|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The luggage market is projected to register a CAGR of 7.3% during the forecast period (2021 - 2026).
Since the COVID-19 pandemic has forced the major part of the global population to sit at home, owing to travel restrictions and lockdown, the luggage and backpacks industry has been hit hard by the pandemic. Also, most of the potential consumers limited their spending on travel luggage, which directly impacted the sales revenues of top big brands in the luggage market. However, as the pandemic situation is improving gradually, the spending patterns of consumers have strengthened, and the market is expected to regain its potential, as the economies of the developing nations improve.
The change in lifestyle, the growing travel and tourism industry, and the customer inclination toward high-end luggage are likely to positively impact the growth of the market during the forecast period.
The growing convenience of online shopping has led to a major shift in consumer preferences for the purchase of travel bags and other luggage bags through e-commerce platforms, such as Amazon and eBay.
The business bags segment is gaining significant traction in the market studied, due to the increasing business travel worldwide and economic improvements in the developing markets.
In price-sensitive markets, such as some emerging economies across Asia-Pacific and Latin America, the easy availability of cheaper substitutes/counterfeit products as compared to branded products is hindering the growth of the luggage market. Moreover, the market is dominated by unorganized players with low priced products.
Scope of the Report
Luggage is the bag or container that is used to keep possessions when traveling. The luggage market is segmented in terms of product type, distribution channel, and geography. By product type, the market studied is segmented into travel luggage, business luggage, sports luggage, and other product types. By distribution channel, the market studied is segmented into offline retail stores and online retail stores. Offline retail stores are further classified into supermarkets/hypermarkets, specialty stores, and other offline retail stores. By geography, the market studied is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|By Product Type|
|Other Product Types|
|By Distribution Channel|
Key Market Trends
Significant Growth in the Tourism Industry
The increase in the demand for luggage bags is directly proportional to the growing travel and tourism industry. Over the past few years, the global travel and tourism industry has witnessed significant growth. Currently, the tourism industry is one of the fastest-growing and most diversified sectors globally. Countries, such as China, the United States, South Korea, Brazil, the Netherlands, Spain, Germany, and the United Kingdom, have strong outbound tourism. According to the World Bank Group, international tourism in terms of the number of arrivals globally reached 1.25 billion in 2016. Moreover, from the last few years, the spending on leisure travel by the baby boomer segment has been increasing rapidly, which, in turn, has further boosted the growth of the market. Thus, with the growth in tourism, the demand for backpacks, travel packs, smart luggage bags, carpet bags, duffel bags, and laptop bags is also likely to increase in the years to come.
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Asia-Pacific Emerges as the Fastest Growing Region
In Asian countries, like India, the luggage market has become highly competitive, with established brands, like VIP, competing in the market with new players, like Da Milano. The growth of the market is set to increase due to a rise in travel and tourism activities and a surging number of business travelers, which led to a surge in the sales of travel and business bags. Close to 23.94 million Indians traveled abroad in 2018, which was a rise of 9.5% compared to the previous year. This indicated a rise in the demand for luggage. The Asian luggage industry is increasingly engaged in the production of luggage bags, backpacks, duffel bags, laptop bags, and other various business travel bags, thus, driving the market further in the Asia-Pacific region.
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The luggage market is highly competitive. The market has key players competing for major market share and small regional players catering to a small region to capture the market share. Some of the major players in the market are Samsonite International SA, LVMH, and VIP Industries Limited. The key strategies adopted by the players in the market are new product launches with innovative designs, followed by mergers and acquisitions. Expansion is another strategy that gives an upper edge to the manufacturers to expand their consumer base globally.
- In December 2020, Away launched its newly expanded holiday collection with the launch of its brand new core travel collection just in time for the holidays. The new product offering includes three new backpack styles in a range of colors, a nylon-and-leather zip tote bag, a laptop bag, and a messenger bag.
- In July 2018, VIP, a globally renowned company, partnered with BuyMore, a brand of Counfreedise Retail Services Ltd, with an aim to expand its retail through online retail.
- In April 2017, Samsonite acquired eBags, one of the popular online retailers of handbags, luggage, backpacks, laptop bags, and travel accessories.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Travel Luggage
5.1.2 Business Luggage
5.1.3 Sports Luggage
5.1.4 Other Product Types
5.2 By Distribution Channel
5.2.1 Offline Retail
188.8.131.52 Supermarkets and Hypermarkets
184.108.40.206 Specialty Stores
220.127.116.11 Other Offline Retail Channels
5.2.2 Online Retail
5.3 By Geography
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.2 Samsonite International SA
6.4.3 VIP Industries Limited
6.4.4 Nike Inc.
6.4.5 VF Corporation
6.4.6 United States Luggage Company LLC
6.4.7 MCM Worldwide
6.4.8 ACE Luggage Co. Ltd
6.4.9 Etienne Aigner AG
6.4.10 Adidas AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Luggage Market market is studied from 2016 - 2026.
What is the growth rate of Luggage Market?
The Luggage Market is growing at a CAGR of 7.3% over the next 5 years.
Which region has highest growth rate in Luggage Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Luggage Market?
North America holds highest share in 2020.
Who are the key players in Luggage Market?
Adidas AG, Samsonite International SA, VIP Industries Limited, Nike, Inc., LVMH are the major companies operating in Luggage Market.