New York, NY -- (SBWire) -- 08/10/2017 --Increasing suburbanization and new lifestyle trends are the key drivers for global luggage market. Technological advancements also fuels the creative marketing strategies adopted by OEMs which influences direct luggage sales amongst online buyers. The consumers who concern about safety, increasing tours- travels agencies and their attractive offerings, Lifting outdoor business opportunities and activities, educational institutions, streams and university programs for graduates are further extending the demand for luggage. Due to booming E- commerce, luggage online sales have been going at vigorous rate. However, the luggage is sold through various distribution channels such as Factory outlets, Malls, Supermarkets, Specialist retailers, hypermarkets and the websites.
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Effect of Increasing Urbanization and the Luggage market
Increasing suburbanization is intensifying demand for lifestyle products. In developing countries, to the some extent, the luggage have been considered as a lifestyle product. Earlier one common luggage used to be considered for all purposes. In current era owing to urbanization, rising income and the quality of life style the luggage is segmented in as Travel, Tour, Business and Special Activity luggage. This change in quality of life style calls for the segment of purpose based luggage.
As per the forecast Asia and African countries (APAC) region are expected to witness highest urban growth in the future. According to China Development Research Foundation, urban population in China is expected to grow from 52.6% by 2012 and will exponentially grow 70% by2030. APAC is also witnessing notable changes urbanization, Pacific countries such as New Zealand and Australia already have high urbanization.
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Effect of Travel Tourism and Adventure
Inclination of global population towards adventure and travel has been beneficial for industries such as travel and tourism and in turn for industries engaged in manufacturing of related travel gear such as luggage. While luggage becomes integral part of travel and safety the involved OEMs emphasizes quality and durability of luggage bags and their security components. One of the key factors involved rising disposable income and changed recreation pattern of global population. According to survey Europe is coined as largest tourism destination through 2010-2013.which further followed by APAC region. The most frequent international and domestic travelers are US, Finland and Sweden.
Effect of Unorganized Market on Brands
The Unorganized luggage market in developing countries posing the greatest challenges for organized luggage market. The large unorganized players include China and India. Due to exceptional demand the regional players usually tend to lunch designs almost identical with brands of global organized players. The luggage cost offered by unorganized players is relatively less as compare to the cost offered by organized payers. At the same time unorganized payers save on costs of high quality raw materials, promotional and branding material, raw material and research and development. The population with low income in developing countries are biggest consumers of such inferior products. Due to foresaid consequences the organized luggage market sequentially drops its prospective consumers even after having quality brands and trendy designs. In absence of Quality standard measure in developing countries, without detention these unorganized players flourishing their market by limiting the growth of organized luggage market.
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Some of the most influencing players identified during research of Persistence Market Research in the global luggage market include: Samsonite International S.A., Tumi Holdings, Inc., VIP Industries, VF Corporation, Briggs & Riley Travelware, Rimowa GmbH, MCM Worldwide, Louis Vuitton Malletier S.A., Goyard, and ACE Co, Ltd.
Global Luggage Market to Peak over US $43.4 Billion in 2020
According to report the global luggage market is projected to grow at a CAGR of 5.8% through 2014 to 2020 to reach an estimated value of USD 43.4Bn in 2020.