Companies in the laptop bag market are focusing on introducing new products with the help of various technologies, such as built-in GPS trackers, and bags made from sustainable materials, in order to keep their businesses growing post the COVID-19 pandemic. The demand for advanced integrated products with additional features is on the rise. Laptop bags are being designed for different types of consumers, such as corporate professionals by incorporating technology in bags (USB Smart Scan that allows them to speed through airport checkpoints without having to remove the laptop from the bag), and additional features such as built-in power-ready USB ports that are likely to increase the overall demand for laptop bags in the near future. The market is expected to witness an increase in product diversity, as several international companies with R&D capabilities and Internet platform resources are set to enter the arena of laptop bag manufacturing.
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Laptop Bag Market Introduction
A laptop bag protects the laptop screen from cracking or breaking due to the padding used in the bag. Laptop bags provide enough room to organize and store laptop accessories and documents, and offer protection from scratches and dust. Laptop bags are typically easy to transport, as they have comfortable back straps or a long strap for carrying them on the side. Laptop bags are designed to carry or hold laptops and other mobility aids such as tablets and e-readers. Moreover, they provide enough room to organize & store accessories and documents. These days, a wide variety of laptop bags is available to meet customer needs. The most popular types are messenger bags and backpacks, among others.
Increase in Demand for Laptops for Professional and Commercial Use Globally
The market for laptop bags is anticipated to grow as a result of rising laptop usage, particularly in businesses. Around 268.3 million portable computers were sold worldwide in 2021, with the commercial sector being largely responsible for market growth. Enterprises, work-from-home professionals, online education, and gaming industries all contribute to the demand for laptops. HP, Lenovo, and Dell rank as the top three sellers of laptops both in the U.S. and globally, due to factors such as prompt post-sale support, a professional marketing approach, and competitive pricing.
Rising demand from small & medium-sized businesses and consumers’ ongoing inclination for mobility impact sales of laptop bags. The demand for carrying laptops is expected to rise significantly with the increase in laptop sales globally, which, in turn, is anticipated to drive the laptop bag market during the forecast period.
Growth of E-commerce Sector to Propel Global Laptop Bag Market
The e-commerce industry has seen a rapid increase in popularity, owing to the growing number of mobile phone users across the globe in the recent years. Consumers have access to a wide selection of goods through e-commerce as opposed to offline retailers, where customers have fewer options. The growth of the e-commerce sector is projected to support the laptop bag market globally during the forecast period.
The retail market share is estimated to increase as global retail sales growth keeps increasing. By 2023, online retail sales would reach a total of US$ 6.17 Trn, with e-commerce websites accounting for 22.3% of total retail sales. China is likely to dominate the global e-commerce market with 52.1% of all retail e-commerce sales globally, and only over US$ 2 Trn in total online sales in 2021. Additionally, it has 824.5 million digital buyers worldwide, accounting for 38.5% of all buyers worldwide. In 2022, it is anticipated that the e-commerce market in the U.S. would surpass US$ 875 Bn, slightly crossing China’s market. The U.K. is the third largest e-commerce market after China and the U.S., with retail e-commerce sales of 4.8%.
Businesses are collaborating with online stores and developing their e-portals to reach a bigger audience. Increase in the number of online portals helps the market flourish. The sector has expanded greatly, as more customers are taking the advantage of the convenience of online shopping and buy a variety of goods. It is, thus, anticipated that the growing online e-commerce market would continue to positively affect the demand for laptop bags.
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Regional Outlook of Global Laptop Bag Market
North America hold the maximum market share, attributed to the business sector in the U.S. and Canada, where there is a stronger need for laptop bags. Furthermore, presence of numerous manufacturers, increase in consumption, and technological advancements are some of the factors creating a positive environment for laptop bags in the region.
The market in Asia Pacific is estimated to grow at the fastest CAGR. Rise in travel, presence of numerous manufacturers, and easy availability of raw materials & labor are some factors promoting market growth in the region. Moreover, increasing number of middle-income groups, rising disposable income, and growing educational infrastructure, along with favorable government policies for bag manufacturers in China and India, are some of the prominent factors driving the demand for laptop bags in the region.
Analysis of Key Players in Global Laptop Bag Market
Prominent manufacturers are spending significant sums of capital on comprehensive research and development, primarily to develop innovative products. Diversification of product portfolios and mergers & acquisitions are the main strategies adopted by key players. Briggs and Riley Travelware, Case Logic, HP Development Company, L.P., iMosiso, Lenovo, Samsonite IP Holdings S.à r.l., Solo, SWISSGEAR, Targus, TIMBUK2, etc. are the prominent entities operating in this market.
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