The global luggage market size was $38.55 billion in 2021, and it is projected to reach $73.60 billion by 2030, witnessing a CAGR of 7.45% during 2021–2030. This is ascribed to the increasing travel & tourism activities, growing education opportunities, and rising disposable income of the consumers in developing nations.
The World Tourism Organization (UNWTO) reports that more than 1.3 billion people went abroad in 2019. However, the COVID-19 pandemic caused a sharp fall in international visitor arrivals in 2020, plummeting the number to just 0.4 billion, which had a significant impact on the sales of such accessories that year. The need for travel bags, backpacks, smart baggage, duffel bags, and laptop bags is expected to increase over the next few years as governments throughout the world loosen their restrictions on movement.
Furthermore, the changing consumer preference toward luxury baggage equipped with GPS trackers and a host of other smart features, along with the rising urbanization rate in the emerging economies, is projected to increase the product demand during the forecast period. In addition, the rising interest in outdoor and adventure sports and increasing government support to the leather accessories sector are predicted to contribute to the growth of the luggage market during the forecast period.
Based on product type, the travel luggage category held the largest revenue share, of more than 33%, in 2021, and it is expected to grow at a substantial CAGR during the forecast period. The growth is ascribed to the increasing popularity of outdoor and adventure sports in developing nations. Moreover, the growing middle-class household incomes, particularly in the emerging countries, are projected to increase the demand for premium travel gear.
Additionally, the need for such products has grown as a result of the increasing corporate travel activities, rising demand for convenient transportation, and sprouting of online trip booking websites. Due to the exposure to social media, TV programs, and advertising, more people are exploring new places, which will increase the demand for the associated bags.
Additionally, the rising consumer spending on smart and premium accessories is predicted to boost the growth of the luggage market throughout the forecast period. Furthermore, the ballooning trend of stylish bags for all purposes would accelerate the growth of the market in the coming years.
Asia-Pacific is expected to see the highest CAGR, of more than 9%, over the forecast period, owing to the rising living standards, increasing expenditures, and rising demand for high-quality baggage. Furthermore, the rising business and sports activities, along with the growing education opportunities, are also set to boost product sales in Asia-Pacific over the forecast period.
In addition, tourism activities have increased dramatically due to the increase in the urbanization rate and leisure activities. As a result, an increasing number of consumers are becoming attracted to designer and branded baggage in this region.
The biggest players in the market are Nike Inc., Adidas AG, Samsonite International SA, VIP Industries Limited, ACE Luggage Co. Ltd., VF Corporation, LVMH, Etienne Aigner AG, MCM Worldwide, and United States Luggage Company LLC.