Luggage Market Size and Share Analysis Report by Product Type (Travel Luggage, Business Luggage, Sports Luggage), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Stores), Price Range (Low-Range, Mid-Range, High-Range) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global luggage market size stood at $38.55 billion in 2021, and it is set to reach $73.60 billion by 2030, growing at a CAGR of 7.45% during 2021–2030. The growth is primarily attributed to the growing travel & tourism industry, changing consumer lifestyles, and increasing disposable income in the emerging economies.

Furthermore, the rapid urbanization, along with the shifting consumer preferences toward luxury bags equipped with advanced technologies, such as GPS trackers, high-security locks, USB, sturdy wheels, and expandable capacity, is predicted to boost the product demand over the forecast period. Moreover, the growing education opportunities, increasing participation in outdoor and adventure sports, and rising government support for the leather accessories industry are expected to fuel the advance of the industry in the coming years.

In addition, the rising consumer preference for branded luggage, increasing spending on smart and luxury products, and surging popularity of backpacks, wheeled duffel bags, and shoulder bags, are all predicted to drive the industry in the coming years. Moreover, stylish office and casual bags are trending among users around the world.

The luggage industry has been severely impacted by the COVID-19 epidemic, which compelled a significant portion of the world's population to stay at home, due to the movement restrictions and lockdown. Additionally, the majority of the prospective buyers restricted their spending on unnecessary accessories, which negatively impacted the sales revenues for the companies in the baggage industry. However, as the situation steadily improves, consumer buying propensity has strengthened, and the industry will once again reach its full potential due to the improvement in the economies of developing countries across the globe.

Travel Luggage Is Largest Revenue Contributor

Based on product type, the travel luggage category held a significant CAGR during the forecast period. This is primarily attributed to the rising popularity of adventure and outdoor sports in emerging economies. Additionally, the surging middle-class household incomes, particularly in emerging economies, would enhance the demand for high-end and stylish travel gear.

Furthermore, customers are more likely to spend on expensive and luxurious accessories in order to adapt to the constantly evolving trends. Additionally, product advancements, such as eco-friendly variants, along with creative designs, are creating a positive outlook for the growth of the market.

Moreover, the rising business travel activities, increasing demand for ease in transit, and emergence of a number of vacation planning and booking portals have strengthened the requirement for travel gear. People are becoming more aware of vacation destinations as a result of social media, TV shows, and advertising.

Supermarkets & Hypermarkets Dominate Product Sales

Supermarkets & hypermarkets, based on distribution channel, dominated the market, with a revenue share of more than 40%, in 2021. The growing number of hypermarket chains, as well as their increasing focus on promotional and marketing activities, such as tempting discounts on products, will drive the luggage market in the coming years. Furthermore, the availability of a diverse range of products in a single place, including private-label products, is driving the category’s advance.

Online Stores Category Witnesses To Highest CAGR

The online stores category is projected to witness the highest CAGR, during the forecast period. The ease of online buying has resulted in a significant shift in the customer preference for purchasing bags for sightseeing and other purposes via e-commerce platforms. Furthermore, the rising living standards, combined with the increasing disposable income of the global population, are expected to drive the category’s growth over the forecast period.

Growing Travel & Tourism Industry Is Driving Accessory Demand

The expanding travel & tourism industry is a strong driver for the rise in the demand for travel baggage. The tourism sector is currently one of the most-dynamic and diverse businesses in countries such as the U.S., the U.K., Germany, China, India, South Korea, Brazil, and the Netherlands.

According to the World Tourism Organization (UNWTO), the international tourist count surpassed 1.3 billion worldwide in 2019. However, as a result of the COVID-19 pandemic, the number of foreign arrivals in 2020 fell substantially, reaching roughly 0.4 billion, thus resulting in a major decline in baggage sales that year. However, with governments across the world relaxing movement regulations and tourism activities rising, the need for the related accessories is expected to rise in the coming years.

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Asia-Pacific To Witness Fastest Sales Rise

The product sales revenue in Asia-Pacific is expected to grow at a CAGR of more than 9% during the forecast period due to the improving living standards, coupled with the rising demand for high-quality baggage across the region. Additionally, the growing usage of sports and office luggage, along with the boom of the education sector, will also fuel the sales of such gear in the region.

According to the Ministry of Tourism, India, around 26.92 million Indians flew overseas in 2019, compared to 21.87 million in 2016. The rising tourism activities, as well as the increasing number of business travelers, are predicted to increase the requirement for travel and business bags and fuel the industry growth over the forecast period.

Travel & tourism activities in this region have increased dramatically due to the rise in the rate of urbanization and rise in the interest in leisure activities. As a result, more people are buying designer and branded travel accessories in the emerging countries of Asia-Pacific. In the past few years, baggage has changed from being primarily used for carrying clothes to becoming more of a convenient and multipurpose companion.

Furthermore, the increasing sale of travel bags, backpacks, laptop bags, and duffel bags used for business purposes is expected to drive the market prosperity in the Asia-Pacific region.

Europe is the second-fastest-growing luggage market owing to the increasing count of domestic and international travelers, which results in a rise in the demand for the associated gear.

Top Players in Luggage Market Are:

• Nike Inc.
• Adidas AG
• Samsonite International SA
• VIP Industries Limited
• ACE Luggage Co. Ltd.
• VF Corporation
• LVMH
• Etienne Aigner AG
• MCM Worldwide
• United States Luggage Company LLC

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Product Type

• Travel Luggage
• Business Luggage
• Sports Luggage

Based on Distribution Channel

• Supermarkets & Hypermarkets
• Specialty Stores
• Online Stores

Based on Price Range

• Low-Range
• Mid-Range
• High-Range

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Spain
  • Italy
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa