The 2007-08 financial recession had impacted the world tourism industry for a long haul, which also held a negative aftermath on the luggage market.
Valley Cottage, NY -- (SBWIRE) -- 10/04/2016 -- With the global travel and tourism industry providing a strong impetus to allied sectors, the travel bag segment will continue to account for the largest revenue share in the global luggage market. According to FMI's recent research, the market will experience sustained growth throughout the forecast period 2016-2026. U.S., Middle East, and APAC will exhibit the highest growing potential during the forecast period. While U.S. will remain key market in terms of global sales, China will remain a formidable region in APAC.
The 2007-08 financial recession had impacted the world tourism industry for a long haul, which also held a negative aftermath on the luggage market. However, following the resurgence of the global economy, the travel and tourism industry has recovered and the demand for travel bags is also witnessing steady growth.
Key Drivers for Market Growth
The growing globalisation trend has led most of the emerging economies to witness a sprint in sales of consumer products sector, and sales of travel bags and accessories have also witnessed an uptick. Increase in the number of road and rail travelers, along with increasing frequency of flyers is also positively impacting the global travel bags market. Robust international travel and immigration, advancement in product design, quality, and functionality, and rising affluence of middle class population in developing nations are other key factors driving the growth of the market.
Most of the airlines have luggage weight regulations enforcement, which prompts at the growing demand for lightweight carry-on travel bags. Owing to increasing number of consumers choosing flight over road or rail journey, manufacturers are concentrating more on production of lightweight and ultra-lightweight travel luggage with hard side material.
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Leading industry brands continue to maintain a strong hold in established market. However, developing regional markets include a wide range of domestic brands, which contribute a sizeable share to the total market revenues. However, counterfeits have been a major challenge to the global travel luggage market. Although these counterfeit products are of low quality, a specific consumer base tends to buy products owing to their inexpensive prices compared to authenticated brand products.
Travel Bags Market: Segmentation
FMI's research report on the global travel bags market offers a 10-year forecast, segmenting the market on the basis of material, type, distribution channel, and price.
On the basis of the material used in manufacturing travel bags, the market is segmented into,
According to the type of bag, the market is segmented as
Suitcases or trolley bags
Segmentation based on distribution channel includes
By price, the travel bags market is segmented into
Low (generally highly fragmented local brands)
Key Market Trends
Consumers are frequently traveling for business, trade, and leisure. Evolving fashion trends will continue to dominate the market during the forecast period. While backpacks remain popular among casual travelers, duffle bags, spinners, and carry-ons will continue to gain traction among business and leisure travelers. With a burgeoning trend of carrying compact and lightweight luggage, manufacturers are investing more in the production of innovative, high quality, ultra-lightweight bags made from leather and microfibre material. 3600 spinner bags are also believed to observe strong sales.
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While high-end designer bags are trending in the U.S. market, convertible and foldable travel bags are estimated to grasp more market on a global level, including developing nations. Innovative luggage designs, being an influential trend in market, has already been reported to trigger the manufacturing of smart bags equipped with size adjustment flexibility and in-built GPS. This trend is expected to gain prominence over the forecast period 2016-2026. Moreover, demand for sophisticated travel bags effectively designed for reduced neck, back, or shoulder pain are also anticipated to gain an uptick during the forecast period.
Key Players in Market
The key players in the global travel bags market include Samsonite Company Stores, United States Luggage Company (LLC), Ace Co. Ltd., Targus Group International Inc., Rimova, Delsey SA, Crown, VIP Industries Ltd., Shanghai Fochier Intel' Co. Ltd., Tumi, Travelpro International Inc., Antler, and New Travel Sports Co. Ltd., Eagle Creek, and Everest.
While United States Luggage Company (LLC) has been in the luxury luggage market with the brand name Briggs & Riley Travelware, 24-7 International has a broad brand portfolio, including Andiamo, Pathfinder, Lucas, Ciao, and more. Samsonite's acquisitions with Gregory Mountain Products and Liapult in 2014 have been impactful for the market. The company will continue to acquire multiple local brands in near future. Moreover, the launch of Lily Bloom designer luggage collection by 24-7 International has been a promising market driver in the U.S.