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.
The world has witnessed an upsurge in travel and tourisms over previous few years. Large number of people travels to various tourist destinations each year. Since frequency of travels have increased people look forward for lighter and compact luggage options such as travel bags.
Travel bags are segmented under the global luggage industry, which is envisioned to witness an expansion from USD 30,969 Million in 2014 to USD 43,358 Million in 2020, registering a CAGR of 5.8%. Regionally, the global travel bags market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row).
North America travel bags market is likely to get propelled from increasing international and domestic travels in country such as the U.S. For instance, domestic travel increased by 4.2% in the U.S. in 2014 to reach 2.3 billion person trips in 2015.Europe travel bags market is also anticipated to expand from increasing innovation by manufacturers to provide more flexible and comfortable travel bags to travellers.Asia-Pacific travel bags market is likely to witness a substantial growth during 2015-2021. The market in the region is expected to spark from increasing per capita income and rising urbanization in India and China.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Source: Research Nester
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Increasing number of passengers travels coupled with rising disposable incomes are anticipated to drive the global travel bags market in future.In addition to that, growth in urbanization is also expected to fuel the global travel bags market during 2015-2021.However, presence of large number of un-organized players in emerging countries such as India and China are projected to hamper the global travel bags market over next few years.
Global travel bags market includes some of the top players such as VIP Industries, VF Corporation, Briggs & Riley Travelware, MCM Worldwide, Samsonite, etc.
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