Luggage Market Perspective by Comprehensive Analysis Growth Prediction to 2025
Luggage such as suitcases and bags are available in various size, shape, and designs to enhance convenience and comfort while travelling. Growing travel and tourism industry along with rising participation in adventure sports and outdoor sports is driving growth of the global luggage market. According to the World Travel and Tourism Council, global domestic expenditure on travel and tourism in 2014 was US$ 340.4 billion, which increased to US$ 574.6 billion in 2016. Technological developments such as smart luggage is further fuelling growth of the global luggage market. For instance, in January 2018, 90FUN launched new smart suitcase 90FUN Puppy 1 which follows the traveler.
However, restrictions on smart luggage by International Air Transport Association is hindering growth of the global luggage market. For instance, smart luggage containing lithium batteries and non-removable batteries are banned by major airlines such as American Airlines due to risk of fire.
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Business bags accounted for fastest growing segment in the luggage market, owing to global rise in business travel due to increase in global trade, economic improvements in the developing markets, and developments in the manufacturing sector. According to the World Travel and Tourism Council, business travel investment is estimated to grow by 4.0% in 2017 from 2016 to US$ 1,199.7 billion and increase by 3.7% per annum to US$ 1,719.9 billion in 2027.
Specialty stores segment held largest market share in 2016, owing to the various expansions and advertising by the specialty stores retailers. For instance, in October 2016, Away, an American manufacturer and retailer of luggage launched new stores in New York, U.S. and London, U.K. Also, it announced launch of new stores in Berlin, Germany and Los Angeles, U.S. to expand retail footprint.
Asia Pacific held largest market share in the global luggage market in 2016, owing to increasing consumer spending, which is boosting growth of the travel and tourism industry in this region. According to China National Tourism Administration (CNTA), domestic tourism industry in China registered 4.44 billion tourist trips in 2016 and with an estimated by 11% from 2015. Furthermore, increasing presence of major players is key factor driving demand for luggage market. For instance, to tap the entry level price segment, Kamiliant brand by Samsonite International S.A., plans to expand its distribution across the Asia Pacific market.
Europe has lucrative demand for luggage market, as 62.1% of the population aged 15 or above in 28 nations of the European Union took part in tourism for personal purposes in 2016 according to European Commission. Furthermore, Germany recorded highest expenditure of US$ 89.19 billion on international travel in 2016, followed by the U.K. with US$ 72.24 billion and France with US$ 45.15 billion.
The global luggage market was valued at US$ 33.28 billion in 2016 and is anticipated to register a CAGR of 8.45% in terms of revenue, over the forecast period (2017 – 2025) to reach US$ 67.19 billion by 2025.
Asia Pacific held the largest market share of 42.58% in 2016 and is expected to retain the dominance over the forecast period. Manufacturers are entering into the regional market due to increasing demand for luggage. For instance, Tumi Holdings, subsidiary of Samsonite International S.A., collaborated with Singapore Airlines Limited to create limited edition designs of Alpha 2 international expandable 4 wheeled carry-on bags in April 2017.
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Manufacturers operating in the global luggage market are adopting different strategies including merger and acquisition and collaborations among others for business expansion. For instance, in April 2017, Samsonite International S.A. acquired travel bag retailer eBags Inc. for US$105 million. In November 2014, Perry Ellis International, Inc. entered into a partnership with UGA Fashion S.A. de C.V. for designing, manufacturing and marketing luggage, back packs, travel bags and travel accessories under the brand Perry Ellis in Mexico.
Key manufacturers operating in the luggage market include Louis Vuitton Malletier, S.A., Rimowa GmbH, Victorinox Swiss Army, Inc., Coach Inc, Samsonite International S.A., VF Corporation, Antler Limited, Delsey S.A., Bric’s Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited. https://www.coherentmarketinsights.com/ongoing-insight/toc/1401
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