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What are the Biggest Profitability Drivers for the Travel Bag Industry?
The rising travel and tourism industry drives the growth of the travel bag market. The growing urbanization and rapidly changing lifestyle stimulate the growth of the travel bag market.
The increasing demand for innovative and attractive products contributes to the growth of the travel bag market.
On the flip side, the presence of a number of players with rising imitating of standard products hinders the growth of travel bag market. Moreover, innovations such as smart and lightweight bags create novel opportunities for the growth of the travel bag market.
What are the Market Segments of the Global Travel Bag Industry?
The travel bag market is segmented on the basis of luggage type, material type, price range, and distribution channel. On the basis of luggage type, the travel bag market is divided into duffle, trolley, and backpacks. The trolley bags hold significant market share in the luggage type segment of the travel bag market owing to the comfort provided with it. The material type segment includes the hard side and soft side.
Based on price range the travel bag market is divided into a premium, medium range, and low range. On the basis of the distribution channels, the travel bag market is classified into supermarkets, online channels, and other distribution channels.
What is the Market Size of the Global Travel Bag Market?
The major players in the travel bag market are Delsey SA., TGHI, Inc., VIP Industries Ltd., Samsonite International S.A., Ace Co. Ltd., United States Luggage Company, LLC, LVMH Group, Travelpro Products, Inc., Rimowa GmbH, Kering S.A., and other companies. Companies are focusing on mergers and acquisitions to expand their market share in the global travel bag market.
What is Regional Growth and Key Segmentation of Travel Bag Market?
On the basis of the region, Asia-Pacific holds a dominant share in the global travel bag market. The rising travel and tourism industry in the Asia-Pacific region drives the growth of the travel bag market in the Asia-Pacific region. Moreover, the presence of major players in the Asia-Pacific region boosts the growth of the travel bag market in the Asia-Pacific region. North America is anticipated to grow in the global travel bag market with a healthy CAGR over the forecast period. Europe is expected to grow in the global travel bag market.
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