The global luggage market can be segmented into travel bags, business bags and casual bags. Global travel bags market comprises products that are used for travelling, such as carry-ons (hand bags or cabin bags) and suitcases.
Global travel bags market can be broadly segmented into hard sides, soft sides, and hybrid according to the material used for their manufacturing. Global travel bags market accounts for nearly 40% to 50% share of the global luggage market. It is expected to increase at a steady compound annual growth rate during the forecast period 2016-2026.
GlobalTravel Bags Market: Drivers & Restraints
On a macroeconomic level, the key factors driving the growth of the global travel bags market include resurgence in the global economy, increasing urbanisation, and increase in disposable income among the middle class in emerging economies. The global tourism industry took a hit during the financial crisis of 2007-08, and this had far-reaching effects on the global travel bags market. However, as the global economy witnesses a resurgence, and tourism activities gain momentum, demand for travel bags is steadily increasing.
The middle class in emerging economies has ramped up demand across a wide range of end-use industries, most notably consumer electronics and automobiles. The impact of this burgeoning consumer segment is also visible in the travel bags market, as rapid globalisation has led to an increase in the number of people traveling for business and leisure activities.
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The global travel bags market is highly fragmented, and although established players have a strong positioning in developed countries, a number of regional players account for a sizeable share of the market in developing countries. A number of local players also use the logos of leading brands on their products, creating fake products, which are then sold at a fraction of the cost of the original. This significantly eats into the revenue share of the leading players in the market.
Travel Bags Market: Segmentation
On the basis of types, global travel bags market is segmented into:
· Duffle bags
· Trolley bags and suitcases
On the basis of the type of materials used, global travel bags market is segmented into:
· Hard side
· Soft side
On the basis of price, global travel bags market can be segmented into:
· Low price (generally includes highly fragmented local brands)
· Medium price
On the basis of distribution channel, global travel bags market can be segmented into:
· Traditional stores
· Modern stores
o Factory outlets
o Discounted stores
o Specialty stores
Travel Bags Market: Region-wise Outlook
In developing market regions, especially Asia-Pacific and Latin America, global travel bags market is anticipated to have high growth during the forecast period due to increase in disposable income, urbanization, and global travel, specially the rail and air travel which is estimated to grow with a single digit CAGR during the forecast period. North America and Europe are expected to have robust growth during the forecast period with growing per capita expenditure on travel & tourism and increasing purchasing power of the consumers.
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Travel Bags Market: Key Players
Some of the key players in global travel bags market include Samsonite company stores, LLC., VF Corporation, Targus group international, Inc., Rimova, Delsey, Crown, VIP, Shanghai Fochier Intel’ Co. Ltd., Tumi, Inc. Antler and New travel sports co. ltd.