Europe is the highest revenue contributor, accounting for the maximum share in the global market and is estimated to grow at a CAGR of 7.8%
PORTLAND, OREGON, UNITED STATES, June 21, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Kids Trolley Bags Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” The global kids trolley bags market size was valued at $347.3 million in 2018 and is projected to reach $662.8 million by 2026, registering a CAGR of 8.6% from 2019 to 2026.
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Kids trollies are the type of wheeled suitcases or bags for kids. These are used to carry traveling material such as clothing, toiletries, trip necessities, and the souvenirs on the return trip. The hard luggage segment is anticipated to witness substantial growth owing to the rise in disposable income of consumers, thus enabling them to spend on luxury traveling products.
The factors that promote the growth of the kids trolley bags industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and others. Factors such as technological advancements increase easy access to hotel & transport booking through online portals, which further boost the market growth. Continuous development in the travel & tourism industry accelerate the growth of global travel & tourism industry, which in turn supplements the growth of the kids trolley bags market. Moreover, improvement in economic condition and growth in disposable income are the significant factors that propel the growth of the kids trolley market. However, rapid growth of the travel bag industry also attracts the counterfeit industry. This counterfeit industry is significantly growing across various industries. These fake products are generally of low quality and often lead to inconvenience & safety issues to consumers and develops negative perceptions among consumers, which is anticipated to hamper the of the global kids trolley bags market growth.
The kids trolley bags industry is segmented on the basis of type, distribution channel, and region. Based on type, the market is bifurcated into hard luggage and soft luggage. Based on distribution channel, the market is categorized into supermarkets/hypermarkets, specialty stores, online stores, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The hard luggage segment in the kids trolley bags market is expected to grow comparatively faster than soft luggage, witnessing a CAGR of 8.8%. This is attributed to higher durability of hard luggage kids trolley bags and increase in awareness about the luxury travel products. However, the soft luggage kids trolley bags is expected to grow at a CAGR of 8.4% throughout the forecast period owing to higher affinity of children toward duffel bags.
Based distribution channel, the online stores segment was the major revenue contributor to the global kids trolley bags market share in 2018. In addition, the specialty stores segment is expected to witness a gaining market share due to option of physical comparison between products before purchase.
Based on kids trolley bags market forecast by region, the market is dominated by Europe, particularly the highly developed regions such as the UK and Germany and followed by France. This can be attributed to higher outbound travels from these regions and higher disposable income of people in this region. Asia-Pacific is the fastest growing regional market with a CAGR of 10.3% throughout the forecast period. In addition, LAMEA is expected to witness a significant growth rate during the forecast period with an increase in the affluent population.
Key Findings of the Kids Trolley Bags Market :
In 2018, based on distribution channel, the online segment was the most prominent segment witnessing the highest growth during the forecast period.
In 2018, based on type, the hard luggage segment was the highest contributor to the market and is expected to grow at a significant growth rate throughout the forecast period.
In 2018, based on region, the Asia-Pacific regional segment accounted for one-fourth share and is projected to grow at the highest during the forecast period.
In 2018, based on region, Europe was the highest revenue contributor, accounting for the maximum share in the global market and is estimated to grow at a CAGR of 7.8%
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The key players operating in this market are Cabin Max, DC Comics (the Araca Group), Disney, Micro Mobility Systems AG, Samsonite International SA, Trunki, TRUNKI, VIP Industries Ltd., and Wildkin. Leading players are continuously evaluating their products on durability, convenience and customer preference to provide seamless customer experience.
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