Published on: May 08, 2024
Luggage is closely intertwined with the tourism industry, catering to outbound tourists, professional sports enthusiasts, and individuals engaged in outdoor activities. It encompasses a wide range of products tailored to different travel needs, including luxury luggage, designer travel bags, business bags, backpacks, and laptop bags.
The luggage market size is estimated to grow USD 12.52 billion at a CAGR of 7.5% between 2022 and 2027, driven by factors such as the increasing number of outbound tourists, the rise of athleisure trends, and growing consumer demand for sustainable and tech-enabled luggage solutions. The market is influenced by trends in the tourism industry and the preferences of outbound tourists, especially among millennials and Gen Z, who prioritize outdoor activities and athleisure. It is also driven by the increasing demand for luxury bags equipped with features like GPS trackers, high-security locks, USB ports, sturdy wheels, and expandable capacity. Manufacturers are incorporating lighter materials and durable soft materials to meet the needs of modern travelers.
Types of luggage products include backpacks, weekenders, laptop bags, suitcases, and other products. Target audiences include people such as business travelers, leisure travelers, and outdoor enthusiasts, and products are typically distributed through e-commerce retailers and traditional brick-and-mortar stores. Customization options and packaging solutions play a significant role in brand differentiation and consumer engagement.
Key trends in the luggage market include a focus on sustainability, the integration of tech-enabled features, and diverse options in terms of product look and feel to cater to a range of consumer preferences. Canvas collections offer stylish yet functional options, while luxury luggage brands continue to attract consumers seeking premium travel accessories.
The growing percentage of the workforce that is engaged in travel and tourism is contributing to the growth of the market, as is the demand for business bags and briefcases for conferences and meetings, and the rise of e-commerce retailers offering personalized and customizable luggage options. Tech-enablement and sustainability initiatives also drive market growth by appealing to environmentally conscious consumers. Fluctuations in demand leading to inventory management issues and storage costs can be a hindrance to manufacturers.
Overall, the luggage market presents opportunities for innovation and growth, driven by evolving consumer demands and sustainability goals. Success in the market requires a focus on flexibility, efficiency, and environmental sustainability, along with compliance with regulatory standards to ensure consumer trust and safety.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The high population density and outbound tourism in the region are major growth factors contributing to regional growth. The trend of purchasing baggage products as lifestyle products rather than utility products bodes well for market growth. The rise of online retailers like Amazon will increase product reach and, consequently, market growth.
Technavio's luggage industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our luggage market reports include:
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our luggage market segmentation covers topics such as:
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In order to provide you with a comprehensive view of the luggage industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
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