Global Travel Accessories Market Research 2024, Forecast To 2033
10 Oct, 2024
The travel accessories market size has experienced strong growth in recent years, projected to rise from $49.38 billion in 2023 to $53.05 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This historical growth can be attributed to factors such as the influence of fashion trends on travel accessories, rapid urbanization, the impact of social media, an increasing focus on health and wellness, and a growing youth population. In the next few years, the market is expected to see strong growth, reaching $71.02 billion in 2028 with a CAGR of 7.6%. The growth in this forecast period will be driven by rising disposable income, an expanding travel industry, increasing international tourism, lifestyle changes, and frequent business travel. Major trends expected to shape the forecast include a move toward personalized and customizable travel accessories, innovations in travel products, a demand for sustainable and eco-friendly options, the adoption of multipurpose and convertible accessories, and a growing demand for smart luggage.
Major Driver In The Travel Accessories Market
The growing travel and tourism activities for leisure purposes are projected to significantly drive the expansion of the travel accessories market in the upcoming years. These activities cover a diverse array of services and experiences, including transportation, accommodation, entertainment, and exploration, all aimed at providing adventure, leisure, and cultural enrichment to travelers at various destinations. The rise in travel and tourism can be attributed to several factors, including higher disposable incomes, improved transportation infrastructure, globalization, and a growing desire for unique and diverse experiences. Travel accessories are essential in enhancing convenience, comfort, and organization for travelers, ensuring a smoother and more enjoyable experience. For instance, in May 2023, the United Nations World Tourism Organization, a Spain-based specialized agency, reported that international tourist arrivals surged to 80% of pre-pandemic levels in the first quarter of 2023, reaching around 235 million travelers, more than doubling compared to the same period in 2022. Additionally, revised data for 2022 indicated that over 960 million international tourists traveled abroad, recovering two-thirds (66%) of pre-pandemic levels, showcasing the industry's remarkable resilience and capacity to regain momentum. Thus, the increasing travel and tourism activities for leisure purposes are driving the growth of the travel accessories market, with projections continuing through 2024 and into 2028.
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Major companies operating in the travel accessories market are Delsey, LVMH Group, Nike Inc., Adidas AG, Decathlon SA , VF Corporation, Samsonite, Rimowa GmbH, Victorinox AG, Tumi Holdings Inc., CE Luggage Co. Ltd., United States Luggage Company LLC, Magellan's, MCM Worldwide Ltd., VIP Industries Ltd., Osprey Packs, Travelpro Products Inc., Timbuk2, Eagle Creek Inc., Briggs & Riley, Gregory Inc., TravelSmith Outfitters, American Tourister Inc., Travel Blue Ltd., Sinox Company Ltd.
Key Travel Accessories Market Trend
Major companies in the travel accessories market are innovating by developing products made from upcycled aircraft interiors, giving a second life to materials that would otherwise be discarded. These accessories are crafted from repurposed materials sourced from decommissioned or retired aircraft. For instance, in November 2023, Emirates, a UAE-based airline, launched a capsule collection of luggage, bags, and accessories. This collection stands out due to its unique construction from upcycled materials sourced from retrofitted aircraft, including the iconic Emirates A380 and 777 models. Handcrafted by Emirates tailors in Dubai's Emirates Engineering facility, the limited-edition collection features suitcases, backpacks, handbags, card holders, toiletry bags, belts, and shoes, incorporating unexpected materials such as aluminum headrests, leather from A380 lounge couches, seatbelts, and even fur from the captain's seat, offering a distinctive blend of style and aviation history.
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Global Travel Accessories Market Segmentation
The travel accessories market covered in this report is segmented –
1) By Product Type: Travel Bags, Travel Outfits, Business Cases, Electronic Accessories, Personal Leather Goods, Toiletries, Food Box, Travel Pillow And Blanket, Locks, Other Product Types
2) By Price Range: Premium, Medium Range, Low Range
3) By Distribution Channel: Supermarkets Or Hypermarkets, Specialty Stores, Factory Outlets, Online Channels, Multi-Brand Outlets
By Geography:The regions covered in the travel accessories market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the travel accessories market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Travel Accessories Global Market Report 2024 furnishes information about the global travel accessories market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.