Travel Accessories Market Size to Grow USD 95.7 Billion by 2031 at a CAGR of 6.4% | Valuates Reports
PR Newswire
BANGALORE, India, April 11, 2024
BANGALORE, India, April 11, 2024 /PRNewswire/ -- Travel Accessories Market is Segmented by Type (Travel Pillow and Blanket, Toiletries, Travel Bags, Electronic Accessories), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Factory Outlets, Online Stores).
The Global Travel Accessories Market was valued at USD 48.2 Billion in 2021, and is projected to reach USD 95.7 Billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
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Major Factors Driving the Growth of Travel Accessories Market:
The need for a variety of travel accessories has increased due to the rise in international travel, which is being driven by rising disposable incomes and an expanding middle class. The market has also been helped by changing customer tastes for comfort, convenience, and style when traveling.
The development of cutting-edge and technologically sophisticated travel gear, such GPS-tracking smart baggage and anti-theft features, is further propelling market expansion.
Furthermore, millennials and Gen Z travelers' need for visually beautiful and Instagram-worthy travel gear has increased due to the rising impact of social media and travel influencers. All in all, these elements working together are fueling the market growth for travel accessories.
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TRENDS INFLUENCING THE GROWTH OF TRAVEL ACCESSORIES MARKET
Travel has increased globally as a result of the spread of globalization and the growth of the middle class in many nations. The need for travel accessories has inevitably grown as more individuals are able to afford to travel for pleasure, work, or other reasons. Travelers are increasingly looking for extras to improve their entire travel experience, whether they are going on a little weekend vacation or a lengthy international excursion. These accessories range from portable chargers and travel cushions to baggage and packing organizers.
Technological improvements have had a tremendous impact on the travel accessories business. Travelers are increasingly drawn to cutting-edge features like GPS monitoring in bags, anti-theft systems, and smart functions. These advancements in technology not only offer security and convenience, but also meet changing demands and tastes. This factor is expected to drive the growth of the Travel Accessories Market.
In the market for travel accessories, consumer preferences have changed in favor of goods that combine durability, style, and practicality. Travelers of today seek for items that not only fulfill their functional requirements but also express their individuality and sense of style. As a result, a variety of visually appealing and cutting-edge travel accessories have become popular, such as stylish passport holders, fashionable baggage, and fashionable travel wallets. The market for travel accessories has grown significantly as a result of the emergence of social media platforms and the impact of travel bloggers and influencers. Consumers are becoming more lured to travel accessories that are not just practical but also visually beautiful and Instagram-worthy, as aspirational travel lifestyles are showcased on social media sites like Pinterest and Instagram.
Consumer awareness of environmental problems is rising, which is driving the travel accessory market's transition to more eco-friendly and sustainable products. Tourists are looking for eco-friendly accessories such as those made of recyclable materials or biodegradable textiles. Customers who care about the environment and wish to reduce their carbon footprint when traveling are becoming more interested in brands that place a high priority on sustainability and environmentally friendly production practices.
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TRAVEL ACCESSORIES MARKET SHARE ANALYSIS
Type-wise, the travel bags category led the market with USD 19,899.3 Million in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.8% to reach USD 37,464.5 Million by 2031, according to market forecasts. The need for travel bags has increased due to an increase in tours and travels, both for work and pleasure. The usage of high-resistance polycarbonate material in travel bags, along with technological advancements like self-driving suitcases and smart baggage with GPS monitoring, are anticipated to propel the travel bag segment's growth during the projected period.
The distribution channel data indicates that the supermarkets/hypermarkets category contributed the most to the market, with USD 15,349.0 Million in 2021 and projected to grow at a compound annual growth rate (CAGR) of 5.0% to USD 26,581.6 Million by 2031. Supermarkets and hypermarkets include dedicated sections for goods connected to travel, which facilitates product identification and purchase for customers. These stores give customers a premium advantage by having different brands of travel bags, pillows, and blankets available, among other things. They also offer discounts on specific products, help from sales representatives, and simple checkout procedures. All of these factors support the growth of the travel accessories market through the supermarket and hypermarket segments.
Asia-Pacific is anticipated to have the largest market share for travel accessories during the forecast period, having captured the majority of the market in 2021. Some of the reasons contributing to the growth of the Asia-Pacific travel accessories market during the projected period are rising disposable income, rising tour and travel expenses, the introduction of smart baggage with monitoring devices, and the increasing acceptance of western lifestyle.
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Key Companies:
- ACE Co., Ltd.
- Adidas AG
- LVMH Group
- Magellan's
- Nike Inc.
- Sungjoo Group
- Travel Blue Ltd
- United States Luggage Company, LLC.
- VF Corporation
- VIP Industries Ltd
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