LONDON--(BUSINESS WIRE)--The global travel and business bags market 2019-2023 is expected to post a CAGR of close to 7% during the forecast period, according to the latest market research report by Technavio.
One of the key factors driving the growth of the market is the rising demand for lightweight travel bags. Owing to the strict weight regulations and increasing luggage fares by airline industry, lightweight travel and business bags are being adopted by travelers. Lightweight travel bags are convenient to carry during travel and also save excess baggage charges. Moreover, these bags also allow customers to do care-free shopping within their stipulated luggage allowance. These factors highly encourage customers to purchase lightweight travel and business bags, which will drive market growth.
As per Technavio, the increase in demand for bags made from eco-friendly materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global travel and business bags market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over the forecast period.
Global travel and business bags market: Increased demand for bags made of eco-friendly materials
The demand for travel and business bags made out of leather is growing rapidly which leads to the use of tanning agents. However, these agents are not properly disposed off, which results in increased environmental pollution. Moreover, the procurement of leather involves hunting of animals, which leads to an ecological imbalance. These factors have led to high demand for travel and business bags made of eco-friendly materials. The vendors of travel and business bags industry are also introducing products that are made of recycled fabrics and plastic bottles. The bags made of eco-friendly materials are highly favored by customers across the globe, which is positively impacting the growth of the market.
“The US Department of Agriculture (USDA) and the National Organic Program ensure that the leather used for making travel and business bags should be obtained from animals raised on organic feed. Also, the skin of animals should be tanned in certified organic tanneries wherein only plant-based materials and smoke are used. Moreover, vendors such as, Kering are using organic leather and phasing out PVC from their finished products,” says a senior analyst at Technavio.
Global travel and business bags market: Segmentation analysis
This market research report segments the global travel and business bags market by distribution channel (offline and online), product (travel bags and business bags), and geographical regions (Europe, APAC, North America, South America, and MEA).
Europe led the market in 2018, followed by APAC, North America, MEA, and South America respectively. The dominance of Europe can be attributed to the presence of well-known brands and huge availability of personal goods such as travel and business bags.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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