Trolley Bags Market

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.

Market Dynamic

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.

COVID-19 Impact

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:

• Hard-Side
• Soft-Side

By Price Range:

• Premium
• Medium Range
• Low Range

By Distribution Channel:

• Supermarkets/Hypermarkets
• Specialty Stores
• Factory Outlets
• Online Stores
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the North American market held a sizeable revenue share of 34.0%. This is due to the increase in disposable income and the ongoing influx of high-end tourists across various cities. This has led to the region’s demand for designer bags and handbags. The increasing popularity of designer products can be attributed to the growing number of social media influencers endorsing the brand.
• The Asia Pacific Travel Backpack market is projected to register a CAGR of 5.4% through 2020 on the back of an increasing number of business travelers, rising travel activities, and a growing preference for duffle bags.

Competition Analysis

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:

• In 2021, To develop more environmentally friendly and sustainable items, Horizn Studios unveiled its new line of opulent luggage. For travelers who care about ethics, a new line of baggage called Circle One is 100% plant-based and biodegradable. The company has also stopped using single-use plastics in its packaging and is concentrating on using cardboard and recyclable materials instead.
• In November 2020, With its accessories currently on display at the Case store at London’s Heathrow airport, Go Travel has teamed up with Case and is ready to take center stage. The parties have agreed on a three-year contract, which is anticipated to be adhered to by most Case retailers. Pillows, travel adapters, and a line of travel comfort items are just a few of Go Travel’s well-known accessories.

A list of some of the key suppliers present in the market are:

• VF Corporation
• Briggs & Riley
• Rimowa
• Travelpro
• Tommy Hilfiger
• Olympia
• Fox Luggage
• Traveler’s Choice
• ACE
• Diplomat
• EMINENT

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.