Kids Trolley Bags Market to Garner $662.8 Mn, Globally, by 2
Growth in travel and tourism, increase in disposable income, and surge in penetration of the Internet have boosted the growth of the global kids trolley bags market
PORTLAND, Ore., Sept. 21, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Kids Trolley Bags Market by Type (Hard Luggage and Soft Luggage), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global kids trolley bags industry generated $347.3 million in 2018 and is estimated to reach $662.8 million by 2026, registering a CAGR of 8.6% from 2019 to 2026.
Drivers, restraints, and opportunities
Growth in travel and tourism, increase in disposable income, and surge in penetration of theInternethave boosted the growth of the global kids trolley bags market. However, risk of counterfeiting hamperS the market growth. On the contrary, development of small and light weight travel bags opportunities for the market players in the coming years.
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- Due to outbreak of covid-19, the manufacturing and supply chain procedures for kids trolley bags were kept on hold for an uncertain period.
- On the other hand, the restrictions on travel and tourism as well as malls and sale stores have further resulted in declined demand for the bags.
The hard luggage segment dominated the market
By type, the hard luggage segment held the largest share in 2019, accounting for more than half of the global kids trolley bags market. In addition, the same segment is expected to register the highest CAGR of 8.8% during the forecast period. Hard luggage kid's trolley bags are generally made of polycarbonate, aluminum, ABS, and polypropylene, which is why they are rigid and durable and offer efficient protection to fragile item. This factor drives the growth of the segment.
The online stores portray highest CAGR through 2027
By distribution channel, the online stores segment is expected to manifest the highest CAGR of 10.0% from 2021 to 2027. The leading players in the industry are expanding into e-commerce, owing to rise in internet penetration across the world. On the other hand, online sales channelsarewidely accepted by consumers in the developed countries of North America and Europe, due to rise in adoption of mobile phones. These factors are driving the segment growth. However, the specialty stores segment held the largest share in 2019, contributing to nearly half of the global kids trolley bags market. The specialty store business operators maintain considerable gravity in the type of product that they specialize in selling, usually at premium prices to provide higher service quality and expert guidance to shoppers which, in turn, expands the segment growth.
Europe held the lion's share, North America to grow at a significant pace-
By region, the global kids trolley bags market across Europe dominated the market in 2019, accounting for nearly two-fifths of the market, owing to improvement in the economy, increase in disposable incomes, and rise in consumer expenditure for fashionable goods and accessories. However, the market across Asia-Pacific is expected to register the highest CAGR of 10.3% during the study period. Strong economic growth, high penetration of internet & technology in the densely populated countries, and penetration of IoT for managing different operations related to advertising, promoting, and sale drive the market growth in this region.
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Major market players
- Cabin Max
- DC Comics (the Araca Group)
- Micro Mobility Systems AG
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