Global School Bags Market 2019-2023
About this market
Adoption of new teaching methodologies and increasing focus on extracurricular activities by schools are necessitating the use of laptops and tablets among students. Having to carry such electronic gadgets is increasing the weight of school bags, which is increasing the demand for lightweight bags among parents and school administrations. To cater to this demand, vendors are using advanced technologies and raw materials to develop lightweight school bags. For instance, several vendors are offering water repellent lightweight bags made of polyurethane. The growing demand for lightweight school bags is expected to drive the growth of the global school bags market size at a CAGR of over 6% during 2019-2023.
Increasing global literacy rate
According to the World Bank Group, the global literacy rate among people within the age range of 15-24 years has increased by 6.89% during 1996-2016. Such growth in the literacy rate is indicative of the fact that the number of student enrolments in educational institutions will increase, which will a positive impact on the growth of the global school bags market size.
Presence of counterfeit products (Me-Too brand)
The growth of the e-commerce industry is easing the distribution of counterfeit products across various regions. Manufactured out of toxic and low-quality raw materials, counterfeit products imitate logo, and trademarks of genuine brands and are marketed at cheaper rates. While this is harming the reputation of vendors, it is also compelling them to reduce the market price of their products despite incurring a high production cost.
For the detailed list of factors that will drive and challenge the growth of the school bags market size during 2019-2023, view our report.
The market appears to be fragmented with many players occupying the market share. Companies such as DELSEY and LVMH Moët Hennessy - Louis Vuitton have intensified competition. Factors such as the high demand for lightweight school bags and increasing global literacy rate will provide significant growth opportunities for school bags manufacturers. DELSEY, LVMH Moët Hennessy - Louis Vuitton, Samsonite International SA, Targus Inc., and VF Corp. are some of the major companies covered in this report.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook