Global Luggage Market to Surpass US$ 67.19 Billion by 2025 - Coherent Market Insights

Published On : Mar 27, 2018

Global Luggage market was valued at US$ 33.28 billion in 2016 and is expected to reach US$ 67.19 billion by 2025, witnessing a CAGR of 8.45% over the forecast period (2017–2025), according to Luggage Market Report, by Product Type (Casual Bag, Travel Bag, Business Bag, and Others) and by Distribution Channel (Supermarkets, Hypermarkets, Online Stores, Specialty Stores, and Others). Increasing penetration of online sales channels, in turn allows for easy purchase of luggage online, which in turn is fuelling growth of the global luggage market. According to European Commission, around 65% of Europeans used internet ordered or bought goods and services online in 2015. Availability of wide variety of luggage such as luggage with tracking system, automated locking systems, and smart phone connectivity along with launch of new products are some of the factors propelling growth of the global luggage market. For instance, in September 2016, Bugaboo International B.V. launched Bugaboo Boxer, a luggage system with innovative features such as light push steering and interlocking cases.

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Key Trends and Analysis of the Luggage Market:

  • Travel bags segment dominated the global luggage market in 2016 and is estimated to retain its dominance over the forecast period. This is attributed to the growing tourism, adventure and outdoor sports industry. According to the World Travel and Tourism Council, leisure travel spending is estimated to grow by 4.1% per annum from 2017 to US$ 5,917.7 billion in 2027.
  • Online stores segment is rapidly growing in the global luggage market due to increasing number of internet users worldwide. In 2016, Samsonite International S.A., one of the leading players in the market generated 9.5% of the net sales through e-commerce. Furthermore, launch of various online stores by leading manufacturers is fuelling the growth of online stores segment in the global luggage market. For instance, Louis Vuitton Malletier, S.A. opened e-commerce service in China in July 2017.

Key Takeaways of the Market:

  • According to Coherent Market Insights study, Asia Pacific accounted for highest revenue share of 42.58% in 2016. This is attributed to the increase in travelling for leisure or business in this region. According to the Japan National Tourism Organization, number of people who visited abroad in Japan in 2015 was approximately 6.2 million which increased to 17.1 million in 2016. . Furthermore, growing presence by key players is also playing a key role in driving the market. For instance, Coach Inc, one of the key players in the market entered the Indian market in 2017 and plans to open new stores in the upcoming years Also, in December 2014, Hartman, a manufacturer of premium luggage’s entered the Indian market. 
  • Luggage market in North America is growing at a significant pace with the U.S. having largest market share in 2016, owing to the increasing demand for light weight bags, smart travelling bags and sports bags. According to the Travel Goods Association, retail sales of luggage in 2015 was 59.74 million units which increased to 76.023 million units in 2016 in the U.S. Furthermore, travel and sports bag sales increased by 6.3% in 2015 from 2014 in the U.S.
  • Key manufacturers operating in the global luggage market include LVMH Moët Hennessy Louis Vuitton SE., Rimowa GmbH, Samsonite International S.A., Victorinox Swiss Army, Inc., VF Corporation, Antler Limited, Bric's Industria Valigeria Fine SpA, Etienne Aigner AG, Delsey S.A., Coach, Inc, and VIP Industries Limited.

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