Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Laptop Messenger Bags market.
Trusted Business Insights presents an updated and Latest Study on Laptop Messenger Bags Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Laptop Messenger Bags market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Laptop Messenger Bags Market
The global laptop messenger bags market size was valued at USD 385.4 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 2.9% from 2021 to 2027. Increasing use of laptops as a mainstream device is likely to boost the demand for laptop messenger bags throughout the forecast period. At a macro level, rising consumer awareness regarding the aesthetic appeal of laptop carry cases, along with expanding consumer base of fashion-conscious consumers worldwide, is expected to sustain the growth of the market in the foreseeable future.
Laptop messenger bags are popular among consumers for their ease of carrying and lightweight. Prominent market participants have been focusing on employing high-end technology to manufacture lightweight fabric due to growing consumer interest in lightweight laptop bags. Furthermore, increasing global fares on luggage, coupled with weight limitations enforced by various airlines, are driving the demand for lightweight laptop carry cases, including messenger bags.
Laptop messenger bags are popular owing to features, such as GPS tracking, multiple storage options, and inbuilt USB charging port. Market players are expected to use advanced technology to target a wide variety of customers, including millennials. In this respect, smart laptop messenger bags are likely to redefine the product demand over the forecast period 2021-2027.
The trend of Bring Your Own Device (BYOD) is likely to boost the product demand in the near future, with a sizable number of businesspersons contributing to this trend. However, rising availability of counterfeit products, most notably in the Asian markets, such as China and India, is expected to impede market growth over the forecast period.
Availability of numerous substitutes also challenges the market. Backpacks, sleeves, briefcases, and rollers are the substitutes for laptop messenger bags. Backpacks are among the most popular laptop carry cases and are among the most significant alternatives to laptop messenger bags. However, manufacturers of laptop messenger bags employ a wide variety of materials, including leather, to reduce the threat of substitution for their products.
Rising adoption and popularity of sustainable materials is a key trend that has been gripping the market over the years. In this regard, jute-based messenger bags are gaining widespread attention within the industry. Despite the aesthetic appeal of leather-based laptop messenger bags, sustainably sourced bags are likely to gain more traction in the near future, most notably in Europe and Asia Pacific.
Distribution Channel Insights: Laptop Messenger Bags Market
In terms of distribution channels, the laptop messenger bags market is segmented into two categories, namely offline and online. The offline segment lead the market in 2019 and held a 79.4% share of the overall revenue. Offline channels for the distribution of laptop messenger bags majorly include hypermarkets and supermarkets and specialty stores.
Specialty stores can be further classified into two categories, namely multi-brand and single-brand specialty stores. Popular laptop messenger bag brands principally prefer the distribution of their products through specialty stores backed by their strong brand reputation.
The online segment is likely to expand at the fastest CAGR over the forecast period owing to the proliferation of e-commerce players within the industry. Provision of substantial discounts, along with the convenience of fast product delivery and free shipping options, is creating a healthy demand for laptop messenger bags through online channels.
Regional Insights: Laptop Messenger Bags Market
Asia Pacific emerged as the largest regional market for laptop messenger bags in 2019 and accounted for a share of 34.7%. Led by countries such as China and India, manufacturers operating within Asia Pacific benefit from the presence of a large customer base. Some of the macro factors driving the market in Asia Pacific are rising consumer spending on electronic devices and increasing disposable income.
North America is anticipated to witness considerable growth over the forecast period owing to high usage of laptops among students. Presence of a sizable working population is also a prominent factor augmenting the demand for laptop messenger bags in the region. Furthermore, steady growth of some of the worlds largest laptop manufacturers, including Hewlett-Packard and Dell, have been strengthening the growth of the market in North America.
Key Companies & Market Share Insights: Laptop Messenger Bags Market
The market has been characterized by intense competition due to the presence of both international and domestic market participants. Product innovation is among the most preferred strategic initiatives adopted by key players to stay abreast of the competition in the market. The industry is expected to encourage prospective manufacturers, most notably small- and medium-sized players, to establish a business, given the moderate level of capital spending required to set up a manufacturing plant. However, dominance of internationally-reputed manufactures/companies is likely to reduce the threat of new entrants in the foreseeable future. Some of the prominent players in the laptop messenger bags market include:
Key companies Profiled: Laptop Messenger Bags Market Report
- CASE U
- Amazon.com, Inc.
- Mobile Edge
- LEATHER BAGS
- Calvin Klein
- Helly Hansen
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global laptop messenger bags market report on the basis of distribution channel and region:
Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
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