The global Luggage market was valued at US$ 22,467.2 Mn in 2018, according to Luggage Market Report, by Product Type (Travel bags (Trolley & Duffle Bags, Backpacks, Lifestyle Bags, and Garment Bags), Business Cases (Briefcases, Business Backpacks, and Attache Cases) and Others (Causal bags, etc.)), By Distribution Channel (Wholesale & Specialty Stores, Hypermarkets, Supermarkets, Online Stores, and Others (Factory Outlets, etc.)), by Price range (Mid Range, Low Range, and Premium Range), by Category (Soft-side and Hard-side) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
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, exhibiting a CAGR of 6.3% over the forecast period (2019-2027). Growing travel & tourism industry across the globe is expected to propel growth of the luggage market during the forecast period. For instance, according to data published by the Travel Goods Association in the 2017 State of the U.S. Travel Goods Market report in 2018, the U.S. travel luggage market was valued at US$ 3,011.68 million in 2016, which increased by 8.0% and reached US$ 3,251.56 million in 2017. Moreover, as per the same source, retail sales of luggage was pegged at 75,556,863 number of units in 2016, which increased by 8.3% and reached 81,852,790 number of units in 2017.
Furthermore, according to the Organization for Economic Cooperation and Development, the global middle class populace is projected to increase from 1.8 billion in 2009 to 4.9 billion by 2030. For instance, disposable income in China increased to US$ 5,278.3 in 2017 from US$ 3,562.2 in 2012. Increasing disposable income from growing economies will drive the customer spending for travel, increasing the demand for travel luggage during the forecast period.
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Browse 48 market data tables* and 36 figures* on "Luggage Market” - Global forecast to 2027.
Key Trends and Analysis of the Luggage Market:
- Customers mostly prefer purchasing low cost luggage products and spending the money saved on travel expenses. Therefore, middle class customers prefer purchasing relatively cheaper products. Owing to such factors, unorganized players in the global luggage market are witnessing growth while players in the organized sector are losing their prospective customers. This is, in turn, expected to hamper growth of the organized luggage market.
Key Takeaways of the Market:
- Hypermarkets segment in the global luggage market was valued at US$ 4,285 Mn in 2018 and is projected to increase to US$ 7,351.6 Mn by 2027. The segment is expected to witness a CAGR of 6.3% during the forecast period. Increasing number of hypermarket chains and additional promotional and marketing activities in the form of offering lucrative discounts on products is driving growth of the hypermarket segment in the global luggage market. Furthermore, growth of the segment is driven by the availability of wide range of products at a single location and presence of private label products.
- Mid range segment in the global luggage market was valued at US$ 10,615.9 Mn in 2018 and is projected to increase to US$ 19,074.3 Mn by 2027. The segment is expected to witness a CAGR of 6.7% during the forecast period. Mid range luggage type includes luggage of price range US$ 75 to US$ 150. Increasing standard of living coupled with increasing disposable income of the populace across the globe are expected to drive growth of the segment over the forecast period.
- Hard-side segment in the global luggage market was valued at US$ 5,456.8 Mn in 2018. The segment is expected to witness a CAGR of 6.6 % during the forecast period. Hard-side luggage are manufactured by using high-tech plastics such as polycarbonate and acrylonitrile butadiene styrene (ABS). These luggage are lightweight and highly durable.
- Key players 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.