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Travel Bags Market Development, Analysis and Demand 2032…

The travel bags market is likely to hold the global market at a moderate CAGR of ~8.3% during the forecast period. The global market holds a forecasted revenue of ~US$ 16.9 Billion in 2022 and is likely to cross ~US$ 37.5 Billion by the end of 2032.

With the global travel and tourism industry providing a strong impetus to allied sectors, the travel bag segment will continue to account for the largest revenue share in the global luggage market. According to FMI’s recent research, the market will experience sustained growth throughout the forecast period 2016-2026. U.S., Middle East, and APAC will exhibit the highest growing potential during the forecast period. While U.S. will remain key market in terms of global sales, China will remain a formidable region in APAC.

The 2007-08 financial recession had impacted the world tourism industry for a long haul, which also held a negative aftermath on the luggage market. However, following the resurgence of the global economy, the travel and tourism industry has recovered and the demand for travel bags is also witnessing steady growth.

Key Drivers for Market Growth
The growing globalisation trend has led most of the emerging economies to witness a sprint in sales of consumer products sector, and sales of travel bags and accessories have also witnessed an uptick. Increase in the number of road and rail travelers, along with increasing frequency of flyers is also positively impacting the global travel bags market.

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Robust international travel and immigration, advancement in product design, quality, and functionality, and rising affluence of middle class population in developing nations are other key factors driving the growth of the market.
Most of the airlines have luggage weight regulations enforcement, which prompts at the growing demand for lightweight carry-on travel bags. Owing to increasing number of consumers choosing flight over road or rail journey, manufacturers are concentrating more on production of lightweight and ultra-lightweight travel luggage with hard side material.

Possible Restraints
Leading industry brands continue to maintain a strong hold in established market. However, developing regional markets include a wide range of domestic brands, which contribute a sizeable share to the total market revenues. However, counterfeits have been a major challenge to the global travel luggage market.
Although these counterfeit products are of low quality, a specific consumer base tends to buy products owing to their inexpensive prices compared to authenticated brand products.

Key Market Trends
Consumers are frequently travelling for business, trade, and leisure. Evolving fashion trends will continue to dominate the market during the forecast period. While backpacks remain popular among casual travelers, duffle bags, spinners, and carry-ons will continue to gain traction among business and leisure travelers.
With a burgeoning trend of carrying compact and lightweight luggage, manufacturers are investing more in the production of innovative, high quality, ultra-lightweight bags made from leather and microfibre material. 3600 spinner bags are also believed to observe strong sales.
While high-end designer bags are trending in the U.S. market, convertible and foldable travel bags are estimated to grasp more market on a global level, including developing nations. Innovative luggage designs, being an influential trend in market, has already been reported to trigger the manufacturing of smart bags equipped with size adjustment flexibility and in-built GPS.

Key Players in Market
The key players in the global travel bags market include Samsonite Company Stores, United States Luggage Company (LLC), Ace Co. Ltd., Targus Group International Inc., Rimova, Delsey SA, Crown, VIP Industries Ltd., Shanghai Fochier Intel’ Co. Ltd., Tumi, Travelpro International Inc., Antler, and New Travel Sports Co. Ltd., Eagle Creek, and Everest.

While United States Luggage Company (LLC) has been in the luxury luggage market with the brand name Briggs & Riley Travelware, 24-7 International has a broad brand portfolio, including Andiamo, Pathfinder, Lucas, Ciao, and more. Samsonite’s acquisitions with Gregory Mountain Products and Liapult in 2014 have been impactful for the market.
The company will continue to acquire multiple local brands in near future. Moreover, the launch of Lily Bloom designer luggage collection by 24-7 International has been a promising market driver in the U.S.

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According to Future Market Insights, the global automotive repair & maintenance services market is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion.

The market presents significant market opportunities for key players due to the growing trend of vehicle customization, higher disposable income levels, and increasing automotive safety regulations. Additionally, the demand for technologically advanced features further enhances the market potential for these players.

Increasing adoption of vehicle diagnostic tools and higher vehicle sales is expected to drive market growth. A rise in local shop owners and the prevalence of mergers and acquisitions among key players are anticipated to create opportunities for market growth during the forecast period.

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To expand their customer base, automotive service companies are increasingly embracing artificial intelligence-based automated vehicle inspection technology for efficient vehicle inspections. A notable example is the collaboration between Scope Technology, a United States-based tech firm, and Microsoft's Azure cloud computation in February 2022. This partnership aims to develop AI-automated vehicle inspection technology that enables visual inspections in under 5 minutes, resulting in a significant cost reduction of 50%.

Rising penetration of electric vehicles is further projected to drive market growth. This accelerated adoption of electric vehicles can be attributed to government initiatives and support aimed at improving environmental quality and reducing reliance on crude oil. Moreover, it is projected that battery electric vehicle repair and maintenance costs will be approximately 40% lower than those of internal combustion engine vehicles, further driving the market's expansion.

Key Takeaways

United States automotive repair & maintenance services market is expected to grow with a CAGR of 6.8% during the forecast period.
The market in China is expected to grow with a CAGR of 7.1% during the forecast period.
By vehicle type, the passenger car segment is projected to grow with a significant CAGR of 7.4% during the forecast period.
The market in India is expected to grow with a CAGR of 7% throughout the forecast period.
“Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period,” comments an FMI analyst.

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Competitive Landscape

The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.

The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.

Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.

On November 4, 2022, Belron International Ltd. confirmed its submission of a Commitment Letter to the Science Based Targets initiative (SBTi). This letter signifies their determination to establish science-based emissions reduction targets, aligning with the objectives of the Paris Agreement
In March 2021, Monro, Inc. entered into an agreement to acquire Mountain View Tire & Service, Inc. The acquisition not only strengthens Monro, Inc.'s foothold in the western region but also expands its overall presence to a total of 116 stores, further positioning the company in an attractive market.
In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to expand to 1,000 units by the end of 2023. As a leading franchisor and operator of automotive aftermarket repair facilities, FullSpeed Automotive® is known for its flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.

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