The Travel and Business Bag Market share are expected to grow by USD 11.27 billion from 2021 to 2026, at a CAGR of 7.62% during the forecast period, according to Technavio. One of the main factors driving the growth of the travel and business bags market is the increased demand for lightweight travel bags.
The growing demand for lightweight travel bags, increasing product brand promotions and marketing campaigns, and the rising online sales of travel and business bags will offer immense growth opportunities. However, the rise in labor costs and fluctuating raw material prices, the presence of counterfeit products, and stringent government regulations on the procurement of raw materials such as leather will challenge the growth of the market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.