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Travel Accessories -amr
China in 2010 It was the most popular market in Asia-Pacific in 2021, and is expected to reach $13,822.6 million in 2031.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, United States, September 4, 2022 /EINPresswire.com/ – A new report published by Allied Market Research titled “Travel Accessories Market” Travel Accessories. The market is valued at USD 48.2 billion in 2021 and is expected to reach USD 95.7 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
Travel accessories are products used during travel, which can be for different purposes, business and leisure travel. People usually buy travel accessories for comfort and convenience during the trip. Hence, the increase in travel and tourism sector and business trips is a major factor driving the growth of travel accessories market size during the forecast period.
Factors driving the growth of the travel and tourism industry include lifestyle changes, tourism promotion and increased accessibility of transport facilities. In addition, continuous development in the travel and tourism industry and various sectors such as hospitality and infrastructure combined with government initiatives will accelerate the growth of the travel accessories market in the global travel and tourism industry.
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The Covid-19 pandemic has adversely affected the overall growth of travel accessories. The closure of national borders and the cancellation of trade travel disrupted transportation and production facilities, which had a significant impact on the commodity market in 2020.
The market is segmented by type, distribution channel, and region. On the basis of type, the market is segmented into travel bags, electronic accessories, travel pillows and blankets, toiletries, and others. On the basis of distribution channel, it is segmented into supermarkets/hypermarkets, specialty stores, factory outlets, online stores, and others. On the basis of region, it is analyzed into North America (US, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India). , Australia, South Korea and the rest of Asia-Pacific) and LAMEA (Latin America, the Middle East and Africa).
According to travel accessories market trends, on the basis of type, travel pillows and blankets are valued at USD 6,280.1 million in 2021 and are projected to reach USD 13,029.3 million in 2031, growing at a CAGR of 6.9% from 2022 to 2031. Sleep disorders and back pain and the need for a comfortable sleeping space while traveling can create a need for travel pillows and blankets. The neck pillow supports the neck and head to reduce pain by creating a natural resting position. Use of sustainable materials to make travel pillows and blankets and increasing adoption of eco-friendly products will accelerate the travel accessories market share growth through the travel pillows and blankets segment.
According to travel accessories market analysis, the online stores segment by distribution channel is estimated at USD 9,502.3 million in 2021 and is expected to grow to USD 22,691.6 million by 2031, registering a CAGR of 8.4% during the travel accessories market forecast period. The shopping behavior of the millennial generation and the emergence of mobile devices for internet access are expected to boost the growth of the travel accessories market. The penetration of various online portals in developing economies has led to market growth through online stores. Therefore, online stores for the sale of travel goods, including travel bags, travel electronic accessories, pillows and blankets will grow in the future.
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As a travel accessories market opportunity, North America has been gaining a significant share of the product market in the region and is expected to continue its share during the forecast period. In the US, stylish and smart travel accessories, including travel bags, represent the lifestyle and fashion statement of travelers. Additionally, high spending potential on luxury goods and services, rapid adoption of technologically advanced modern luggage, and increasing number of tourists and travelers will boost the growth of the product market during the forecast period.
Players operating in the travel accessories market have adopted product launches and business expansion as their key growth strategies to expand market share, increase profitability and remain competitive in the market. The key players profiled in this report include, ACE Co., Ltd., Adidas AG, LVMH Group, Magellan’s, Nike Inc., Sungjoo Group, Travel Blue Ltd, United States Luggage Company, LLC., LLC., VF Corporation, and. VIP Industries Ltd.
Key findings of the study
The size of the travel accessories market is estimated at USD 48,225.1 million in 2021. It is estimated to reach USD 95,711.3 million by 2031, registering a CAGR of 6.4% from 2022 to 2031.
By type, the electronic accessories segment was It will cover USD 10,814.4 million in 2021, accounting for 22.4% of the global market share.
By distribution channel, the specialty stores segment will earn $11,601.2 million in 2021, representing a 24.1% global market share.
China in 2010 It was the most prominent market in Asia-Pacific in 2021 and is forecast to reach USD 13,822.6 million by 2031, growing at a CAGR of 6.1% during the forecast period.
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