The global luggage market is expected to increase from $30,967.0 million in 2014 to reach $43,356.0 million in 2020, growing at a CAGR of 5.5%. The global luggage market is mainly driven by changing lifestyles and increasing urbanization, which is further creating opportunities for luggage sales among high net-worth individuals. Growing interest of people in tourism is an important driver boosting the global luggage market demand. The Asia-Pacific luggage market is expected to witness the fastest CAGR of 6.7% during 2015 – 2020. Evolving technologies in the luggage industry are also expected to boost the luggage market growth.
Luggage as a fashion accessory is also influencing luggage suppliers to provide modern, lightweight luggage items suitable for continuous use. Luggage as a fashion accessory has become popular over the last few years, especially in developed and mature markets such as that in the U.S. which has led to increase in demand for luggage, especially business related luggage. In Europe, spending on travel and tours is expected to increase with increasing business trips and leisure trip due to lowering of air travelling costs.
The demand for lightweight durable consumer products such as luggage is increasing globally. Lightweight luggage is easier to carry and handle, and provides comfort to customers. Luggage companies are utilizing raw materials, such as polycarbonate resins, to decrease the weight of luggage. There have been several technological advancements in the luggage market, such as provision for increased level of security and utility in the baggage. These luggage products are expected to be popular among the high net worth individuals population. Additional features, such as connectivity, have been added to the luggage, which has increased their traceability and security. For added consumer preferences for security, smart luggage is equipped with various technologies and features, such as bluetooth-enabled lock, global positioning system (GPS), and a USB port for recharging electronic devices, such as mobile phones.
The major companies operating in the global luggage market include Samsonite International S.A., Inc., Tumi Holdings, Inc., VIP Industries Ltd., VF Corporation, Briggs & Riley Travelware, Rimowa GmbH, MCM Worldwide, and Louis Vuitton Malletier S.A.
News Courtesy: P&S Market Research