Travel accessories include, travel bags, travel pillows and blankets, toiletries, portable internet devices, e-readers, power banks, travel-sized wireless routers, plug adaptors, and others. These products are intentionally bought and carried while having long and short journey. The travel accessories market demand is increasing in developed countries, including Japan, the U.S., Spain, and others on account of the rise in air passenger traffic domestically and the growing trend of family trips over weekends, driven by increased disposable incomes.
Asia-Pacific is the largest and one of the fastest growing region for the travel accessories market owing to presence of large number of millennial supported by increased disposable income supplemented by expanding infrastructure have resulted in large market share of the outbound travelers from the Asia-Pacific region. Thus, increase in the number of outbound travelers generates more demand for travel accessories.
Growing adoption for the virtual meeting software for business meeting and events and rise in popularity for the virtual tourism concepts are likely to decrease the number of travel trips per person per year, which is estimated to decrease the utility of the travel accessories during the forecast period.
The travel accessories market is segmented into type, distribution channel, and region. On the basis of type, the market is categorized into travel bags, electronic accessories, travel pillow and blanket, toiletries, and others. On the basis of distribution channel, it is bifurcated into supermarkets/hypermarkets, specialty stores, factory outlets, online stores, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The major players operating in the market are ACE Co., Ltd., Adidas AG, LVMH Group, Magellan's, Nike Inc., Sungjoo Group, Travel Blue Ltd, United States Luggage Company, LLC., VF Corporation, and VIP Industries Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel accessories market analysis from 2021 to 2031 to identify the prevailing travel accessories market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the travel accessories market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global travel accessories market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- Factory Outlets
- Online Stores
- Others
By Type
- Travel Pillow and Blanket
- Toiletries
- Others
- Travel Bags
- Electronic Accessories
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- 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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Table of Contents
Executive Summary
According to the report, titled, “Travel Accessories Market," the travel accessories market was valued at $48.2 billion in 2021, and is estimated to reach $95.7 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.Travel accessories are products that are used during journey, which can be for various purposes, including business and leisure travel. People usually buy travel accessory products to obtain convenience and comfort during the travel. Thus, rise in the travel and tourism sector and business trips is a major factor that drives the growth of the travel accessories market size during the forecast period.
Factors that promote growth of the travel & tourism industry include, changes in lifestyle, increase in tourism promotion, and surge in accessibility of transport facilities. Moreover, continuous development in the travel & tourism industry and integration of various segments such as hospitality & infrastructure with government initiatives accelerate growth of the global travel & tourism industry, which propels the travel accessories market growth.
The COVID-19 outbreak has negatively impacted the overall growth of the travel accessories industry. Closures of boundaries of countries and cancelations of business trips disrupted transportation and production facilities, which highly and harshly impacted the product market in 2020.
The market is segmented into type, distribution channel, and region. On the basis of type, the market is categorized into travel bags, electronic accessories, travel pillow and blanket, toiletries, and others. On the basis of distribution channel, it is bifurcated into supermarkets/hypermarkets, specialty stores, factory outlets, online stores, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
According to the travel accessories market trends, on the basis of type, the travel pillow and blanket segment was valued at $6,280.1 million in 2021 and is projected to reach $13,029.3 million by 2031, growing at a CAGR of 6.9% from 2022 to 2031. Growing incidences of sleeping disorders and back pain and requirement for comfortable sleeping positions while traveling are likely to generate demand for travel pillow and blankets. A neck pillow supports the neck and head to reduce the pain by creating natural resting positions. Growing use of sustainable materials for making travel pillow and blankets and rise in acceptance for eco-friendly products further accelerate the growth of the travel accessories market share through the travel pillow and blankets segment.
According to the travel accessories market analysis, by distribution channel, the online stores segment was valued at $9,502.3 million in 2021 and is expected to grow at $22,691.6 million by 2031, registering a CAGR of 8.4% during the travel accessories market forecast period. The shopping behavior of millennial generation and emergence of mobile devices for internet access are expected to boost the travel accessories market growth. Rise in penetration of various online portals in developing economies has led to the market growth through the online stores. Therefore, online stores for sales of travel goods, including travel bags, travel electronic accessories, pillow and blankets is anticipated to grow in the future.
According to the travel accessories market opportunities, by region, North America has been gaining significant share in product market and is expected to sustain its share during the forecast period. In the U.S., stylish and smart travel belongings, including travel bags represent lifestyle and fashion statement for travelers. Furthermore, high spending capacity on luxury goods and services, quick acceptance technological advanced smart suitcases, and rise in the number tours and travel persons boost the growth of the of the product market during the forecast period.
The players operating in the travel accessories market have adopted product launch and business expansion as their key developmental strategies to expand market share, increase profitability, and remain competitive in the market. The key players profiled in this report include, ACE Co., Ltd., Adidas AG, LVMH Group, Magellan's, Nike Inc., Sungjoo Group, Travel Blue Ltd, United States Luggage Company, LLC., LLC., VF Corporation, and VIP Industries Ltd.
Key Findings of the Study
- The travel accessories market size was valued at $48,225.1 million in 2021, and is estimated to reach $95,711.3 million by 2031, registering a CAGR of 6.4% from 2022 to 2031.
- By type, the electronic accessories segment accounted for $10,814.4 million in 2021, garnering 22.4% of the global market share.
- By distribution channel, the specialty stores segment acquired $11,601.2 million in 2021, exhibiting 24.1% of the global market share.
- China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $13,822.6 million by 2031, growing at a CAGR of 6.1% during the forecast period.
Companies Mentioned
- 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.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 254 |
Published | June 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 48225.1 million |
Forecasted Market Value ( USD | $ 95711.3 million |
Compound Annual Growth Rate | 7.1% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |