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Laptop Backpack Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global laptop backpack market was valued at USD 5.45 billion in 2022 and is projected to expand at a CAGR of 8.2% from 2023 to 2030. The increasing demand for stylish, trendy, and innovative laptop backpacks is driving the growth of the market. Moreover, growing disposable income, rapid urbanisation, and increased spending towards technological gadgets are some of the key factors driving the growth of the laptop backpack market.
The demand for laptop backpack is increasing due to improved functionality, convenience, and comfort. Furthermore, the availability of laptop backpacks in various sizes and shapes, as well as with different features, has increased their popularity among the customers. Additionally, the increasing trend for lightweight and stylish laptop backpacks among the tech-savvy population is expected to further fuel the demand for laptop backpacks during the forecast period.
The laptop backpack market is segmented based on type, application, and region. By type, the market is divided into business, casual, and sports laptop backpacks. By application, the market is segregated into schools and colleges, corporates, and other applications. The increasing demand for laptop backpacks among college and school students is expected to drive the market during the forecast period.
Additionally, the availability of laptop backpacks with multiple compartments and pockets are encouraging customers to buy them. Furthermore, vendors are introducing laptop backpacks with features such as USB charging ports, anti-theft locks, and back padding for improved comfort. Such advanced features are expected to further propel the demand for laptop backpacks in the coming years.
Moreover, various laptop bag manufacturers are launching their products through e-commerce sites. This has enabled them to reach a wider customer base and has resulted in a surge in their sales. Additionally, the rising trend of online shopping is also responsible for the growth of the laptop backpack market. Furthermore, key players are focusing on developing innovative products to meet the changing customer preferences. For instance, in February 2021, HP launched a new laptop backpack with a water-resistant and shockproof design. The backpack is designed with a large storage space and an exterior pocket to store power banks, pens, and other essentials.
Product Insights
The laptop backpack segment led the market and accounted for a share of around 49.2% in 2022. This is mainly attributed to the rising demand for laptop backpacks among professionals who need to commute to their workplace with their laptop and other gadgets. Additionally, the convenience, flexibility, and stylish designs offered by laptop backpacks are some of the key factors driving the market growth. According to a survey conducted by Statista in April 2020, 63% of respondents said they used a laptop bag/backpack for carrying their laptop, compared to a handbag or a briefcase.
The laptop sleeve segment is anticipated to expand at the fastest CAGR of 8.4% over the forecast period. This is primarily attributed to the growing demand for lightweight and compact laptop sleeves, which are designed to protect laptops from dust and scratches. In addition, the increasing demand for fashionable laptop sleeves, which come in various sizes and designs, is expected to fuel the growth of the laptop sleeve market. Furthermore, rising awareness about the need to protect laptops from damage is another factor driving the market growth.
Distribution Channel Insights
The offline segment held a major share of over 70.2% in 2022. Offline channels, such as retail stores, supermarkets & hypermarkets, and specialty stores, are the primary sources of laptop backpacks. Specialty stores and independent retailers offer more personalized services, such as in-store demonstrations and styling advice, which attract more customers. In addition, most people tend to prefer physical stores to online stores as they can compare various products and check their quality.
The online segment is expected to expand at a significant CAGR of 12.1% over the forecast period. The growth is attributed to the increasing penetration of e-commerce platforms, such as Amazon and Flipkart, which offer laptop backpacks at a discounted rate. Furthermore, the convenience of shopping from home, the availability of a wide range of options, and free shipping services are expected to drive the segment growth.
Type Insights
The laptop backpack segment held the largest revenue share of 47.2% in 2022. This segment is driven by the increasing trend of using laptop bags for the purpose of convenience and mobility among working professionals. Also, the increasing penetration of laptops and tablets among consumers has further increased the demand for laptop backpacks. The growing trend of digitalization and the increasing usage of laptops by students has also propelled the demand for laptop backpacks.
The fashion backpack segment is likely to expand at a CAGR of 8.1% in the forecast period. The rising inclination towards fashion among consumers is driving the demand for fashionable backpacks. Several companies are focusing on launching fashionable backpacks to cater to the needs of consumers. For instance, in April 2022, Bagpackerz, a U.K.-based manufacturer of travel bags, launched a range of fashionable backpacks. This range of backpacks was designed using high-quality materials and was available in a variety of colors.
Regional Insights
Europe is expected to witness the fastest growth in the coming years. An increase in the use of laptop backpacks for everyday use is a key factor driving the growth of the market in the region. The rising number of business travelers and students is further expected to fuel the demand for laptop backpacks in the region. For instance, in March 2021, the French luxury accessories brand, Louis Vuitton, launched a collection of new laptop backpacks for professional use.
Asia Pacific accounted for the second-largest share of the market in 2022. Growing awareness about the safety of laptop backpacks and their convenient usage among the consumers is a key factor driving the growth of the market in the region. For instance, in December 2021, the Chinese electronics giant, Xiaomi, launched a line of laptop backpacks that provide better protection for laptops.
Financial Projections
In this part of the laptop backpack products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your laptop backpack products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a laptop backpack products business comes from sales of the product, as well as any additional services related to the product such as repair and customization. Here you will find a list with a description of each of them and other possible sources of profit such as online advertising, subscription services, and affiliate marketing.
Projecting Expenses
In this section, all the regular expenses related to keeping the laptop backpack products business running will be described. The list of operating expenses includes manufacture and shipping costs, advertising, marketing, and customer service, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the laptop backpack market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Samsonite International S.A. launched the Samsonite Pro-DLX 5 laptop backpack.
– In September 2022, High Sierra launched the Endeavor laptop backpack, a lightweight and durable laptop bag.
– In October 2022, Thule launched the Crossover 2 laptop backpack, a lightweight and water-resistant laptop bag.
Some of the prominent players in the laptop backpack market include:
– Samsonite International S.A.
– High Sierra
– Thule
– JanSport
– Herschel Supply Co.
– OGIO
– Kipling
– Targus
– Fjallraven
– Dell Technologies
Global Laptop Backpack Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global laptop backpack products market based on product type, distribution channel, end-use, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Sling Backpack
– Trolley Backpack
– Wheeled Backpack
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Offline
– Online
3. End-Use Outlook (Revenue, USD Million, 2017 – 2030)
– College/School Students
– Professionals/Adults
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation in the Laptop Backpack Market?
[A]: Product innovation has been a major factor driving the laptop backpack market. Companies are developing new designs and materials that provide a combination of comfort, style, and protection for laptop users. Companies are also adding features such as water resistance, anti-theft features, and additional compartments to their laptop backpacks. The introduction of eco-friendly materials such as organic cotton and recycled polyester has also been a trend in the laptop backpack market.
[Q]: Who are the Key Players in the Laptop Backpack Market?
[A]: The major players in the laptop backpack market include Samsonite International S.A., Targus, Inc., The North Face, Inc., High Sierra, Inc., JanSport, Inc., VF Corporation, Kata, Inc., The Herschel Supply Co., Inc., and Piquadro S.p.A.
[Q]: Which Region Offers the Largest Opportunity for Sales of Laptop Backpacks?
[A]: The Asia Pacific region is expected to be the largest and fastest-growing market for laptop backpacks during the forecast period. The growth of the laptop backpack market in the region is driven by the increasing number of laptop users, the availability of advanced products, and the changing lifestyles and preferences of consumers.
[Q]: What are the factors driving the laptop backpack market?
[A]: Factors such as the increasing number of laptop users, growing demand for lightweight backpacks, and the increasing trend of digitalization are driving the laptop backpack market. The presence of multiple players offering a variety of laptop backpacks is also expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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