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Press Release: Luggage Market to Surpass US$ 38,513.8 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Luggage mainly includes travel bags, business cases, and other casual bags. Luggage is a very important consumer good across the globe with numerous organized (global) and unorganized (local) manufacturers manufacturing different types of luggage for various travel and business needs.
In emerging economies of Asia Pacific region, the unorganized luggage market players are posing several challenges for major players in the organized sector. The manufacturing cost of luggage is lower, owing to easy availability of raw materials such as plastics, leather, and others. Furthermore, local luggage manufacturers from the unorganized sector usually offer their products at a lower price, as they save on several additional costs, such as research and development, advertising, branding, and costs for procuring high quality raw materials.
The global luggage market was valued at US$ 22,467.2 Mn in 2018 and is projected to increase to US$ 38,513.8 Mn by 2027, witnessing a CAGR of 6.3% over the forecast period.
Technological advancements by market players is expected to boost demand for smart luggage across the globe. According to the International Journal for Research in Applied Science & Engineering Technology (IJRASET) published in November 2017, a luggage bag features a kick scooter, which is attached to the luggage bag to provide ease and comfort to the traveler. For instance, OLAF, a manufacturer of scooters with backpacks in Slovenia, provides a 4-in-1 solution, which incorporates removable ergonomically-designed backpack, sturdy trolley, a steerable kick-scooter, and a wooden skateboard.
Moreover, companies such as G-RO and Scoocase have equipped their luggage with power banks. Furthermore, Antler USA's Titus and the Delsey Paris Pilot 4.0 offer a built-in USB port with cables, which is connected to a power bank compartment. Another smart luggage feature is a bag with an in-built weighing scale, which displays exact weight of the luggage as soon as the user lifts the bag. For instance, Airo smart luggage trolley bags consist of an inbuilt weighing scale, which has helped the company to gain competitive edge over other brands. These factors are expected to boost growth of the luggage market during the forecast period.
Asia Pacific region held dominant position in the global luggage market in 2018, accounting for 38.0% share in terms of value, followed by North America, Europe, and Latin America respectively.
Figure 1. Global Luggage Market Value Share (%), By Region, 2018
Source: Coherent Market Insights
Increasing innovations in the market is expected to boost demand for luggage over the forecast period. These innovations are expected to create growth opportunity for manufacturers by attracting larger customer base. For instance, in August 2019, Samsonite collaborated with Panasonic for creating EVOA Tech, a new generation of smart luggage. The luggage will be able to effectively communicate with the owner with the help of IoT. Furthermore, the smart luggage will also include a Bluetooth tracker, biometric locking system, a USB port, and an inbuilt weighing scale. Another security feature of this bag is the SOS alert button, which sends an alert to 3 contacts with the current GPS location. These features are expected to increase demand for such luggage from the premium sector and thereby, boost growth of the global luggage market.
Figure 2. Global Luggage Market - Opportunity Analysis
Source: Coherent Market Insights
The global soft- side luggage market was valued at US$ 17,010.4 Mn and represented 73.1% of the global luggage market in 2018.
Figure 3. Global Luggage Market Value Share (%), By Category, 2018
Source: Coherent Market Insights
Rapid growth of the travel and tourism industry across the globe is expected to drive growth of luggage market over the forecast period. Moreover, demand for premium range luggage with advanced technologies is expected to increase due to growing luxury travel market and increasing disposable income across the globe. For instance, as per Coherent Market Insights’ analysis, in 2017, the global luxury travel market was valued at US$ 201.07 billion, which increased and reached US$ 353.16 billion by 2026 registering a CAGR of 6.7% during the forecast period.
Key players operating in the market include Tapestry Inc., Rimowa GmbH, Louis Vuitton Malletier, S.A., Victorinox Swiss Army, Inc., Samsonite International S.A, Coach Inc, VF Corporation, Antler Limited, Delsey S.A., Bric's Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited.
Few Recent Developments
RIMOVA GmbH
VICTORINOX AG
Luggage is an important part of travel-related consumer goods market. Different types of luggage are available in the market for travel, business and casual use. The global luggage market is mainly driven by growing travel & tourism industry. Increasing demand for smart luggage is projected to result in rising demand for luggage, globally. Growth of the luggage market is driven by integration of innovative features in smart luggage such as connectivity, tracking sensors, proximity sensors, digital scaling, remote lock, self-driving wheels, inbuilt portable battery, and removable batteries. For instance, in July 2018, Ovis, a smart luggage manufacturer, launched AI-powered smart travel luggage with self-driving wheels.
Market Dynamics
The wholesale and specialty stores segment is expected to account for the largest share of 66.2% in 2019. Specialty stores usually offer variety of products under a specific category, which helps them in building brand identity. This also helps in ensuring that the customers are loyal towards a particular brand.
Many luggage manufacturers are integrating smart features into their existing luggage offerings. In August 2019, Samsonite International entered into a partnership with Panasonic Corporation, to develop a new generation of travel suitcase for hassle-free travel. Under the partnership, Samsonite launched its new suitcase EVOA Tech which features Panasonic’s Seekit Bluetooth tracker that will allow customers to tag and track their luggage.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 48 market data tables* and 36 figures* on "Luggage Market” - Global forecast to 2027.
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