The shopping behaviour of millennials is expected to boost the travel accessories market growth.
The travel accessories market was valued at $48.2 billion in 2021, and is estimated to reach $95.7 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031, finds a new study by Allied Market Research.
The COVID-19 outbreak has negatively impacted the overall growth of the travel accessories industry. Closures of boundaries of countries and cancelations of business trips disrupted transportation and production facilities, which highly and harshly impacted the product market in 2020.
Now with borders opening, factors that promote growth of the travel and tourism industry include, changes in lifestyle, increase in tourism promotion, and surge in accessibility of transport facilities. Moreover, continuous development in the travel & tourism industry and integration of various segments such as hospitality and infrastructure with government initiatives accelerate growth of the global travel and tourism industry, which propels the travel accessories market growth.
As per the key findings, China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $13,822.6 million by 2031, growing at a CAGR of 6.1% during the forecast period. Electronic travel accessories segment accounted for $10,814.4 million in 2021, garnering 22.4% of the global market share, and the specialty stores segment acquired $11,601.2 million in 2021, exhibiting 24.1% of the global market share.
According to the travel accessories market trends, the travel pillow and blanket segment was valued at $6,280.1 million in 2021 and is projected to reach $13,029.3 million by 2031, growing at a CAGR of 6.9% from 2022 to 2031. Growing incidences of sleeping disorders and back pain and requirement for comfortable sleeping positions while traveling is likely to generate demand for travel pillow and blankets. A neck pillow supports the neck and head to reduce the pain by creating natural resting positions. Growing use of sustainable materials for making travel pillow and blankets and rise in acceptance for eco-friendly products further accelerate the growth of the travel accessories market share through the travel pillow and blankets segment.
The online stores segment was valued at $9,502.3 million in 2021 and is expected to grow at $22,691.6 million by 2031, registering a CAGR of 8.4% during the travel accessories market forecast period. The shopping behaviour of millennial generation and emergence of mobile devices for internet access are expected to boost the travel accessories market growth. Rise in penetration of various online portals in developing economies has led to the market growth through the online stores. Therefore, online stores for sales of travel goods, including travel bags, travel electronic accessories, pillow and blankets is anticipated to grow in the future.
According to the travel accessories market opportunities, by region, North America has been gaining significant share in product market and is expected to sustain its share during the forecast period. In the U.S., stylish and smart travel belongings, including travel bags represent lifestyle and fashion statement for travelers. Furthermore, high spending capacity on luxury goods and services, quick acceptance technological advanced smart suitcases, and rise in the number tours and travel persons boost the growth of the of the product market during the forecast period.