Industry Insights, Market Size, CAGR, High-Level Analysis: School Bags Market
The global school bags market size was valued at USD 16.77 billion in 2018 and is expected to expand at a CAGR of 5.6% from 2019 to 2025. The growth is attributed to the rising number of school goers around the world. Growing student enrollment ratio coupled with government efforts to encourage education for all children is anticipated to further propel the growth.
Rising focus on providing basic education to children is attributed to the rising number of schools and colleges and students across the globe. As per the National Center for Education Statistics in 2018, about 56.6 million students attended elementary and secondary schools. Growing student enrollment is projected to boost the demand for school supplies including school bags, which in turn is anticipated to drive the market growth.
Rising demand for sturdy and spacious school bags with trendy designs is anticipated to anticipated to bode well for the market growth. Demand for good quality materials capable of carrying excess load without transferring it to the back or shoulders of the students carrying them is expected to bode well for the product innovation as well as demand.
Evolving teaching methodologies and rapid digitization have resulted in increased use of tablets, laptops, and other electronic gadgets. These gadgets increase the weight of the bags, which is anticipated to drive the demand for lightweight bags and fuel innovation in terms of raw materials and manufacturing technologies. Rising use of eco-friendly materials such as recycled plastics is projected to positively influence the growth of the market.
Fabric Insights
Polyesters accounts for the largest market share and is expected to be the fastest growing segment over the forecasted period. The growth is attributed to higher strength of the material compared to other fabrics. The waterproof nature of this fabric makes it durable for manufacturing sturdy school bags.
Nylon is the second largest and fastest growing segment in the school bags market. The fabric has high elasticity and can be used for manufacturing bags designed to carry different load requirements. Availability of trendy designs and patterns is anticipated to further fuel the segment growth.
Distribution Channel Insights
Online distribution channel is estimated to register the fastest CAGR over the forecasted period owing to growing penetration of e-commerce industry coupled with rising influence of social media on consumer purchasing decisions. Availability of offers and discounts, quick product delivery and easy returns, free shipping, and ease of comparison are some of the factors driving the segment growth.
Offline distribution channel held the largest market share approximately 80% in 2018 and is expected to maintain its dominance over the forecasted period. Rise in the number of offline stores such as hypermarkets, supermarkets, omni channels, house and office goods and specialty stores is anticipated to propel the expansion. Excluding some of the major players the market is mostly driven by unorganized players. These small players target small retailing shops for selling their products leading to the growth of the segment.
Regional Insights of School Bags Market
Asia Pacific was estimated to be the largest regional segment in 2018 and is expected to register the fastest CAGR over the forecasted period. Increasing number of school children is driving the regional demand for school bags. Rising number of school going children in the region is anticipated to fuel the demand for school bags in the region.
Europe is estimated to register the fastest CAGR over the forecasted period owing to high disposable income of consumers coupled with higher enrollment ratio in schools.
Market Share Insights of School Bags Market
Major market players include Nike; Puma; Delsey; Targus Inc.; VIP Industries; Belmil; and Herschel Supply Company. The companies focus on product innovation in terms of durability and materials. For instance, Nike recently launched its extra padded school bags to reduce the extra weight on arms of the children.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of School Bags Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global school bags market report on the basis of fabric, distribution channel, and region:
Fabric Outlook (Revenue, USD Million, 2019 - 2030)
Canvas
Polyesters
Nylon
Leather
Others
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
Offline
Online