Increase in expenditure on luxury lifestyle, growing per capita income, and surge in number of business and leisure trips per person have boosted the growth of the global travel accessories market.
PORTLAND, Ore., July 18, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Travel Accessories Market by Type (Travel Bags, Electronic Accessories, Travel Pillow and Blanket, Toiletries, Others), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Factory Outlets, Online Stores, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global travel accessories industry accounted for $48.2 billion in 2021, and is expected to reach $95.7 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
Major determinants of the market growth
Increase in expenditure on luxury lifestyle, growing per capita income, and surge in number of business and leisure trips per person have boosted the growth of the global travel accessories market. However, growing popularity of virtual tourism and adoption of technology in business sector to conduct virtual meeting hinder the market growth. On the contrary, rise in tourism promotion and rise in accessibility of transport facilities are expected to open new opportunities in the future.
Covid-19 scenario:
- The Covid-19 pandemic negatively affected the travel accessories market. As most countries closed their boundaries, which significantly affected the travel and tourism industry.
- However, as the travel & tourism industry is back on track, the demand for travel accessories is expected to increase.
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The supermarkets and hypermarkets segment dominated the market growth
By distribution channel, the supermarkets and hypermarkets segment held the largest share in 2021, accounting for nearly one-third of the global travel accessories market, due to their convenience and easy accessibility to users. However, the online stores segment is expected to manifest the highest CAGR of 8.4% during the forecast period, due to easy accessibility and increased in digital marketing of online platforms.
The electronic accessories segment to manifest the highest CAGR through 2031
By type, the electronic accessories segment is projected to register the highest CAGR of 7.3% during the forecast period, owing to increased penetration of smart phones and increased demand for electronics. However, the travel bags segment held the largest share in 2021, contributing to more than two-fifths of the global travel accessories market, due to increased need for travel bags as travel and tourism increased.
Asia-Pacific held the largest share
By region, the global travel accessories market across Asia-Pacific held the largest share in 2021, accounting for nearly two-fifths of the market. Furthermore, the region is expected to showcase the highest CAGR of 7.7% during the forecast period, owing to rise in travel and tourism industry and surge in expenditure on luxury lifestyle. The report includes analysis of the market across North America, LAMEA, and Europe.
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Major market players
- ACE Co., Ltd.
- LVMH Group
- Adidas AG
- Nike, Inc.
- Magellan's
- Travel Blue Ltd.
- Sungjoo Group
- VF Corporation
- United States Luggage Company, LLC.
- VIP Industries Ltd.
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