The Asia Pacific Travel Bag Market would witness market growth of 6.2% CAGR during the forecast period (2023-2030).
Travel bags are designed to be versatile, catering to different occasions and travel purposes. Business professionals may require a sleek and sophisticated briefcase for meetings, while outdoor enthusiasts may opt for a rugged backpack for adventures. The versatility of these bags allows individuals to transition seamlessly between work, leisure, and other activities without compromising style or functionality. Ensuring the security of personal belongings is a paramount concern for travellers.
They often have security features such as lockable zippers, RFID-blocking pockets, and anti-theft technology to safeguard valuables. The emphasis on security enhances peace of mind during travel, particularly in crowded or unfamiliar environments. They have evolved from functional items to fashion accessories that make style statements. Brands focus on aesthetics, offering a vast range of colors, designs, and materials to cater to the diverse fashion preferences of consumers. Travelers view their bags as extensions of personal style, and the fashion element has become a significant aspect of the market.
According to the report titled Cities as Engines of Growth, published in 2022 by the Government of India, the population of urban areas in India is projected to have increased approximately fourfold, from 109 million in 1970 to 460 million in 2018. The country is projected to experience an additional 416 million inhabitants in its urban areas by 2050, resulting in a 50 percent urban population share. It is already the second-largest urban community globally. As per the State Council of China, urbanization has accelerated rapidly throughout China in recent years, with the National Bureau of Statistics estimating that the rate increased to 64.72 percent last year. As of the end of 2022, 914 million people were living in cities, an increase of 12.05 million from 2021. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
The China market dominated the Asia Pacific Travel Bag Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,616.9 million by 2030. The Japan market is registering a CAGR of 5.5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.8% during (2023 - 2030).
Free Valuable Insights: The Global Travel Bag Market is Predict to reach $ 28.1 Billion by 2030, at a CAGR of 5.7%
Based on Material, the market is segmented into Soft-Side, and Hard-Side. Based on Luggage Type, the market is segmented into Duffle, Backpacks, and Trolley. Based on Distribution Channel, the market is segmented into Specialty Stores, Supermarkets/Hypermarkets, Online Stores, Factory Outlets, and Others. Based on Price Range, the market is segmented into Medium Range, Low Range, and Premium. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Material
By Luggage Type
By Distribution Channel
By Price Range
By Country
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