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.
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The major players in the global luggage market include:
- Samsonite International S.A.
- Tumi Holdings, Inc.
- VIP Industries.
- VF Corporation.
- Briggs & Riley Travelware.
- Rimowa GmbH.
- MCM Worldwide.
- Louis Vuitton Malletier S.A.
- Goyard, and ACE Co, Ltd.
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.
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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.
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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.
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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.