Luggage Industry Research – Luggage Market Size, Share, and Growth Market Analysis
Luggage Market Analysis
The size of the global luggage market is expected to increase by $11.03 billion between 2021-2025 and accelerating at a CAGR of 7.68%. This growth in the luggage market size will be attributed primarily to the rise of the travel and tourism industry. The commercialization of major sports in many countries and the increased participation of women in sports are also influencing market growth. Several key vendors have started introducing multipurpose sports luggage that can carry a lot of sports equipment at a time. As the travel and tourism industry continues to witness growth, there will be an increased demand for different varieties of luggage such as sports luggage, business luggage, and leisure luggage.
Latest Reports
Additionally, the introduction of convertible and foldable luggage will also positively impact market growth during the forecast period. Travelers are increasingly preferring multipurpose luggage which is driving the demand for convertible and foldable luggage. These products include collapsible spinners, trolley bags, tote bags, duffle bags, and others. The introduction of these multipurpose luggage products will act as a key luggage market trend expected to gain traction over the next four years. Other major trends expected to gain traction in the luggage industry during the forecast period include the advent of innovative product features and advances in technology for security, an increasing emphasis on R&D activities by key competitors, and the adoption of strategic promotional activities.
By product, the travel bags segment accounts for a majority of the global luggage market share, holding a lead over the business bags and sports/casual bags segments. The travel bags segment includes luggage products such as suitcases and carry-ons and can be categorized into hard-side, soft-side, and hybrid luggage. The global travel and tourism industry is currently witnessing steady growth and is expected to grow at a CAGR of 4% until 2022. This will influence the number of tourists and travelers, therefore driving the demand for travel bags. Other insights provided within Technavio’s luggage market reports include:
Luggage Market Insights:
- The demand for different varieties of luggage will be strong in countries like the US, Brazil, Spain, Germany, Netherlands, South Korea, and China.
- An increase in the standard of living in developing countries is expected to boost sales of luxury, branded luggage in the coming years.
- Manufacturers like Bluesmart will continue to introduce super-smart suitcases that can be connected to iOS and Android smartphones.
View more global luggage industry research insights: Download your free sample report now
Luggage Market Segmentation Analysis
Sports luggage market to see an increase due to the rising participation of children in sports
Many schools and colleges are offering training to students for several sports activities that encourage them to take part in events and tournaments. This factor will drive sports luggage market growth over the next few years. This growing popularity of sports participation is impelling vendors in the market to focus on launching many multipurpose sports luggage products that can carry all sports equipment at a time.
Enforcement of weight regulations positively impacting smart carry-on bags market growth
Airline passengers are required to pay a fee to carry their heavyweight carry-on bags inside the aircraft. This has encouraged luggage manufacturers to create smart carry-on bags with built-in scales that help consumers abide by luggage weight regulations.
Within the global luggage market, our research analysis focuses on the latest market developments and the current market landscape for various luggage market segments. The scope of our market coverage includes:
- Travel Luggage Market
- Duffel Bags Market
- Garment Bags Market
- Suitcase Market
- Backpacks Market
- Sports Luggage Market
- Golf Luggage Market
- Ball Sports Luggage Market
- Racket Sports Luggage Market
- Hockey Luggage Market
- Cricket Luggage Market
- Business Luggage Market
- Carry-On Luggage Market
- Laptop Bags Luggage Market
In addition, we also provide an in-depth analysis of other luggage bags. In line with this, we cover the following:
- Trunk Luggage Market
- Tote Luggage Market
- Carpet Bags Luggage Market
We at Technavio, with our comprehensive understanding of the luggage market, have been monitoring the latest industry trends to develop a robust portfolio of luggage reports that are based on a broad knowledge of the consumer and retail sphere. Our market research portfolio covers the following research parameters:
- Luggage market size
- Luggage market share
- Luggage market growth
- Luggage market forecast
- Luggage market vendor landscape
- Luggage industry statistics
- Luggage industry trends
