Travel Accessories Market To Receive Overwhelming Hike in Revenues By 2027
Posted by Harshad Borde on January 15th, 2020
Travel Accessories: Introduction
Travel accessories are used during business or personal travels. Consumers use travel accessories for both small tours and business travels as they make the whole trip comfortable.
Key Drivers of the Global Travel Accessories Market
- Large number of millennial is spending considerably on travel to maintain physical and mental health. This is significantly leading to market growth.
- Growing number of business travelers at the global and regional level is expected to boost the market. The number of female solo travelers has grown in the last few years in different countries. Keeping this trend in mind, companies are launching various products for female travelers.
- Different countries are opening up their economies for businesses. This is expected to boost the number of international business travelers which is likely to affect the travel accessories market.
Rising Consumer Spending in Developing Countries on Travel Activity to Create Market Opportunity
- Per capita income in developing countries such as China, India, South Africa, Brazil, and Mexico is increasing considerably. As a result, people are spending on small and large tours. Increasing number of travelers at the global level is expected to offer new opportunities to the travel accessories market.
Rising Product Cost a Market Restraint
- Cost of travel accessories is increasing globally. Rising raw material cost coupled with higher demand for the product among the urban population is impacting the average product cost. This factor is expected to be a restraint to the market in the coming years.
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Asia Pacific Expected to be the fastest Growing Region in the Global Travel Accessories Market
- Demand for tour and travel products is increasing greatly in Asia Pacific. Rising disposable income in emerging economies including China and India is anticipated to have a high impact on the market growth.
- As per a report published by “International Air Transport Association (IATA)”, China is tipped to be the largest aviation market by 2024. Currently, the U.S. has the largest air traffic as a result of large number of leisure and business travelers. Japan and Indonesia also have high demand for travel accessories. Growth in the aviation market is likely to boost the sales of travel accessories in the near future.
- The number of travelers in European countries is comparatively higher than other regions. Tourism is one of the key sectors with the presence of many small and large players. According to a report published by the “European Parliament,” global tourist arrivals was around 671 million in 2017. As per the European Union, every year German citizens spend over US$ 89.19 billion on travel activities followed by the U.K. with travel expenses of US$ 72.24 billion in 2016.
Key Players Operating in the Global Market
The global travel accessories market is moderately fragmented with numerous small and large players present. Companies adopt several strategies including product innovation & development, geographical expansion, and merger and acquisition to increase their market revenue. A few of the key players operating in the global travel accessories market are listed below:
- ACE Luggage Co. Ltd
- MCM Worldwide
- Nike Inc.
- THE BEACH COMPANY
- TravelSmith Outfitters
- United States Luggage Company LLC
- VF Corporation