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Major market players have focused on R&D activities to provide light weight & high resistance to wear & tear travel bags to provide utmost convenience while traveling. In addition, the players in the market have focused on expanding their product portfolio through mergers and acquisitions and to increase their customer base.
According to a new report published by Allied Market Research, titled, “Travel Bag Market by Material Type, Luggage Type, Distribution Channel, and Price Range: Global Opportunity Analysis and Industry Forecast, 2017-2023,” The global travel bag market was valued at $15,045 million in 2016, and is projected to reach $24,027 million in 2023, registering a CAGR of 7.1% from 2017 to 2023. In 2016, the trolley bag segment is anticipated to grow at the highest rate during the forecast period.
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Travel bags consist of bags or cases, or containers, which can hold a traveler’s belongings while travelling. The travel bags are generally used to carry clothing, toiletries, small possessions, trip necessities, and souvenirs. In the present era, bags also represent their owner’s wealth and fashion statement. The duffle segment generated the highest revenue in 2016, and is projected to continue to dominate throughout the analysis period. This is attributed to rise in consumer demand as it is fashionable and very popular among travelers and fitness practitioner.
The growth of the travel bag industry is attributed to the growth of the travel and tourism industry. Introduction of low cost carrier, government initiative to increase national & international tourism, and increase in business travel are the significant factors that boost the growth of the travel & tourism industry and its supplementary industry including travel bag industry.
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Asia-Pacific dominated the global market, owing to robust growth of the business travel & leisure industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 5.5% in terms of revenue.
The key players profiled in the report are Delsey SA., VIP Industries, TGHI, Inc., Samsonite, Ace Co. Ltd., U.S. Luggage Company, Jiaxing Bianca Luggage Industrial Co. Ltd., Travelpro Products, Inc., Rimowa GmbH, and Kering SA.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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