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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