Authored By: Sarah
11 Jul 2024

 Travel And Business Bags Market Size to grow by USD 13880.4 million between 2024-2028

According to a research report “ Travel And Business Bags Market” by Product (Travel bags, Business bags) Distribution Channel (Offline, Online) Geography (Europe, APAC, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 13880.4 million, at a CAGR of  8.09% during the forecast period. In the Travel and Business Bags market, there is a growing trend towards lightweight and ultra-light bags due to increasing airline regulations and luggage fees. Vendors are responding to this demand by introducing high-tech, lightweight travel bags. These bags, such as Samsonite International's Uplite 29" Spinner, which weighs only 6.6 lbs, offer several advantages. They are convenient to carry, save on luggage fees, and allow travelers to bring more items within their weight allowance. By utilizing advanced materials and technologies, these bags provide durability and functionality without sacrificing weight.

Browse market data tables, figures, and in-depth TOC on “Travel And Business Bags Market” by Product (Travel bags, Business bags) Distribution Channel (Offline, Online) Geography (Europe, APAC, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Product, the Travel bags segment is projected to dominate the market size in 2024

In the Travel and Business Bags market, offline distribution channels generate revenue through sales in specialty stores, such as exclusive brand outlets, multi-brand stores, apparel stores, factory outlets, airport retailers, and personal goods stores, as well as hypermarkets, supermarkets, convenience stores, and clubhouse stores, and department stores. However, the revenue from offline channels has been experiencing a gradual decline due to the increasing consumer preference for online shopping. To counteract this trend, market players are expanding their retail presence in local and regional markets to boost sales through traditional channels. Manufacturers of travel and business bags continue to sell their products through a diverse range of retail formats, including specialty stores and other offline retailing channels.

By Distribution Channel, Offline  segment is expected to hold the largest market size for the year 2024

The travel bags market encompasses a range of products, including duffle bags, trolley bags, suitcases, and backpacks. This sector is classified into hard-side, soft-side, and hybrid luggage, based on the materials employed. The surge in demand for travel bags can be attributed to the increasing trend of tourism, adventure travel, and outdoor activities, particularly in developing nations. The expanding number of global international tourists, as evidenced by the UNWTO's report of 975 million tourists between January and September 2023, will fuel the market's growth. Over the past five years, this trend has been prominent.

Europe is forecasted to hold the largest market size by region in 2024

The Travel and Business Bags market represents a significant segment within the broader leather goods industry. These bags are essential for professionals on-the-go, offering functionality, durability, and style. Key features include multiple compartments, padded laptop sleeves, and ergonomic designs to optimize productivity during travel. Market growth is driven by increasing business travel and the need for versatile, high-quality bags that cater to both personal and professional needs.

The Travel And Business Bags Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • DELSEY
  • Eagle Creek Holdings LLC
  • Hermes International SA
  • IT Luggage Ltd.
  • Kering SA
  • Ohio Travel Bag LLC
  • Osprey Packs Inc.
  • Prada Spa
  • Ralph Lauren Corp.
  • Safari Industries India Ltd.
  • Samsonite International S.A.
  • Tapestry Inc.
  • Targus
  • The LVMH group
  • Titan Co. Ltd.
  • Tods Spa
  • United States Luggage Co. LLC
  • Valigeria Roncato Spa
  • VIP Industries Ltd.
  • Wildcraft India Pvt. Ltd.
.

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Research Analysis Overview

Title: Travel and Business Bags Market: Adapting to Changing Lifestyles and Tourism Trends The travel and business bags market is witnessing significant growth due to the changing lifestyle and increasing trend of tourism. With more people traveling for business and leisure, the demand for durable and lightweight bags, including luggage, suitcases, trolley bags, business bags, duffel bags, and more, is on the rise. The market is driven by various factors such as the increasing population, income levels, and the need for fashionable yet functional bags. Materials used in travel and business bags include leather, coated fabrics, textile, jute, and more, catering to different preferences and budgets. Electronic gadgets, important documents, clothes, and commodities require safe and secure storage solutions, making travel bags an essential commodity. The tourism sector's growth and the increasing popularity of digital nomads have further fueled the demand for business bags that can accommodate laptops and other electronic gadgets. In conclusion, the travel and business bags market is a dynamic and growing industry, offering numerous opportunities for businesses to innovate and cater to the evolving needs of consumers.

Market Research Overview

Title: Travel and Business Bags Market: Trends, Demand, and Innovations The Travel and Business Bags market is a dynamic and evolving sector, catering to the needs of corporate travelers, VIPs, and leisure travelers alike. With the increasing trend of outbound tourism and changing lifestyle, the demand for travel bags, including laptop sleeves, side bags, and suitcases, has surged. Key trends in the market include unique designs, attractive colors, and functionality. Smart locks and suit compartments are popular features in business bags, while laptop compartments are essential for corporate travelers. Away luggage bags and duffel bags are preferred for local travel and remote locations. Bag manufacturers are focusing on durability, lightweight materials like coated fabrics and jute, and design changes to cater to consumer preference. The tourism sector's growth, influenced by factors like per capita income, population, and economic standards, has led to an increase in product demand. However, luggage problems like baggage weight and counterfeit products from unorganized sectors remain challenges. The entertainment sector's growth and lifestyle trends have led to innovations like electronic gadgets and clothes integrated into travel bags, enhancing the consumer experience. The Travel and Business Bags market research methodology uses authenticated secondary sources, statistical tools, and design changes to understand the market's dynamics. The market is expected to grow significantly in the coming years, driven by the increasing popularity of international and domestic trips as a means of escaping routine and seeking relaxation.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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