New York, NY -- (SBWire) -- 02/25/2016 --Persistence Market Research has released a market research report on the global luggage market, titled "Global Market Study on Luggage: Travel Bags to Witness Highest Growth by 2020". According to the report, the global luggage market is expected to reach US$43.4 bn by the end of 2020, exhibiting a CAGR of 5.8% between 2014 and 2020.
According to the report, the key driver of the global luggage market is the changing lifestyle of urban consumers and the complementary rapid rate of urbanization. The report provides links between advancements in technologies in the fields of travel and luggage and the increasing number of high net worth individuals. High net worth individuals have shown a greater level of concern towards the safety of their personal belongings and are therefore some of the prominent consumers in the global luggage market.
Apart from this, the report also sheds light on the increasing number of educational courses, business trips, and vacation trips being planned that are broadening the base of consumers in the global luggage market.
The report briefs its users about the various distribution channels in the global luggage market, such as Internet sales, hypermarkets and supermarkets, factory outlets, and specialist retailers. The report pays special attention to Internet sales, as the number of consumers preferring ecommerce avenues has rapidly increased over the past few years.
The primary challenge faced by the global luggage market is the unorganized distribution of regional luggage manufacturers and distributors in developing countries. Luggage sales in most developing economies rely on products made in regional outlets that do not cater to other consumers and that do not refer to sales of national or international brands.
The report explains how the regional manufacturers create a range of luggage bags that resemble globally popular bags but are sold at a fraction of the prices of the branded products. This is possible through the use of cheaper and less reliable raw materials and substandard craftsmanship. This issue is applicable in all developing economies, especially in India and China.
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Most emerging economies lack the infrastructure and resources to combat counterfeiting, which leads to an uncontrolled manufacture of duplicate objects, including travel bags and other luggage items. These items are primarily bought by citizens from a low-income or a medium-income bracket, due to easy local availability and cheaper rates.
View TOC (table of content), Figures and Tables of the Report: http://www.persistencemarketresearch.com/toc/3846
The report explains how the lack of anti-counterfeiting frameworks and regulatory restrictions over luggage items has hampered the global luggage market. National and international players alike face the issue of penetrating regions that are dominated by regional unorganized players.
The key players in the global luggage market are ACE Co, Ltd, Goyard, Louis Vuitton Malletier S.A., MCM Worldwide, Rimowa GmbH, Briggs & Riley Travelware, VF Corporation, VIP Industries, Tumi Holdings, Inc., and Samsonite International S.A.
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Global Luggage Market to Grow to US$43.4 bn by 2020, Challenged by Unorganized Regional Segments
The large unorganized luggage markets in developing countries pose one of the greatest challenges for the organized luggage market. Countries such as China and India have large number of unorganized players.