Holdall bag is also called as gym bag or carryall bag which generally has a rectangular base and zippered opening at the top. The Holdall bags are lightweight, durable, convenient during transportation which is why it is highly preferred among the youngsters while travelling. Over the last few years, increase in travel and tourism industry has increased. Also, the number of people who are interested in improving their physical fitness and joining the gym are also rising. Because of this, the demand in Holdall bags is expected to rise during the forecast period. Holdall bags can be made up of various materials such as fibres, nylon, polyester which has inherent properties such as lightweight, tear & wear resistance and durable which increase its chances to prefer as a raw material in the manufacturing process of Holdall bags.
Continuous upgradation in technology gives an upper-hand to innovation in various types of product design which helps to attract the customers with the help of its appearances. Evolving fashion trends and leisure among the consumers especially in youngsters are major factors that are responsible in the growth of Holdall bags market and is estimated to increase substantially in an appreciable amount during the forecast period.
Holdall Bags Market: Dynamics
The factors which drive the Holdall bags market are increase in number of domestic and international travellers, multi-functionality, ease in handling, ease in transportation, urbanization, increase in number of customers through retail & e-commerce channel, rise in tourism industry, innovation in design & packaging due to advancement in technology, convenience and durability.
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The factors which restrain the Holdall bags market are increase in counterfeits which are of low quality but available at a cheaper rate and non-continuity in the purchase of the bags or seasonal demand of the product.
Holdall Bags Market: Regional Outlook
On a global scale, North America is the major contributor in Holdall bags market due to the standard of living of the population in this particular region. Europe is the second largest market for Holdall bags and is expected to increase its market share during the forecast period due to increase in domestic and international travellers over the last few years.
Asia-Pacific region especially China, Japan and India are expected to grow at a higher CAGR that that of other geographical region due to wake in retail and e-commerce business and increase in number of online shopping customers. The region is expected to increase its market share in terms of value as well as volume during the forecast period.
Latin America, Middle-East & Africa and Oceania are the geographical regions which has a steady growth in Holdall bags market and anticipated to grow further due to their emerging economies, rise in industrial area and increase in market sources such as hypermarkets, supermarkets and retail stores.
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Holdall Bags Market: Key Players
Some of the key players on a global scale in Holdall bags market are Samsonite International S.A., United States Luggage Company LLC, Ace Co. Ltd., Targus Group International Inc., Delsey SA, Crown, VIP Industries Ltd., Shanghai Fochier Intel Co. Ltd., Tumi, Travelpro International Inc., Antler, and New Travel Sports Co. Ltd., Eagle Creek, Luggage America, Netpackbag, Ralph Lauren, Travelpro, Briggs & Riley Travelware, MCM Worldwide, Tumi Holdings Inc., VF Corporation, Rimowa GmbH, MCM Worldwide, Louis Vuitton Malletier S.A., TGHI, Inc., LVMH Group and Kering SA.
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