The changing dynamics in School Bags Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including School Bags Market.
It was estimated prior to this unanticipated outbreak School Bags Market will reach CAGR of 5.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
School Bags Market Insights
School bags market is likely to witness an impressive CAGR of 5.8% during the forecast period. Increasing efforts by government to encourage education for children, along with growing student enrollment ratio and increasing focus on providing basic education to children are the prime factors contributing to the demand for school bags. Increasing student enrollment is further resulting in the rising number of schools and colleges across the world which is further boosting the demand for school supplies including school bags. Rising trends among students to opt sturdy and spacious school bags with gadgets compatibility is further fueling the growth of the market.
Market Share Analysis
School Bags Market Share: By Product Type
Based on the product type, the market is segmented as canvas, polyesters, nylon, leather, and others. The polyesters segment held the largest share of the market in 2019. The dominance of the segment is mainly because of polyester offering higher strength compared to other fabrics. The waterproof nature of the fabric makes it durable for manufacturing sturdy school bags.
School Bags Market Share: By Distribution Channel Type
Based on the distribution channel type, the school bags market is segmented as offline and online. The offline segment held the larger share of the market in 2019, whereas the online is likely to be the faster-growing segment. The dominance of the offline segment is mainly due to the increasing number of supermarkets and hypermarkets offering more options for consumers to make a perfect purchase decision.
School Bags Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, India, and Japan being the countries with lucrative growth opportunities. The growth of the region’s market is mainly driven due to the rising population and awareness regarding child education across countries such as India and China. Increasing government efforts to encourage children for proper education, along with the rising number of school and colleges is also a key factor determining the growth of the market in the region.