In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Carry case market is designed to carry potable gadgets such as notebook, tablets, laptops and others. The massive use and positive response on these gadgets enables users to spend on products such as bags, briefcases, sleeves and other carry cases. Increasing usage of mobile devices in developing regions has stimulated the purchase of carry cases for protection and mobility. Furthermore, useful products such as smart cases provide not only protection but also information about device status, available functions, and others, to the user. Moreover, customer preferences towards the changing technology in carry cases like protection of credit/debit card, identification proof and other important documents.
The global carry case market is expected to showcase a significant CAGR of 6.65% during the forecasted period 2018-2027. Additionally, the market of mobile phone and tablets carry case is riding on the back of numerous factors such as increasing number of portable bag packs globally and adoption of new technology for securing the personal property.
The global market is segmented into product type, end-user, and price range and distribution channel. Moreover, product type is sub-segmented into bag packs, messenger bags, sleeves and briefcases. In addition to this, briefcase segment captured the largest market of overall carry case market in 2016. Apart from this, mobile carry case is predicted to show a tremendous growth over the forecast period due to rising customer habit of using mobile phone devices.
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In terms of regional platform, Asia Pacific and North America are the most prominent regional market of carry cases in 2016. Europe region is believed to dominate the global carry case market aided by Western Europe countries such as U.K., France, Netherland and others. Asia Pacific region has the fastest growing market with listing the CAGR of 8.215%. North America accounted for the second largest market of carry case in terms of revenue in 2016. Further, U.S. and Canada are the major countries augmenting the demand for carry case owing to the advancement in technology and rejuvenation of the bag packs industry. Moreover, the major countries witnessing the augmented demand for carry case include Japan, China and others. Likely, rapid urbanization and changing lifestyle of the population are envisioned to foster the growth of carry case market in Asia-Pacific region.
Our in-depth analysis segmented the global carry case market in the following segments:
Global carry cases market is further classified on the basis of region as follows:
Global carry case market is wholly dependent on the growing economies in the developing nations such as Asia pacific countries such as India and China which includes the personal disposal income of consumer who expect high quality product and innovative technology. Consumer demand for fashionable bags and briefcases can also attract their buying behaviour towards carry case industry. Growing population in urban cities is one of the key factors which are driving the market of carry cases and briefcases.
Moreover, increasing adoption of mobile phones is expected to boost up the sale of mobile carry cases. Factor such as ease of availability, continuous improvement, attractive looks; gender choice making habit is believed to attract more customers. Major manufacturers are focusing on the size and weight of portable bags which can be easily taken away from one place to another.
Furthermore, Bag packs come in various materials segments such as leather, canvas, nylon and other, which make them suitable for numerous purposes such as sporting, personal, educational and professional. Moreover, the introduction of backpacks with printed logos and designs is anticipated to stimulate the market demand for the carry case bag packs market.
In contrast, high cost associated with carry case is the biggest challenge which is anticipated the limit the growth of carry case market in the near future. Further, lack of awareness regarding the benefits in rural area is also expected to restrain the growth of carry case market by 2027.