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 growth of the global luggage market is 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 reach US$ 43.4 Bn during the forecast period, 2014-2020.
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 thee global luggage market throughout in the span of next six 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. 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 Player
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.
The global luggage market report compiled by Persistence Market Research analyzes and examines responsible factors impacting growth over a six-year forecast period, 2014-2020. The primary objective of the report is to provide all the information of the market including drivers, restrains, trends, challenges, and segmentation of the global luggage market. The report analyses and examines various factor that are responsible for boosting growth, and factors that are responsible for restraining growth, in parallel to challenges, trends, and recent development in the global luggage market over the forecast period. The global luggage market report analyses and examines total estimated revenues generated, and expected revenue during the forecast period.
The report provides an overview of the global luggage market, which includes application-specific, and segment-specific factors that are responsible for contributing towards growth of the global luggage market, factors restraining growth of the global luggage market along with various challenges, and trends. The report is classified into four sections namely, key market dynamics, segment analysis, regional analysis, and key market players. The report provides analysis of the global luggage market in terms of market value (US$ Mn). On the basis of product type, the travel bag segment is predicted to retain dominance in the global luggage market in the upcoming years.
The report highlights various segments of the global luggage market, which includes product type, distribution channel, and region. Moreover, the report analyses and examines segment-specific factors, which are estimated to drive growth of the global luggage market, and factors responsible for inhibiting growth and pose challenges in the global luggage market in the span of next six years. The report further throws light on the regional analysis, which includes regional-specific factors responsible for restraining or contributing towards growth of the global luggage market in the upcoming years. The last section of the report comprises of leading international market players, which operate in the global luggage market throughout the forecast period.
To deduce market size, the report considered the average expenditure on luggage related products regions in the global luggage market over the forecast period. Furthermore, data points such as regional split and market split by product type, distribution channel type, region, and application type are analyzed and qualitative inputs from primary respondents have been incorporated to arrive at suitable market estimates. The forecast presented in the report evaluates the total revenue that is expected to be generated in the global luggage market over forecast period (2014–2020). When developing the market forecast, the starting point involved sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the characteristics of the market, PMR triangulated the data on the basis of various analysis based on both supply side and demand side.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze the market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities in the global luggage market.
As previously highlighted, the global luggage market is split into various segments, on the basis of product type, distribution channel type, region, and application type. All these segments have been analyzed in terms of Basis Point Share (BPS) to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for identification of many key trends in the global luggage market.
Another key feature of this report is the analysis of the global luggage market by product type, region, distribution type, and application type, and its revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global luggage market.
In order to understand key growth segments in terms of growth and performance of the global luggage market, PMR developed a market attractiveness index. The resulting index should help providers identify real market opportunities.
The major players in the global luggage market include: