Luggage Market Segmentation By Smart Luggage, Business bags, Travel bags, Casual bags from Factory Outlets, Internet Sales, Specialist Retailers
Industry: Consumer Goods
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP3846
The global luggage market is projected to expand at ~5.9% CAGR and reach ~US$ 96,290.6 million by the end of 2033, up from its current market size of ~US$ 51,351.1 million in 2022.
Global Luggage Market Size (2022A) |
~US$ 51,351.1 million |
Global Luggage Market Size (2023E) |
~US$ 54,278.1 million |
Projected Sales of Luggage Market (2033F) |
~US$ 96,290.6 million |
Value CAGR (2023 to 2033) |
~5.9% |
Collective Value Share: Top 3 Countries (2022) |
~39% |
The luggage market is mainly fragmented into three categories on the basis of their use. Either for the purpose of leisure for business, travelling, which is the main reason for the constant demand of luggage in the market. The demand for luggage fabricated from soft material has increased since the past decade. The luggage market is rising at steady rate and is expected to continue its growth during the forecast period.
The new age luggage comes with various technologies and design that are ergonomically sound. Consumers have a large spectrum of luggage types to choose from due to the constant innovation in different luggage types. This has also helped the manufacturers to fulfil the customers demand for better luggage. While this has also turned the market highly competitive.
The demand for luggage carrying products is rising as a result of expanding educational possibilities, rising travel and tourism, and the growth in online shopping. In addition, evolving technology has improved features of different luggage products. Over the course of the forecast period, these factors will fuel the expansion of the luggage market worldwide. The travel bags, casual bags, and business bags segments make up the majority of the worldwide luggage market.
Due to changing lifestyles, the global luggage industry is predicted to see demand for related products. Luggage is classified as a lifestyle product in a number of developing nations. The worldwide luggage market is anticipated to grow faster in the near future due to an increase in demand. By 2033, the market for luggage is anticipated to reach US$ 96,290.6 million.
The major players in the luggage industry are more likely to introduce new technologies in luggage bags and start a new fashion trend. The introduction of a variety of sizes and designs of casual baggage, travel luggage, sports luggage, business luggage, anti-theft luggage, foldable bags, laptop bags, etc. will help the market grow. Smart luggage is gaining traction in recent times which is anticipated to take the luggage sales to a next level.
The smart luggage includes features like a digital locking system controlled by a smartphone, a USB port for charging devices, a GPS tracking system, an integrated removable battery, smartphone and Bluetooth connectivity, an LED light system, an alert system, increased compartments for a particular item, 360-degree wheels, water-resistant material, convertible seat luggage, convertible kick-style scooter luggage, a luggage box, and replacement batteries. The smart luggage has shown the way forward for existing products.
It is predicted that the majority of the unorganised luggage market in various developing nations will present a big challenge for many organised sector. Additionally, unorganised market participants mostly sell goods that are identical with the brands of global unorganised market participants. The unorganised market participants generally provide goods at lower prices to avoid spending money on R&D, premium raw materials, advertising, and branding.
Additionally, the bulk of buyers are from the group of people with medium or low incomes and typically prefer to buy goods that are of comparatively lower quality. Due to these considerations, the unorganised market players are thriving while the organised market players are losing potential customers in the global luggage market. Accordingly, it is predicted that in the years to come, this will restrain the expansion of the worldwide luggage industry.
How Rising Tourism in US Plays a Vital Role in Development of Luggage Market?
The growing tourist industry and the country’s accelerating urbanisation are two major factors driving the market's expansion. Consumers are also more willing to spend money on pricey and luxury travel items in order to stay current with the trends, which are continuously changing. Numerous product innovations, such as the introduction of aesthetically pleasing and imaginative designs along with eco-friendly alternatives, are also helping to paint a positive picture of the business.
In 2021, the United States was the nation with the largest revenue from international travel. More than 60 million dollars in inbound tourism receipts were received in the United States during that year. China had the most outbound travel, and the United States finished in second place with a total outbound expenditure of around 200 million dollars. Additionally, these two nations made the largest direct contributions to GDP in 2019. The US is estimated to grow at a CAGR over % during the forecast period.
How is the Luggage Market Striving in China?
