Seattle, WA -- (SBWire) -- 11/07/2019 --Tote bags are classified as large and strong bags usually made from clothes and come in a variety of shapes and sizes. They have two parallel handles that are stitched from the sides of the bag. They can be used as a shopping, gym bag, beach bag, college bags, laptop bags, etc. They have a big length as compared to its breadth. These bags are versatile, durable, fashionable, and the most practical accessory a woman can carry.
Market Dynamics
The rising number of working women, availability of variety, growing spending on fashion accessories are the major factor fueling the market growth of the tote bag market. Also, the ban on plastic is one of the other major factors fueling market growth. According to the International Labor Organization's report on Women at Work: Trends 2016, the share of women in wage and salaried work more than doubled, from 26.3% in 1995 to 55.3% in 2015. The rising population of working women will contribute to the increasing sales of tote bags during the forecast period.
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On the flip side, the availability of substitutes such as backpacks laptop bags, handbags, and paper bags can pose a challenge to the market growth over the forecast period.
Market Outlook
Based on material type, the canvas and cloth tote bags are comparatively cheaper than leather and faux leather tote bags. Hence, owing to its cost-effectiveness the demand for canvas and cloth tote bags is projected to rise during the forecast period.
Based on application, business & travel tote bags and laptop tote bags are projected to gain the highest share in the market over the forecast period and this can be attributed o the growing number of working women around the globe. Also, along with the laptop, it can store items as well because it has a large space. Hence women preferred this multipurpose bag over other bags.
Based on the distribution channel, the online store is expected to be the dominant segment during the forecast period because online stores offer easy shopping from any place and are convenient as compared to offline stores. According to the Associated Chambers of Commerce and Industry in India (ASSOCHAM), an industry trade association, the e-commerce market accounted for US$ 38.5 billion in 2017 and is projected to exceed US$ 50 billion by 2025.
Key Players
Key players operating in the global tote bags market include Michael Kors, Guangzhou Yaxin Leather Corporation Limited, XIAMEN NOVELBAG CO., LTD., BIDBI, H&M Group, Blivus Bags, and others.
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Browse More Information:
Based On Material
- Canvas
- Fabric
- Leather
- Faux Leather
- Jute
- Cloth
- Others
Based On Application
- Shopping tote
- Laptop tote
- Sports tote
- Business and Travel tote
- Others
Based On The Distribution Channel Type
- Online Stores
- Offline Stores
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Tote Bags to Boom in Near Future by Some of Leading Players Michael Kors, Guangzhou Yaxin Leather Corporation Limited