The global luggage market is expected to reach $43,356.0 million in 2020, progressing at a CAGR of 5.5% during the forecast period (2015–2020). The changing lifestyle, swift urbanization, growing tourism industry, surging business activities, and increasing number of high-net-worth individuals are some of the key factors driving the growth of the market across the globe.
Insights into market Segments
Based on product, the travel bags category is expected to witness the fastest growth in the luggage market during the forecast period, owing to the expanding tourism industry around the globe. The casual bags category is also predicted to record significant growth in the coming years. The number of students pursuing higher education is increasing, which, in turn, is boosting the demand for casual bags. The younger generation, including students and sportspersons, mostly use casual bags.
Asia-Pacific (APAC) is anticipated to be the fastest growing luggage market
Geographically, APAC held the largest share in the luggage market in 2014, and it is further projected to witness the fastest growth during the forecast period. This can be attributed to the increasing consumer spending, which is boosting the growth of the travel and tourism industry in this region. Japan, China, and India cumulatively held the major share in the market in the region in 2014.
Evolving technologies in the luggage industry are expected to boost the market growth
Technology is ever-evolving and of utmost importance in the luggage market, as new and improved materials are required to make better, lighter, and high-tech bags. Market players are integrating additional features, such as Bluetooth-enabled locks, global positioning system, and a universal serial bus (USB) ports for charging mobile phones and other electronic devices for better convenience and security.
Luggage market competitiveness
The luggage market is highly competitive with the presence of a large number of players. Major players are focusing on mergers and acquisitions, facility expansions, and production capacity expansion in order to increase their presence in the market. However, in the recent past, mergers and acquisitions and product launches have been the major activities. For instance, in June 2014, Samsonite International S.A. acquired Gregory Mountain Products LLC., an outdoor backpack brand owned by Black Diamond Inc., for $85.0 million. Through this agreement, Samsonite International S.A. is strengthening its High Sierra product line and presence in the outdoor bag category.
Explore report description with detailed TOC: https://www.psmarketresearch.com/market-analysis/luggage-market
Some of the major payers operating in the global luggage market are Samsonite International S.A., Tumi Holdings Inc., VIP Industries Ltd., VF Corporation, Briggs & Riley Travelware, Rimowa GmbH, MCM Worldwide, and Louis Vuitton Malletier S.A.
LUGGAGE MARKET SEGMENTATION
Market Segmentation by Product
Market Segmentation by Distribution Channel
Market Segmentation by Region