Trolley Bags Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Trolley Bags Market grew at a CAGR of 4.5% between 2017-2021 and is estimated to be US$ 14,652.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.9% and is expected to reach a valuation of US$ 23,640.4 Mn by 2032 end.
The travel and tourism industry is growing rapidly, expected to drive the market to manufacture more travel trolley bags. This rise in demand is also supported by the rising disposable income levels of consumers looking to spend a lot on leisure and other activities.
THE RISE IN TRAVEL AND TOURISM DRIVES THE MARKET FOR TROLLEY BAGS
As the world becomes smaller and the ways of Travel and transportation continue to advance, the trolley bag market is on a high thanks to the surge in Travel and Tourism. The worldwide educational opportunities offer a booming demand for trolley bags as students move across the globe to pursue different courses. With this rise in demand, trolley bags provide convenience at their fingertips to carry loads of luggage.
HIGH INVESTMENT MANUFACTURING & GROWING COMPETITION HAMPER THE MARKET GROWTH
Trolley bags represent a segment of the worldwide trolley market. The trolley bag market is poised to gain momentum and grow steadily in the coming years. As a result of a rise in the number of trolley bag manufacturers, the number of unorganized market players is on the rise; they usually tend to offer products with similar attributes at lower prices to secure expenses on research and development, raw materials of high quality, branding, and advertising. Therefore, the presence of such market players is likely to inhibit the growth of the trolley bags market in the upcoming years.
GROWING INNOVATION AND ATTRACTIVENESS FOR TRAVELLING CREATE MORE OPPORTUNITIES FOR THE MARKET
The demand for smart luggage is increasing as a new generation of luggage has been developed by companies like EVOA Tech that can communicate with the owner through IoT. Another innovative feature offered by EVOA Tech is that it has built-in USB ports connected to a power bank compartment, increasing consumer demand and generating profitable opportunities for market players. Over-weight baggage at airports is creating lucrative options for market players. Therefore an inbuilt weighing scale that displays the exact weight of the luggage when lifted is expected to considerably surge consumer demand and aid vendors gain a competitive edge in this industry.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for purchasing travel bags. Most travelers prefer to purchase their travel bags from branded websites and aggregators due to convenience and the “made in India” tag that often accompanies such products.
Market Segments Covered in Report
By Material Type:
By Price Range:
By Distribution Channel:
By Region and Country:
Why are ultra-lightweight luggage bags projected to ensure the highest market during the forecast period?
There are several reasons why lightweight luggage is popular. The growing demand for ultra-lightweight luggage is one of the most important trends in the Travel Bag market. Lightweight luggage is easy to carry and handle, which is convenient for consumers. Travel Bag companies use raw materials such as polycarbonate resin to reduce the weight of their baggage. Polycarbonate and other high-tech plastics are strong and light, which makes them a hard surface for luggage and also helps reduce the cost of overweight flights.
Which Distribution channel will hold the maximum revenue through the period?
The online segment is expected to grow at a CAGR of 9.0% through the forecast period. The growing popularity of e-commerce websites among consumers and increasing consumer preference to purchase travel bags online due to ease of payment, eye-catching discounts, and home delivery has made online shopping much more convenient. Online shopping offers several benefits, such as a larger variety of options compared to offline channels, easy access to product information, clear prices and payment options, and fool-proof delivery processes.
Why is the Premium segment expected to expand the fastest during the forecast period?
In 2021, the Premium segment dominated the market with a 40.47% share 2021. These factors are driving the growth of the part in the market. The Premium segment dominates the market with high-quality products, exclusive designs, and advanced features such as smart luggage with GPS trackers.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market has key players competing for the major share and small regional players catering to a small region. The key strategies adopted by players in the market are new product launches with innovative designs, followed by mergers and acquisitions. Expansion is another strategy that gives an upper edge to manufacturers to expand their consumer base globally. Partnerships are another strategy preferred by companies to strengthen their market dominance.
Some of the key developments that have taken place in the Trolley Bags Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material Type, Distribution Channel, Price Range, Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.9%
The travel & tourism sector is the key driver in the trolley bags market. The increased number of vacationers, rise in disposable income, and increased spending on leisure activities have led to a growing demand for such products.
Major global Trolley Bags Market players are VF Corporation, Briggs & Riley, Rimowa, Travelpro, Tommy Hilfiger, Olympia, Fox Luggage, Traveler’s Choice, ACE, Diplomat, and EMINENT.
The high cost associated with the manufacturing unit and high labor charges will slow down the pace of advancement in this industry.
The North American region is expected to account for the largest market revenue share in the Global Trolley Bags market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst