Global Bags Market is expected to foresee significant growth. North America to witness highest growth, owing to growing urban population and rising number of business-related travels!
- Himanshu Patni
- November 14, 2023
- CONSUMER GOODS, NEWS
- Bags Market, Bags Market growth, Bags Market Outlook, Bags Market share, Bags Market size, Bags Market trends
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Global Bags Market is expected to grow at a CAGR of around 4% during the forecast period 2023-2030. North America is predicted to experience significant growth. This element is significantly contributing to the rise in popularity of business-oriented purses. For instance, the USA has 30.7 million small firms with 59.9 million employees, according to figures from the Small Business Administration for 2021. The availability of several fashion exhibitions, including Apparel Sourcing USA, Stylemax Chicago, Micam Americas Las Vegas, and others, also helps to hasten the rate at which the product is consumed. In addition, Development of smart luggage with inbuilt GPS system tracker, occurring due to the advancement in technology is on the rise in the country.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=48117
Furthermore, Fabric bags, made from materials such as cotton, jute, and canvas, are also gaining popularity in North America due to their environmental benefits and aesthetic appeal. The fabric bag segment is expected to register a moderate growth rate during the forecast period.
FIG. 1 North America Bag Market Revenue (2020-2030)- USD Bn
Based on product, the Global Bags Market is segmented into Backpacks, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Crossbody Bags, Others. Backpacks dominated the market and is expected to maintain its dominance during the forecast period. Demand for sophisticated travel bags commendably designed to reduce neck, back, or shoulder pain is expected to have a positive influence on the global bags market. Overall rise in the international migration of individuals, innovations in product design and quality, popularity of backpacks among students, increase in tourist traffic and Air Travel paired with growing demand for stylish men’s bags and small carry-on bags is further expected to drive the overall market for bags globally.
Based on material type, the Global Bags Market is divided into Polyesters, Nylon, Leather, Cotton Canvas, Others. Polyesters bags are the most sold bags in the global market. Majority of the companies operating in the market uses nylon and polyester to produce bags. Polycarbonate is used for high-quality products and the highest priced products are mostly 100% polycarbonate. Majority of the companies have 360° spinner wheels, however, only Travelpro offers branded wheels (MagnaTrac). Prices of bags vary owing to the different product specifications, features and material used for producing the products and the average price set for a bags in the US ranges between US$ 25-US$1,200..
Based on End-users, the market is segmented into 5 to 12 Years, 13 to 19 Years, 20 Years & Above. Segment 20 Years & Above is expected to witness significant growth owing to growing tourism sector and rising work-related travels. This has impacted the overall sales of bags. Further, due to the pandemic schools and colleges were closed globally, this has further reduced the overall sales of bags among the students. In addition, in 2020, global business travel expenses contracted by almost 52%, while managed corporate-travel spending in the US dropped by 71%, or US$94 billion in the same year.
Based on distribution channel, the global bags market is bifurcated into Store-Based and Non-Store Based. Store Stores is expected to dominate the market during the analyzed period. These are retail establishments that offer a wide range of products under different category in the store. Store segregate the departments as clothing, sportswear, jewelry, home appliances, hardware, etc. bags is usually sold under the clothing/apparel and fashion section of the store. Although, e-commerce retail have grown during the last few years, which have negatively impacted the store-based retailing, there are still numerous loyal customers who purchases bags from brands store, they are considered as loyal customers.
For a detailed analysis of the market segments browse through – https://univdatos.com/report/bags-market/
For a better understanding of the market adoption of Bags, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. North America dominated the market. In the US households with higher income are more likely to purchase branded bags (34%) than households with lower income.
Some of the major players operating in the market include Nike, Inc., Adidas AG, Samsonite IP Holdings S.à r.l, VF Corporation, Puma SE, Louis Vuitton Malletier SAS, Delsey, Hershel Supply Company, Jensen Lee, bkg-ada.rs etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Bags Market Segmentation
Market Insight, by Product
• Backpacks
• Handbags, Wallets & Purses
• Duffle & Gym Bags
• Sling & Cross body Bags
• Others
Market Insight, by Material Type
• Polyesters
• Nylon
• Leather
• Cotton Canvas
• Others
Market Insight, by End-User
• 5 to 12 Years
• 13 to 19 Years
• 20 Years & Above
Market Insight, by Distribution Channel
• Store-Based
• Non-Store Based
Market Insight, by Region
• North America Bags Market
o United States
o Canada
o Rest of North America
• Europe Bags Market
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
• Asia Pacific Bags Market
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
• Rest of World Bags Market
Top Company Profiles
• Nike, Inc.
• Adidas AG
• Samsonite IP Holdings S.à r.l
• VF Corporation
• Puma SE
• Louis Vuitton Malletier SAS
• Delsey
• Hershel Supply Company
• Jensen Lee
• bkg-ada.rs
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