North America, which has been slated to remain the top market for professional gear bags globally, has been extending investments in automation since the past few decades. There has already been substantial growth in outdoor recreational activities in North America, in the past decade. While the outdoor recreation alone forms the 4th largest economic sector in the US, it has accounted for a massive revenue, generated in 2017. As stated by the Outdoor Industry Association US, rampant growth of the outdoor recreation sector will remain a primary factor fueling the demand for professional gear bags such as camera bags, drone bags, recreational shooter bags, and other equipment bags, in the US as well as worldwide.
IoT-enabled/Smart Gear Bags to Enter Mainstream
Soaring investments in product development targeting multifunctional gear bags segment, coupled with the incorporation of Internet of Things (IoT) into the current product offerings in market, will reportedly boost the professional gear bags market in the region. Moreover, Asia Pacific, the highest lucrative region for manufacturers of professional gear bags, is also expected to witness the entry of IoT technology in the existing manufacturing process of gear bags in the market. While connected products have a come a long way since inception, they have swiftly shifted from being experimental to riding the mainstream choices among consumers. Companies are increasingly working on including IoT-related user abilities in gear bags and accessories, especially in business traveler carry-on bags and suitcases, to redefine the entire experience of traveling on a business.
As indicated by Future Market Insights’ research, some of the leading manufacturers in the global professional gear bags market are focusing on the adoption of IoT to introduce more user-friendly products to the marketplace, grasping the tremendous consumer interest in connected devices. The ability of smart business traveler bags to enable charging of smartphone and other electronic devices during commute and layovers, will play a key role in attracting a growing base of business travelers. Smart luggage typically comprise the state-of-the-art technology such as GPS locator, battery pack, and electronic weighing scale. Some bags also possess motors so as to function as personal transportation devices.
Collaborations & Partnerships Remain Top Strategies for Manufacturers
Technological innovations are expected to eventually impact the competitive landscape and fragmentize the mature professional gear gags market, such as business travel carry-ons, aviation/pilot bags, gun bags, and camera/drone bags and cases, by intercepting IoT modules into these devices. This fragmentation of the marketplace is expected to further push the revenue sales slightly up, over the forecast period, 2018-2028. As the IoT-enabled additional features offer maximum comfort and convenience, these bags are likely to gather more traction in future compared to traditional gear bags.
The market for professional gear bags may also witness leading players collaborating with technologically advanced device makers, to develop and introduce exclusive product-based gear bags in mainstream offerings. Moreover, manufacturers are further anticipated to enter partnerships with device manufacturers in an effort to create a range of product-specific professional gear bags – especially camera bags and drone bags. In addition to helping bag manufacturers gain brand recognition, such strategic moves will aid the companies improve the penetration rate in new regional markets, using established sales channels of device makers.
As indicated by FMI’s recent outlook on the global professional gear bags market, it is likely that the market will reach around US$ 24 billion by the end of 2028, witnessing moderate expansion at a CAGR of 4.6% between 2018 and 2028.
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