The travel accessory sector is always evolving, with old trends and fashions becoming obsolete as new trends and fashions join the market. Travel accessories are used for vacations, personal trips, and work trips. Travel bags, travel clothes, business cases, electronic accessories, personal leather goods, toiletries, food boxes, travel pillows and blankets, and locks are among the travel accessories/goods, with travel bags having the largest market share. Some travel accessories are only available during certain times of the year. Luggage bags, sports bags, backpacks, and other types of travel bags are available. When compared to other types of bags, the backpack is predicted to grow at the fastest rate. Nowadays, travel firms aid customers in deciding which travel accessories to purchase. Given rising discretionary money and increased international travel, the entire travel accessories market is likely to rise rapidly in the future decade.
Global Travel Accessories Market: Dynamics
The tourist industry, and hence the travel accessories business, is being driven by rising disposable and per capita income in most emerging countries. Furthermore, the growing trend among millennials to travel to preserve mental and physical wellness is projected to drive the market shortly. The market is expected to be bolstered by an increase in regional and international business travelers. Various countries promote tourism while others promote international business, resulting in an increase in international travelers, which is expected to positively impact the travel accessories industry. The price of travel accessories is trending north due to rising demand and changing trends in the industry, which may act as a market restraint.
COVID-19 Impact on Travel Accessories Market:
The rapid epidemic of coronavirus (COVID-19)-related health crisis has had the greatest impact on the tourism industry. The pandemic is still spreading and affecting people all over the world. COVID-19’s potential consequences, including production line delays, supply chain disruptions, and lockdowns, have limited the consumer’s ability to travel across the region or country. Tourist attractions have been closed in most nations to prevent the sickness from spreading. COVID-19 has had a considerable impact on business travel as well.
Global Travel Accessories Market: Regional Outlook
Due to rising consumer spending in countries such as China and India, the Asia-Pacific region is predicted to continue to dominate the worldwide travel accessories market over the forecast period. Travel accessories are also in high demand in Japan and the ASEAN area.
Some key players involved in the Travel Accessories market include:
- ACE Luggage Co. Ltd
- ExOfficio, Magellan’s
- MCM Worldwide
- Nike Inc.
- TravelSmith Outfitters
- VIP Industries Ltd.
- SINOX COMPANY LTD.