The Global Market for Luggage is Forecast to Reach US$78.3 Billion by 2024
Growth in
Tourist Traffic and Innovative Luggage Designs Drive the Global Luggage Market,
According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Luggage market. The global market for Luggage is forecast to reach US$78.3
billion by 2024, driven by rapid
urbanization spurring growth in tourist traffic and air-travel, innovative
luggage designs, introduction of smart luggage, favorable economic and
demographic trends, and rising household disposable incomes.
Luggage is a functional requirement that helps in organizing
and transporting one's belongings. The luggage industry; offering large variety of products
such as briefcases, casual bags, business bags, totes, suitcases, backpacks,
overnight bags, garment bags, computer cases, and hand luggage; is strongly
influenced by macro- and micro-economic factors that impact growth of the
corporate sector, travel and tourism industry. Favorable fundamentals such as
the increase in industrial activity, corporate growth, rise in disposable
incomes, growth in GDP, increase in consumer confidence, and fall in
unemployment levels along with other localized factors stimulates consumer
purchase of luggage goods. The luggage market is categorized into
premium, middle and lower-end segments on the basis of quality and prices of
products. While the premium luggage segment is relatively niche, offering
premium-priced products with exclusive quality, the middle-end luggage products
market is broader and has both organized and unorganized manufacturers offering
products which differ in terms of brands, features and price. The lower-end
segment is dominated by private label and unbranded products.
The
global luggage market is highly fragmented and competitive, with manufacturers
competing on the basis of product design & quality, pricing, and brand
name, backed by advertising campaigns, product differentiation, and customer
service. Driven by increasing adoption of
innovative and technologically advanced products, the market is anticipated to
be significantly influenced by growing airline travel and tourism, penetration
of IoT-based applications, consumer focus on leisure lifestyle and innovations
in terms of product design and quality. In order to tap the available opportunity,
several companies are now developing a broad range of innovative solutions for
end users.
The luggage market has
been experiencing a healthy growth over the last few years on account of
continuous expansion of the travel & tourism industry and rising air
travel. Another primary factor behind the market growth is increasing consumer
focus on high standard of living due to rising income levels, which is enabling
consumers to spend more on non-essential options such as expensive travel as
well as luggage. The demand for luggage products is also likely to be
influenced by increasing use of lightweight bags and major trends like
oligopoly. On the other hand, the currency impact and rising incidents of
counterfeiting are anticipated to impede future growth of the luggage market.
As stated by the new
market research report on Luggage, the
United States represents the largest market worldwide. With fitness becoming a
part of lifestyle, the demand for bags, fashionable enough to be carried for
various activities, including running errands, exercising, working in offices
and attending social gatherings, is increasing in the US. Asia-Pacific is the
fastest growing region exhibiting a CAGR of 9.7% over the analysis period. Asian
countries will continue to drive market growth given their growing appetite for
mass consumption, globalization of the industry, the casualization of travel
gear, and rising number of tourists in the region.
Key players in the market
include Ace Co. Ltd., Antler Ltd., Bric's Industria Valigeria Fine SPA, Delsey
S.A, Etienne Aigner AG, LVMH Moët Hennessy Louis Vuitton, Nike Inc., Samsonite
International S.A., Targus , Travelpro Products Inc., VF Corp., Eagle Creek
Inc., JanSport Inc., Kipling North America, Valigeria Roncato, and VIP
Industries Ltd., among others.
The research report titled
“Luggage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, and other strategic industry activities of global
companies. The report provides market
estimates and projections in US dollars for major geographic markets including
the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and
Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle
East & Africa and Latin America. The report also analyzes the market by
product types - Casual/Regular Use Bags, Suitcases/Travelling Bags, and
Business/Computer Bags.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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