The global 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.
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.
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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.
Million Insights has segmented the global school bags market on the basis of fabric, distribution channel, and region:
School Bags Fabric Outlook (Revenue, USD Million, 2015 - 2025)
School Bags Distribution channel Outlook (Revenue, USD Million, 2015 - 2025)
School Bags Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia