School Bags Market size is expected to register a revenue of USD 24.6 billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 5.6% from 2019 to 2025. This growth can be associated to the number of initiatives being undertaken by statutory governing organizations across the globe, which in turn are driving the demand for school supplies like school bags.
The National Center for Education
Statistics stated that the total number of students in secondary and elementary
schools was around 56.6 million in 2018. Moreover, rising adaptability for
spacious, good looking and sturdy bags as per the shifting trend is being
prevalent among the kids. In addition, the usage of recycled plastic for
manufacturing such bags is expected to positively impact market growth in the
upcoming years.
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The key driving factors responsible for the growth of School Bags
market :
The fabric segment held the
largest share across the global market owing to its excellent strength as
compared to the rest of the fabrics. The nylon segment held the second-highest
share across the global market. This can be associated to its elastic property
which can help in sustaining heavy weights.
The online segment is anticipated
to witness the fastest CAGR from 2019 to 2025 owing to rising trend for the
usage of smartphones and internet. The offline distribution channel segment
held the highest share of around 80% across the global market for school bags
due to increasing number of retail stores, supermarkets, hypermarkets, Omni
channels, and specialty stores.
Asia Pacific held the largest
share across the global school bags market and is anticipated to continue its
dominance over the forecast period, 2019 to 2025. This growth can be associated
to rising population and rising awareness regarding child education across
countries like India and China. Europe is also expected to witness significant
growth in the upcoming years owing to increasing disposable income among the
working population.
Further key findings from the report suggest:
• The polyester fabric segment
held the largest share across the global school bags market in 2018.
• The online segment of
distribution channel is anticipated to witness the highest CAGR during the
forecasted period, 2019 to 2025.
• Asia Pacific held the largest
share across the regional market and is anticipated to register the fastest
growth rate in the upcoming years.
• Key players in this market are
Puma; Targus Inc.; Nike; Delsey; Belmil; Herschel Supply Company; and
Wildcraft.
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