The Global Market for Luggage is Forecast to Exceed US$67 Billion by 2020
Steadily
Increasing Tourist Traffic Worldwide Drives the Global Luggage Market, According
to a New Report by Global Industry
Analysts, Inc.
GIA announces the release of
a comprehensive global report on Luggage. The global
market for Luggage is forecast to exceed US$67 billion by 2020, driven by product
design and functionality advancements and rapid increase in rail, road, and air
passenger traffic.
Luggage sales are heavily
dependent on the travel and tourism industry. Over the past 50 years, the
global tourism sector recorded steady growth with the exception of a few years
that were marked by major political or economic turbulence or disease
outbreaks. Tourism is today one of the fastest growing and most diversified
sectors accounting for a sizable chunk of the global GDP besides energizing
business, trade, employment, infrastructure development, and stimulating social
development of communities. The face of travel is changing with
consumers preferring to travel in style. The luggage industry is employing state-of-art
technology and scientific research to develop sophisticated products with
innovative designs that effectively reduce neck pain, back stress and shoulder fatigue
during travel. Almost all types of bags, suitcases and backpacks are fitted
with wheels, specifically designed with the concept of carrying more with less
strain on the traveler.
New
luggage design solutions poised to benefit the market in the near term include
smarter pockets, sturdier handles and smoother wheels that address the most
common grievances of travelers. Convertible luggage, compactable & foldable
luggage, ultra-lightweight bags and 360 degree ‘spinner’ wheel models represent
the most current fads that are capturing the appeal of consumers across the
world. While lightweight luggage is the continuing trend, there is increasing
demand from business travelers for usability and durability of the product.
Frequent flyers are ready to pay a premium for a bag that guarantees the
robustness to endure many years of high-frequency, high-volume travel. Healthy
R&D investments in the luggage market are fostering continuous innovation
and refinement in luggage designs, build and features. Backpacks continue to gain popularity in the school and
college environment with manufacturers constantly striving to improve the
diversity and functionality of offerings to capture a bigger slice of the pie.
Demand for lifestyle luggage products is also picking up primarily driven by the
increasing fashion and brand consciousness among consumers of all age-groups.
As stated by the new
market research report
on Luggage, the United States represents the largest market worldwide. Asia-Pacific,
led by China, rank as the fastest growing
market with a projected CAGR of 11.4% over the analysis period. Robust
international travel, expanding Asian appetite for mass consumption,
globalization of the industry, rising standards of living to complement
aspirational travelling, the casualization of travel gear, and increasing business
travel, represent key growth drivers in the region.
Major
players covered in the report include Ace Co. Ltd., Antler Ltd., Bric's Industria Valigeria Fine SPA, Delsey SA, Etienne Aigner AG, Luggage
America Inc., Moët Hennessy Louis Vuitton, Nike Inc., Rimowa GmbH, Samsonite
International SA, Targus Group International Inc., Travelpro International
Inc., Tumi Inc., V.F. Corporation, Valigeria Roncato
SPA, and VIP Industries Ltd., among
others.
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