Global Market Study on Luggage: Demand for Business Bags to Surge Over Coming Years
Luggage Market Segmentation By Smart Luggage, Business bags, Travel bags, Casual bags from Factory Outlets, Internet Sales, Specialist Retailers
This revised luggage market research report by Persistence Market Research illuminates the industry landscape and predicts the market to expand at a healthy CAGR of close to 7% over the decade. By the end of 2031, the market is expected to be worth nearly 2X than its valuation of US$ 46.4 Bn in 2021.
Demand for luggage in Russia is expected to surge at a robust CAGR of more than 8%, according to this luggage industry research.
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Key Points Covered in Luggage Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on luggage and how to navigate
- Recommendation on key winning strategies
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Advancements in Luggage Benefiting Market Expansion
As globalization hits the world with a touch of technology, a new renaissance is expected in almost all walks of life. Traveling has become more affordable and easier than it ever was; the need for luggage bags and other travel accessories has seen a surge over the past years, and this is expected to continue as a major shifting trend.
With sustainability spearheading almost all industries these days, the luggage industry is not the one to miss out on this.
- To create more environmentally friendly and sustainable products, Horizn Studios has debuted its new range of luxury luggage. This new luggage range called Circle One is 100% plant-based and biodegradable for ethically aware travelers. The brand has also eliminated the use of single-use plastics in its packaging, and is focusing on the utilization of recyclable materials and cardboard instead.
While the industry advances with such good environmental motives, there is also an increase in coalitions and collaborations to meet the demands of the ever-growing travel landscape.
- Go Travel has partnered with Case and is all set to take center stage with its accessories now being showcased at the Case store at London’s Heathrow airport. The companies have signed a three-year agreement and the agreement is expected to be followed throughout a majority of Case stores. Go Travel is known for its accessories such as pillows, travel adapters, and travel comfort collection.
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Surge in educational opportunities, increasing travel and tourism, boom in online tourism are escalating demand for luggage products. Into the bargain, developing technology has enhanced attributes of various luggage products.
Such factors are boosting growth of the global luggage market over the forecast period. The global luggage market is primarily classified into casual bags, travel bags, and business bags.
Luggage is classified in terms of lifestyle products, in various developing countries, further, due to changing lifestyles, application-specific the global luggage market is estimated to witness a demand in luggage related products.
Owing to an upsurge in demand, the global luggage market is projected to witness a boost in growth in the near future. The global luggage market is projected to top US$ 90 Bn by 2031.
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Key Market Dynamics
Rising urbanization, increasing customer inclination towards high-end luggage, equipped with Global Positioning System (GPS) tracker, USB port that enables application for recharging battery of cell phones, and a Bluetooth-enabled lock are few factors to stumble on, which are predicted to boost demand for luggage related products.
Additionally, attributes such as surge in safety standards and improved application in parallel to enhanced connectivity attributes, which enables customers to be able to trace and make their luggage secure while travelling, and are commonly known as smart luggage.
Due to such factors, luggage related products are estimated to witness an upsurge in demand, which in turn is projected to escalate growth of the global luggage market in the upcoming years.
Surge in high-net-worth-individuals globally, have further accelerated demand for luggage related products, which in turn is predicted to significantly contribute towards growth of the global luggage market in the span of next six years. Into the bargain, owing to wide distribution channel such as various channels of sales, and e-commerce are primarily meant for providing convenience to the customers.
Due to such factors, the global luggage market is estimated to witness an upsurge in demand relatively, which in turn is projected to rev up growth of the global luggage market in the coming years.
Surge in disposable income, rising inclination and preference of customers globally towards adventure, and travel has been a beneficial factor for the travel & tourism industries along with their manufacturing hubs.
This is a significant factor, which is predicted to boost growth of the global luggage market throughout in the span of next ten years.
Conversely, majority of the unorganized luggage market in various developing countries are anticipated to pose a significant challenge for various organized sector. Furthermore, unorganized market players mainly offer products, which share similar attributes with brands of global unorganized market players. The unorganized market players primarily offer products at cheaper prices to secure from expenses on research and development, raw materials of high-quality, advertisements, and branding.
Additionally, majority of customers belong to the section of medium or low income populations, and mainly prefer purchasing products of relatively inferior quality. Due to such factors, majority of the unorganized market players are booming in the global luggage market, while the organized market players are losing prospective customers. This in turn, is estimated to inhibit growth of the global luggage market in the upcoming years.
The global luggage market is segmented in terms of product type, distribution type, and region. On the basis of product type, the global luggage market is segmented into business bags, travel bags, and casual bags.
Among various product type, the travel bags segment is predicted to dominate the global luggage market in the span of six years, while, the business bags segment is estimated to be fastest growing segment among other segments, and further is projected to account for a relatively small market share over the coming years.
On the basis of distribution channel, the global luggage market is classified into factory outlets, internet sales, specialist retailers, and others.
The others segment is anticipated to be a significant distribution channel in the near future. Internet sales segment is estimated to witness the highest CAGR in the span of next six years among other distribution channel segments.
The global luggage market is classified into Asia Pacific, Europe, North America, and Rest of the World (ROW) in terms of region. On the basis region, Asia and Africa is projected to witness highest urban expansion in the global luggage market.
Owing to its growing urban section of the population, China is predicted to witness a growth from 52.6% in 2014 to 70% in 2030, according to the China Development Research Foundation. Moreover, due to expansion of urbanization countries such as New Zealand, and Australia in Asia Pacific is projected to witness a significant growth.
Subsequently, Europe is witnessed rapid growth, owing to increasing national, and international travelers from countries such as Sweden, U.S., and Finland.
Key Market Players
Some leading key players in the global luggage market comprise Tumi Holdings, Samsonite International S.A., VF Corporation, VIP Industries, Rimowa GmbH, Briggs & Riley Travelware, Louis Vuitton Malletier S.A., MCM Worldwide, ACE Co, Ltd., and Goyard.