Travel Accessories Market to Garner $48.2 Billion, Globally, by 2031 at 6.4% CAGR: Allied Market Research

Increasing spending on luxury lifestyles, increasing per capita income, and increasing number of business and leisure trips per person have fueled the growth of the global travel accessories market.

PORTLAND, Ore., July 18, 2022 /PRNewswire/ — Allied Market Research recently released a report, titled, “Travel Accessories Market by Type (Travel Bags, Electronic Accessories, Travel Pillows & Blankets, Toiletries, Others), by Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Factory Outlets, Online Stores, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global travel accessories industry is estimated 48.2 billion dollars in 2021, and is expected to arrive 95.7 billion dollars by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

Key determinants of market growth

Increasing spending on luxury lifestyles, increasing per capita income, and increasing number of business and leisure trips per person have fueled the growth of the global travel accessories market. However, the growing popularity of virtual tourism and the adoption of technology in the business sector to conduct virtual meetings hinder the market growth. On the contrary, increased tourism promotion and increased accessibility of transport facilities are expected to open new opportunities in the future.

The Covid-19 scenario:

  • The Covid-19 pandemic adversely affected the travel accessories market. As most countries closed their borders, this significantly affected the travel and tourism industry.
  • However, as the travel and tourism industry is back on track, the demand for travel accessories is expected to increase.

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The supermarket and hypermarket segment dominated the market growth

By distribution channel, the supermarket and hypermarket segment held the largest share in 2021, accounting for nearly one-third of the global travel accessories market, owing to convenience and easy access for users. However, the online stores segment is expected to exhibit the highest CAGR of 8.4% during the forecast period, owing to the easy accessibility and growing digital marketing of online platforms.

The electronic accessories segment will manifest the highest CAGR till 2031

By type, the electronic accessories segment is projected to register the highest CAGR of 7.3% during the forecast period, owing to rising smartphone penetration and rising demand for electronics. However, the travel bags segment held the largest share in 2021, contributing more than two-fifths of the global travel accessories market, due to the increased need for travel bags with the rise in travel and tourism.

Asia-Pacific carried the most weight

By region, the global travel accessories market across Asia-Pacific held the largest share in 2021, accounting for nearly two-fifths of the market. Furthermore, the region is expected to exhibit the highest CAGR of 7.7% during the forecast period, owing to the growth of the travel and tourism industry and the increase in luxury lifestyle spending. The report includes market analysis throughout North AmericaLAMEA, and Europe.

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Major market players

  • ACE Co., Ltd.
  • LVMH Group
  • adidas AG
  • Nike, Inc.
  • of Magellan
  • Travel Blue Ltd.
  • Sungjoo Group
  • Corporation VF
  • United States Luggage Company, LLC.
  • VIP Industries Ltd.

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