According to a report published by Grand View Research, Inc.; the carry cases market is estimated to reach a valuation of around USD 9.27 billion by 2025. Increasing adoption of consumer electronics such as tablets and notebooks can drive the market growth over the forecast period (2014 to 2025).
The launch of multiple models of laptops is likely to boost the market growth, as different size of the products require different cases. In addition, development of smart cases is anticipated to increase its demand in the coming years. These cases improve the functionality of cases and provides protection, and aesthetic appearance to devices as well as information regarding device status, existing functions, and others to the user. For example, smart cases made-up of special material can be useful for blocking signals to protect passport or credit cards from wireless identity theft.
The market is also expected to show significant growth on account of the development of innovative products with improved functionality and quality of materials used. Also, several new features including lightweight design, all-terrain usage, multi-device storage, along with customized solutions are also likely to increase its adoption rate among consumers. Rising trend of customization in which customers can get personalized designs or their names printed on the cases can also expected to spur the demand for these products. The products are being extensively used for marketing and promotional activities, which is likely to increase its adoption in education institutes and corporate offices. For instance, educational institutes offer free laptop messenger bags to students during admissions. These products are also available in innovative designs such as invisible zipper and facility for headphone outlet. However, the availability of counterfeit products is likely to hamper the market growth.
The worldwide carry cases market can be segmented on the basis of product, customer type, and region. Based on application, the market can be categorized into backpack, messenger bags, briefcase, sleeves, and others. The sleeves segment is expected to grow at a CAGR of 7.5% during the forecast period. By customer, the market can be classified into commercial and consumer. The commercial segment is likely to grow at a CAGR of 9.3% during the forecast period. Commercial businesses deal with a large volume of goods and can generate a significant top line growth for market players.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). Asia Pacific is expected to be the fastest growing market and can exhibit a CAGR of 8.1% during the forecast period due to growth of electronic corporations. High adoption of consumer electronic products for personal and business has augment the market growth. Increasing disposable income and purchasing power has increase the sale of smart phones and laptops in the region. Increasing outsourced manufacturing activities in countries such as China and India are expected to support the market growth due to availability of labors at comparatively low price.
Additionally, developing countries in the region are expected to show lucrative growth due to increasing adoption of bring your own devices (BYOD) culture across the companies. The implementation of BYOD helps to improve work flexibility of an employee in terms of work hours and accessibility of device from anywhere. In addition, it helps in increasing productivity and cuts operation costs for the company. This has increased the adoption of wireless connected devices like tablets and laptops. Products such as sleeves and messenger bags are in high demand to protect these devices.
Some of the leading players operating in the market include AsusTeK Computer Inc.; Fabrique Ltd.; Incase Designs Corp.; Lenovo Group Ltd.; and Thule Group. The market is extremely competitive due to presence of large number of local manufacturers and authorized retailers. Quality and pricing are the main competitive parameters in the market. The presence of pirated products makes it difficult for existing companies to gain profits in the market.
Startups or new companies can easily enter in market due to less barriers to entry with regards to rules and policies. The companies are largely focusing on innovation and development of high quality products and to improve their functionality to enable better protection.
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