The travel accessories market size has experienced strong growth in recent years, projected to rise from $49.38 billion in 2023 to $53.05 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This historical growth can be attributed to factors such as the influence of fashion trends on travel accessories, rapid urbanization, the impact of social media, an increasing focus on health and wellness, and a growing youth population. In the next few years, the market is expected to see strong growth, reaching $71.02 billion in 2028 with a CAGR of 7.6%. The growth in this forecast period will be driven by rising disposable income, an expanding travel industry, increasing international tourism, lifestyle changes, and frequent business travel. Major trends expected to shape the forecast include a move toward personalized and customizable travel accessories, innovations in travel products, a demand for sustainable and eco-friendly options, the adoption of multipurpose and convertible accessories, and a growing demand for smart luggage.
Global Travel Accessories Market Key Driver
The increasing travel and tourism activities for leisure purposes are expected to significantly propel the growth of the travel accessories market in the coming years. These activities encompass a wide range of services and experiences, including transportation, accommodation, entertainment, and exploration, all aimed at providing adventure, leisure, and cultural enrichment to travelers at various destinations. The rise in travel and tourism can be attributed to factors such as higher disposable incomes, improved transportation infrastructure, globalization, and a growing desire for diverse and unique experiences. Travel accessories play a vital role in enhancing convenience, comfort, and organization for travelers, ensuring a smoother and more enjoyable experience. For example, in May 2023, the United Nations World Tourism Organization, a Spain-based specialized agency, reported that international tourist arrivals surged to 80% of pre-pandemic levels in the first quarter of 2023, reaching around 235 million travelers, more than doubling compared to the same period in 2022. Additionally, revised data for 2022 indicated that over 960 million international tourists traveled abroad, recovering two-thirds (66%) of pre-pandemic levels, showcasing the industry's remarkable resilience and capacity to regain momentum. Thus, the increasing travel and tourism activities for leisure purposes are driving the growth of the travel accessories market, with projections continuing through 2024 and into 2028.
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Global Travel Accessories Market Segments
The travel accessories market covered in this report is segmented –
1) By Product Type: Travel Bags, Travel Outfits, Business Cases, Electronic Accessories, Personal Leather Goods, Toiletries, Food Box, Travel Pillow And Blanket, Locks, Other Product Types
2) By Price Range: Premium, Medium Range, Low Range
3) By Distribution Channel: Supermarkets Or Hypermarkets, Specialty Stores, Factory Outlets, Online Channels, Multi-Brand Outlets
By Geography:The regions covered in the travel accessories market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the travel accessories market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Travel Accessories Industry Players
Delsey, LVMH Group, Nike Inc., Adidas AG, Decathlon SA , VF Corporation, Samsonite, Rimowa GmbH, Victorinox AG, Tumi Holdings Inc., CE Luggage Co. Ltd., United States Luggage Company LLC, Magellan's, MCM Worldwide Ltd., VIP Industries Ltd., Osprey Packs, Travelpro Products Inc., Timbuk2, Eagle Creek Inc., Briggs & Riley, Gregory Inc., TravelSmith Outfitters, American Tourister Inc., Travel Blue Ltd., Sinox Company Ltd.
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Travel Accessories Market Overview
Travel accessories are products designed to enhance the convenience, comfort, and safety of travelers. These items cater to various needs during travel, including organization, security, comfort, and health. These accessories aim to address common challenges faced by travelers, making their journeys more efficient and enjoyable.
Travel Accessories Global Market Report 2023 provides data on the global travel accessories market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The travel accessories market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
