strong service quality and expert counseling to customers improve their buying experience.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific.
• Asia-Pacific segment is growing with the highest CAGR as travel bags are increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures, and clean contoured lines in the region.

Recent Development

• Away launched a new neon luggage collection perfect for summer travel - May 2023.
• JetBlue Travel Products teamed up with luggage companies Briggs & Riley and Solo to launch first retail offering on Paisly® - February 2023.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Company ACE Co., Ltd., Delsey Paris, Prada S.p.A, Ralph Lauren Media LLC, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factor for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Travel Bag Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Travel Bag Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Truck Mounted Concrete Pump Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market