New York, NY -- (SBWire) -- 12/04/2014 --Travelling has increased to a great extent with the rise in urbanization and leisure activities. People are becoming more inclined towards branded and fashionable travel accessories including luggage. The present day meaning of luggage has changed from traditional clothes packing medium to a more comfortable, convenient and multi-usage travel-companion. Luggage has now become a part of travel apparel which defines personality of the traveler. Nowadays, apart from clothes, luggage bag includes shoes, laptops, camera and related electronic accessories, food items, water bottles and business files.
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The rising global economy and per capita income are some of the key drivers for global luggage market. However, the intense competition from the unorganized players are posing threat have been a constant threat for the luggage market globally. The new styles of the branded companies are being easily copied by the unorganized market players. Moreover, with cheap quality and product differentiation, the unorganized luggage products are available in the market at very economical rates.
The luggage market can be segmented into three major categories namely casual bag, travel bag and business bag. These categories can be further fragmented as backpacks, computer bags, wheel bags, business carry-ons tool bags, and sports bags. The casual luggage including backpack and wheel bags are the fastest growing segments. The key manufacturers differentiate their luggage products by number of compartments, type of compartments, lock type, carrying mode, colors and designs.
The raw material required for the luggage includes fabric, plastic, iron and leather are easily available; however increase in their prices is a concern for the industry. Global luggage market is highly susceptible to the threat of new entrants due to low operating cost and less-regulated business environment. Certain noteworthy developments of luggage industry include changing product trend, increasing demand of ultra-light weight materials made up of polycarbonate resins and new innovations.
Luggage are marketed through various sales channels including company owned retail stores, franchised retail stores, general luggage retail stores and online marketing. There have been observed a spurt in online sales of luggage, especially those in casual category. The increasing business environment globally which has increased number of official meetings have been driving the luggage market in this category. Furthermore the increasing adventure activities and nature-trips are boosting the luggage market in this category which is comfortable for trekking and mountaineering.
Among regions, North America dominated global sales of luggage market, followed by Europe. Asia Pacific is growing at the fastest pace due to its increasing population and growing tourism industry. Asia is emerging as one of the key tourism destinations globally. China, Malaysia, Indonesia and India are increasingly becoming the tourism hotspots which are driving the luggage market in Asia Pacific.
The major players in the global luggage market include ACE Co. Ltd., Samsonite International SA, Tumi Inc., VF Corp., Antler Ltd., Boyt Harness Co., VIP Industries Ltd., Nike Inc., Targus Group International Inc. and Victorinox Swiss Army. The top four players including ACE, Samsonite, Tumi and VF Corp. hold majority of the market. There are several emerging players in the organized luggage market in the developing countries who operate at local level.
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Key points covered in the report
1) Report segments the market on the basis of types, application, products, technology, etc (as applicable)
2) The report covers geographic segmentation
North America
Europe
Asia
RoW
3) The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
4) The report provides company profiles of some of the leading companies operating in the market
5) The report also provides porters five forces analysis of the market.
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Luggage Market: Global Industry Analysis and Forecast to 2020
Persistence Market Research Pvt. Ltd is released new forthcoming report on title "Luggage Market: Global Industry Analysis and Forecast to 2020".