DUBLIN, Sept. 20, 2023 /PRNewswire/ — The “Global Luggage Market: Analysis By Luggage Type, By Region, Size, Trends and Forecast up to 2026” report has been added to ResearchAndMarkets.com’s offering.
In 2022, the global luggage market was valued at US$23.78 billion. The market is expected to grow to US$37.34 billion in 2028.
Three types of luggage are included in the report: casual bags, travel bags and business bags. The global luggage market is anticipated to witness robust growth, with two significant trends leading this surge, during the forecasted period of 2023-2028. Firstly, rising demand for smart luggage, bluetooth-controlled lock, Wi-Fi hotspots etc. Increasing demand for IoT (Internet of Things)-based applications, would also lead to more people investing in smart luggage. Secondly, there has been an surge in online advertising, leading to increased sales of luggage. The luggage market is expected to grow at a CAGR of 7.81% over the years 2023-2028.
Market Segmentation Analysis:
- By Luggage Type: The report identifies three segments on the basis of luggage type: Casual Bags, Travel Bags, and Business Bags. In 2022, the casual bags segment led the market, because of rising attention towards fashion sense among the young population. The business bags market is expected to grow at the highest CAGR as companies are increasingly expanding their operations globally, the demand for business travel has witnessed a significant upswing. Rising travel and tourism would increase the demand for travel bags.
- By Luggage Material: On the basis of material, the report divides the market into two segments namely, Hard and Soft Material. In 2022, soft luggage material dominated the market as it offers a multitude of functional benefits, such as being able to fit into tight spaces that hard-sided luggage cannot. The rising use of eco-friendly materials would also increase the demand for the soft material segment.
- By Region: In the report, the global luggage market is divided into five regions: Asia Pacific, Europe, North America, Latin America and Middle East & Africa. Asia Pacific dominated the market in 2022. Factors such as an increase in consumer spending, growth of the travel and tourism industry and a rise in the middle class population with higher disposable income led to an upsurge in the demand for luggage in the region. China’s market for luggage is experiencing rapid growth in the Asia Pacific region, which can be attributed to the country’s strong outbound tourism and increasing middle class population. Whereas, the Indian luggage market has been experiencing a considerable growth rate, largely due to the rising number of individuals traveling for both business and leisure purposes. The market competition is fierce, as both domestic and international brands contend for their share of the market.
Market Dynamics:
- Growth Drivers: The market has been growing over the past few years, due to factors such as as growing travel and tourism spending, rapid urbanization, e-commerce expansion, rising purchasing power, rising youth population, rise in student enrolment, rising middle-class population and spending, etc. The boom in the travel and tourism sector would provide a boost to the demand for luggage, particularly travel bags. Luggage is essential in the journeys because it allows to safely store and transport goods. As the travel industry expands, so does the demand for various types of luggage that meet the expectations of customers.
- Challenges: However, the market has been confronted with some challenges, specifically threats from counterfeit products, volatility in raw material prices, etc. Volatility in raw material prices is one of the significant challenges to the luggage market. The price of raw materials is directly linked to the price of crude oil, which is exposed to high fluctuations. This impacts the growth of the luggage market negatively.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as a surge in online advertising, growing inclination towards branded products, use of luggage as a fashion accessory, advancement in luggage benefiting the market, adoption of organic leather products, airlines collaboration, etc. Online advertising increases demand for luggage by making consumers aware of products, generating interest in them, stimulating desire for them, and motivating them to take action and purchase. Additionally, digital advertising enables the manufacturers to make the consumers more aware of the latest product launches made by the company, which would support the demand for luggage products.
Competitive Landscape:
The global luggage market is fragmented. However, the market share of organized players has increased significantly over the last few years and is expected to continue given the wide product offerings, better service, and higher brand visibility. The key players of the global luggage market are:
- Samsonite International S.A.
- VIP Industries Limited
- VF Corporation
- LVMH Group
- PVH Corp. (Tommy Hilfiger B.V.)
- Victorinox International
- United States Luggage Company
- LLC (Briggs & Riley)
- Travelpro, Delsey
- Safari Industries Ltd.
- ACE Luggage Co. Ltd
- MCM Worldwide
For more information about this report visit https://www.researchandmarkets.com/r/sz8van
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