The travel accessories market size was valued at USD 2,110.67 million in 2023 and is expected to be worth USD 2,220.63 million in 2024. The market is projected to reach USD 3,678.08 million by 2032, recording a CAGR of 6.51% during the forecast period.
Travel accessories offer travelers a combination of safety and convenience, making their journeys more enjoyable. Consumers usually go for compact, lightweight, and customized travel essentials that facilitate easy luggage management during outdoor activities. Manufacturers respond by creating innovative products with distinct designs and functionalities, ensuring users have a comfortable travel experience with these accessories, thereby driving the market’s growth.
The COVID-19 pandemic had a negative impact on the demand for travel accessories throughout 2020. Travel restrictions led to disruptions in supply chain operations globally, hindering product sales. However, the market recovered post-COVID-19 with ease in restrictions and reopening of physical outlets/distribution platforms.
Fortune Business Insights™ displays this information in a report titled, "Travel Accessories Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/jp/トラベルアクセサリー市場-110135
Top Company in the Travel Accessories Market:
- Samsonite International S.A. (Hong Kong)
- Rimowa (Germany)
- VF Corporation (U.S.)
- Delsey (U.S.)
- ACE Luggage Co., Ltd. (U.S.)
- Design Go Ltd. (Go Travel) (U.K.)
- TRAVEL-BLUE.COM (U.K.)
- MCM Worldwide (Germany)
- Magellan's (U.S.)
- SINOX COMPANY LTD. (Taiwan)
- United States Luggage Company LLC. (U.S.)
Segmentation:
Electronic Accessories Segment Dominated Market Due to Higher Spending on Electronic Travel Gadgets
Based on type, the market is categorized into textile travel accessories, personal care items, electronic accessories, travel bag & luggage accessories, and others. The electronic accessories segment is expected to dominate the market during the forecast period, driven by the substantial demand from travelers for innovative products, such as smart luggage with GPS tracking systems and travel gadgets, such as headsets, power banks, mobile accessories, and other peripheral items for their laptops and smartphones.
Offline Channels Segment Dominated Market Due to Higher Preference for In-person Shopping During Travel
Based on distribution channel, the global market is segregated into online channels and offline channels. The offline channels segment dominated the market in 2023, driven by increasing spending of consumers on outdoor products during travel.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, distribution channels, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Influx of International Travelers to Drive Market Growth
The global travel accessories industry is poised for growth, driven by the rising demand for security devices, luggage straps, and other essential items among international travelers. The rising influx of foreign travelers and their spending on luxury lifestyle products will further fuel the market’s expansion. Additionally, the widespread availability of luxury trip essentials at travel retail shops in airports and seaports worldwide will continue to support the demand for them.
However, airport and seaport facilities that are closed due to cross-border conflicts, earthquakes, and other disruptions limit consumer spending on travel-related products, thereby hindering market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Increased Spending On Travel Gear
Asia Pacific dominated the market, with a valuation of USD 1,019.24 million in 2023. This dominance was primarily driven by the increased spending on travel gear in China, India, and Southeast Asia.
The European market held the second-leading position in 2023. This growth can be attributed to the surge in number of international travelers and their expenditure on premium products in countries such as France, the Netherlands, and Spain, which propels product revenues in the region.
Competitive Landscape:
Key Players to Focus On Portfolio Expansion in Premium Price Range to Support Market Growth
The leading companies in this market are increasing their focus on launching premium products to encourage customers to purchase them and build a newer customer base. They are also focusing on establishing strategic partnerships and collaborations with other firms to enhance their customers’ experience.
Notable Industry Development:
May 2024: ICON, a pioneering DTC (direct-to-consumer) luggage and travel accessories startup, invested USD 1.2 million to enhance its distribution network in India. This strategic move aims to increase the availability of its innovative products across the country.