The overall travel accessories market is expected to grow at high rate in the coming decade, given the increasing discretionary income and growing international travel. Travel accessories industry is ever changing where the old ones go obsolete as the new trend or fashion enters the market. Travel accessories are utilized for tourism, personal, and also for business travels. Travel accessories/goods include travel bags, travel outfits, business cases, electronic accessories, personal leather goods, toiletries, food box, travel pillow and blanket and locks amongst which travel bags holds the prominent share in the market. Some of the travel accessories can also be seasonal. Travel Bags can be further classified as luggage bags, sport bags, backpacks and others. Backpack is expected witness highest CAGR as compared to other types of bags. Nowadays, travel agencies assists consumers to choose between travel accessories.
Global Travel Accessories Market: Dynamics
Increasing disposable and per capita income in most of the developing countries is the key factor driving the tourism industry and thereby the travel accessories market.
Moreover, increasing trend amongst the millennial about travelling to maintain mental and physical health is further expected to push the market in upcoming future. Increasing number of business travellers at regional and international level is anticipated to bolster the market.
Various countries are promoting tourism while others are promoting international business due to which the international travellers increase and this is projected to impact the travel accessories market positively With increasing demand and changing trends in travel accessories, price of travel accessories is moving north which may act as a restraint to the market.
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COVID-19 Impact on Travel Accessories Market:
The tourism industry is impacted utmost by the rapid outbreak of coronavirus (COVID-19) related health crisis. The pandemic continues to expand and affect the world. The potential impacts of COVID-19, including delays in the production lines, supply chain disruption, lockdowns has restricted the consumer to travel across the region or country.
In most of the countries the tourist places have been closed to decrease the spread of the disease. Business travelling is also impacted to significant extent due to COVID-19.
The travel accessories market has fallen to show negative growth due to ongoing pandemic; however, the market is expected to robust in upcoming future with demand expected to pick up again by first quarter of 2021.
Global Travel Accessories Market: Regional Outlook
Asia-Pacific region is expected to dominate the global travel accessories market and is projected to continue its dominance over forecast period owing to increasing consumer spending in countries such as China and India. Japan and ASEAN region also have the significant consumption of travel accessories.
U.S. is largest aviation market while China is projected to be the largest aviation market in future. With growth in aviation industry, the demand for travel accessories is also expected to increase. Most of the European countries have high budget for travel and tourism as compared to other regions and also promotes tourism activities.
Global Travel Accessories Market: Market Participants
Distribution channel plays a key role for the sales of travel accessories. Key players’ focuses on online distribution channel as the adoption of online services is at high rate. The manufacturers also tie-up with travel agencies for long term supply.
The prominent players in the market also focuses on delivering compact lightweight accessories with enhanced performance to attract large customer base.
Some key players involved in the Travel Accessories market include:
- ACE Luggage Co. Ltd
- ExOfficio, Magellan’s
- MCM Worldwide
- Nike Inc.
- TravelSmith Outfitters
- VIP Industries Ltd.
- SINOX COMPANY LTD.
The research report presents a comprehensive assessment of the Travel Accessories market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Travel Accessories market segments such as product type, intensity and end-use industry.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- South Asia (India, ASEAN)
- East Asia (China, Japan, South Korea)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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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,
- Soft side
- Hard side
According to the type of bag, the market is segmented as
- Suitcases or trolley bags
- Duffle bags
Segmentation based on distribution channel includes
- Factory outlets
- Traditional stores
- Modern stores
- Specialty stores
- Discounted stores
- Online stores
By price, the travel bags market is segmented into
- Low (generally highly fragmented local brands)
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