In 2022, the Chinese luggage market was worth close to US$ 18 million. A recovery is anticipated to expand at ~8.7% CAGR, albeit slightly more slowly than in the past years. It is important to note that the luxury market sector accounts for more than half of sales in the Chinese luggage market.
China is the world's largest producer of luggage, but the organised market faces challenges from local brands that produce sub-standard products. This product category consists of items with inferior brand recognition and bad product design. It should be noted that Chinese firms have a very difficult time establishing reliable distribution channels and sound marketing plans.
These two factors significantly lower the profitability of regional luggage companies. Chinese brands do not have a competitive advantage over global brands since international inspection standards are rising and consumers are increasingly favouring premium goods.
What is the Scope of Luggage Market in India?
India is fortunate to have a large and young population. India not only has the largest millennial population but also the third-largest Generation Z population in the world. The rise of the luggage market has been facilitated by a young population that is thriving in an expanding economy and views luggage as an integral component of their way of life. As a result, Indian market is anticipated to rise at a robust CAGR of ~11.4% throughout the forecast period.
The working-age population of India makes up more than 65% of the total population. Spending power is increasing exponentially as more and more individuals from the middle income group move into higher income categories. The luggage market is gradually growing its presence throughout India as rural income levels rise.
Which Type of Bags have the Greatest Demand in Luggage Market?
Travel bags have seen numerous advancements and design changes over the years, and today we have a huge selection of lightweight, strong bags to pick from. Along with these selection criteria, the industry for travel bags is aided by changing lifestyles, rising incomes, and international tourism trends.
In the post pandemic era, people were eager to grab on every opportunity of travelling and exploring the world, which also fuelled the global luggage market. In 2022, the travel bag market sector held a nearly 32% market share.
Which Type of Bags Hold the Major Segment in Terms of Material Type?
The soft material type is anticipated to rise significantly in the next years as a result of new developments and the affordability of air travel. In order to meet the diverse needs of travellers, the global luggage industry has updated itself by providing tiny, lightweight, vibrant, and fashionable bags.
The growth rate is being driven by the expanding travel and tourism sector, population migration, and increased disposable income. Furthermore, during the course of the projected period, new growth potential for market participants have been made possible by market key trends including cheap selling, comfort, bag replacement, etc. The bags made with soft material type held the major share of around 62% in 2022.
Which Sales Channel is anticipated to Gain Traction throughout the Forecast Period?
The way companies handle operations globally has changed owing to the rise of internet usage. Businesses are now able to reach a significant number of potential clients online due to the growing adoption of mobile devices and the expansion of high-speed internet access. This has given firms new opportunities, particularly in the e-commerce sector.
The number of people buying online has significantly increased over the past few years, and this trend is also visible in the market for luggage and bags as manufacturers are continually making efforts to expand their online operations. As a result, the online retailers segment is anticipated to gain traction and grow at a CAGR of nearly 8.1%.
Players in the market are focusing on making technological advancements in order to attract more and more consumers towards their business. While they are taking constant efforts to expand their market network by making mergers, acquisitions and partnerships. Presence of large number of players has made the market highly competitive.
For Instance:
To introduce a new travel collection in 2022, LoveShackFancy had teamed up with State Bags, a family-owned bag business. The six-piece, limited-edition travel collection from LoveShackFancy has the brand's signature floral designs, pastel colours, and romantic embellishments. It consists of a check-in luggage, a carry-on size suitcase, travel backpacks, mini travel backpacks, travel pouch sets, and toiletry kits.
Attribute |
Details |
Forecast Period |
2023-2033 |
Historical Data Available for |
2017-2022 |
Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Luggage Market by Product Type:
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The global luggage market reached a valuation of US$ 51,351.1 million at the end of 2022.
Between 2018 and 2022, global sales of luggage increased at ~4.3% CAGR.
Asia Pacific leads the global market and accounted for highest share in 2022.
Some of the leading manufacturers of Luggage are Delsey S.A., Samsonite International S.A., VIP Industries Ltd., LVMH Moët Hennessy Louis Vuitton SE, NIKE, Inc., Ace Co., Ltd., Antler Ltd., VF Corporation, Etienne Aigner AG, Barracuda, Inc., Rimowa GmbH, Briggs & Riley Travelware, VF Corporation, and MCM Worldwide among others.
The global market for luggage is expected to expand at ~5.9% CAGR through 2033.