DUBLIN, Sept. 15, 2023 /PRNewswire/ — The “Global Luggage Market (by Luggage Type (Casual Bags, Travel Bags and Business Bags), & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)” report has been added to ResearchAndMarkets.com’s offering.
The global luggage market is poised for substantial growth, with estimates projecting an increase from USD 25.55 billion in 2023, at a remarkable Compound Annual Growth Rate (CAGR) of 7.48% during the forecast period.
Understanding Luggage:
Luggage encompasses a variety of bags and objects used to safely store and transport belongings. This includes plastic bags, jute bags, leather bags, backpacks, suitcases, and more. The luggage market is expanding with new brands and styles, offering consumers a wide range of choices.
Market Segmentation:
The global luggage market is segmented into three categories based on luggage type: Casual Bags, Travel Bags, and Business Bags. Casual bags dominate the market due to the increasing fashion consciousness among young consumers. Travel bags are expected to grow at the highest CAGR, driven by the growth of air travel and the global tourism industry.
Geographic Coverage:
The global luggage market is analyzed across five regions: North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific holds the largest market share, driven by increased consumer spending, tourism growth, and a rising middle-class population with higher disposable income. North America presents lucrative opportunities due to economic stability and tourism industry growth.
Top Impacting Factors:
Growth Drivers:
- Increasing Travel and Tourism Spending.
- Rapid Urbanization.
- Growth of E-commerce.
- Rising Middle-Class Population and Spending.
Challenges:
- Threat from Counterfeit Products.
- Volatility in Raw Material Prices.
Trends:
- Surge in Online Advertising.
- Growing Inclination Towards Branded Products.
- Use of Luggage as a Fashion Accessory.
- Rising Demand for Smart Luggage.
Driver:
Growing Travel and Tourism Spending: The travel and tourism industry is experiencing rapid growth due to factors such as increased business travel, rising employment, higher disposable income, and more. Luggage plays a vital role for travelers in safely storing and carrying their belongings. As the travel industry expands, the demand for various types of luggage products tailored to consumers’ needs also increases, driving growth in the luggage market.
Challenge:
Threat from Counterfeit Products: Unorganized players in developing nations produce and sell counterfeit luggage products, often replicating features of popular brands. They may even use brand names at lower prices. These unorganized sector players do not invest much in research and development, marketing, or advertising, enabling them to sell items at lower prices than genuine brands. Low-income populations, especially in developing nations, prefer lower-priced luggage products, even if of inferior quality. This competition may impact the revenues of genuine luggage manufacturers, hindering market growth.
Trend:
Use of Luggage as a Fashion Accessory: Consumers, particularly the younger demographic, are increasingly focused on the aesthetic appeal of their luggage. Travelers now match their luggage with their clothing, emphasizing fashion-oriented luggage like stylish backpacks and sports bags. Major players are investing in unique designs, trendy color combinations, textures, and features to align with changing preferences, especially among young consumers.
Analysis of Key Players:
The global luggage market is fragmented, with organized players gaining market share due to extensive product offerings, better services, and higher brand visibility. Key players in the global luggage market include VIP Industries Limited, LVMH Group, Samsonite International S.A., PVH Corp. (Tommy Hilfiger), VF Corporation, United States Luggage Company LLC. (Briggs & Riley), Safari Industries (India) Ltd, Travelpro, Victorinox International, and Delsey.
For more information about this report visit https://www.researchandmarkets.com/r/f308f7
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