“Global Travel Bag Market to reach a market value of USD 28.1 Billion by 2030 growing at a CAGR of 5.7%”
The Global Travel Bag Market size is expected to reach $28.1 billion by 2030, rising at a market growth of 5.7% CAGR during the forecast period.
Travel bags placed in prominent locations within supermarkets/hypermarkets gain increased visibility. Consequently, the Supermarkets/hypermarkets segment captured $4,780.6 million revenue in the market in 2022. Supermarkets/hypermarkets are known for attracting a high volume of foot traffic. By placing travel bags in these retail settings, manufacturers and retailers tap into the potential for impulse purchases. This visibility increases the chances of consumers noticing and considering the purchase of a travel bag during their shopping trips.
Air travel regulations often impose restrictions on the size and weight of luggage. The manufacturers design products that adhere to these regulations, offering consumers bags that maximize packing capacity while staying within airline-mandated limits. The bags with 360-degree spinner wheels, telescopic handles, and ergonomic designs enhance the ease of movement, reducing the stress of carrying luggage through airports. Hence, ease of air travel and security considerations has been a pivotal factor in driving the growth of the market.
Urbanization often leads to a faster-paced lifestyle, where individuals are more likely to travel frequently. according to the report by the World Bank updated in 2023, 56% of the world's population, or 4.4 billion people, live in cities. By 2050, nearly 7 out of 10 individuals are projected to reside in cities, representing a more than doubling of the current urban population. Therefore, the market is expanding significantly due to the urbanization and changing lifestyles.
However, economic downturns often result in a decline in individuals’ disposable income. With less money available for discretionary spending, consumers prioritize essential goods over non-essential items like travel bags. The decline in business travel, where individuals may require specific travel bags, can reduce demand within this market segment. Thus, economic downturns and consumer spending can slow down the growth of the market.
By material, the market is categorized into hard-side and soft-side. The hard-side segment covered a 28.49% revenue share in the market in 2022. Hard-side luggage often has integrated security features, such as built-in TSA-approved locks. A traveler’s peace of mind regarding the safety of their possessions while in transit is assured by the additional layer of protection that these locks afford the bag’s contents. The security features contribute to the appeal of hard-side luggage for those prioritizing protection.
Based on luggage type, the market is classified into duffle, trolley, and backpacks.In 2022, the duffle segment witnessed 49.20% revenue share in the market. Duffle bags are known for their versatility and adaptability to different travel situations. They are suitable for various purposes, including weekend getaways, gym sessions, business trips, and sports activities. The ability of duffle bags to accommodate different packing needs makes them versatile companions for a diverse range of travelers.
By distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, factory outlets, online stores, and others. The factory outlets segment captured 8.1% revenue share in the market in 2022. Factory outlets provide opportunities for consumers to make bulk purchases at discounted rates. Travelers planning group trips, families needing multiple bags, or individuals looking to buy luggage for different purposes can take advantage of bulk purchase discounts offered at factory outlets.
On the basis of price range, the market is divided into premium, medium range, and low range. In 2022, the medium range segment dominated the market with 51.3% revenue share. Medium-range travel bags often incorporate functional features in premium options but at a more affordable price. Features like multiple compartments, durable materials, and ergonomic designs are attractive to consumers who want practical and well-designed luggage without the premium price tag.
Free Valuable Insights: Global Travel Bag Market size to reach USD 28.1 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a 29.2% revenue share in the market. The urbanization of North American societies has led to lifestyle and consumer preferences changes. North America encompasses diverse travel environments, including city getaways, beach vacations, mountain retreats, and business trips.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 18.2 Billion |
| Market size forecast in 2030 | USD 28.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.7% from 2023 to 2030 |
| Number of Pages | 411 |
| Number of Tables | 890 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Material, Luggage Type, Price Range, Distribution Channel, Region |
| Country scope |
|
| Companies Included | LVMH SE (RIMOWA GmbH), Samsonite International S.A., Kering S.A, Ace Co. Ltd., VIP Industries Limited, DELSEY PARIS, United States Luggage Company, LLC., Travelpro Products, Inc. (MidOcean US Advisor, LP), JRSK, Inc., Targus |
By Material
By Luggage Type
By Distribution Channel
By Price Range
By Geography
The Market size is projected to reach USD 28.1 billion by 2030.
Customization and personalization trends are driving the Market in coming years, however, Economic downturns and consumer spending restraints the growth of the Market.
LVMH SE (RIMOWA GmbH), Samsonite International S.A., Kering S.A, Ace Co. Ltd., VIP Industries Limited, DELSEY PARIS, United States Luggage Company, LLC., Travelpro Products, Inc. (MidOcean US Advisor, LP), JRSK, Inc., Targus
The expected CAGR of this Market is 5.7% from 2023 to 2030.
The Soft-Side segment is leading the Market by Material in 2022; there by, achieving a market value of $20.7 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $10.1 billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 