Luggage Market Revenue Is Expected to Reach US $43.4 Bn in 2020
Global Market Study on Luggage: Business Bags Segment Projected to Grow at a Rapid Pace
New York, NY -- (SBWire) -- 06/22/2018 --According to a new market report published by Persistence Market Research "Global Market Study on Luggage: Travel Bags to Witness Highest Growth by 2020", the global luggage market is expected to grow at a CAGR of 5.8% during 2014 to 2020 and to reach an estimated value of USD 43.4 billion in 2020.
Increasing urbanization and changing lifestyles are the key drivers for the global luggage market. Technological advancements are further creating opportunities for luggage sales among high net-worth individuals, for whom safety is a major concern. Increasing travel and tours, rising business activities, and growing number of educational courses are further propelling the demand for luggage. Luggage is sold through various types of distribution channels such as specialist retailers, factory outlets, supermarkets, hypermarkets, and internet sales. Owing to the boom in online commerce, luggage sales through the Internet have been growing at a significant pace.
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Increasing urbanization is escalating demand for lifestyle products. To some extent, luggage is also considered as a lifestyle product, especially in developing countries. Earlier, people in developing countries used one luggage for all purposes such as travel, tour, and business. However, owing to growing urbanization and rising disposable income, their lifestyles have changed, which is also reflected in their usage of purpose-based luggage. Asian and African countries are expected to experience highest urban growth in the future. According to the China Development Research Foundation, urban population in China is expected to increase from 52.6% in 2012 to 70% by 2030. Urbanization is growing at a swift pace across Asia Pacific. Pacific countries such as Australia and New Zealand already have high urbanization.
Increasing the inclination of the global population towards travel and adventure has been beneficial for industries such as travel & tourism, and, in turn, for industries involved in the manufacture of related travel gear such as luggage. Luggage is an integral part of travel & tourism activities. The rising disposable income and changing recreation patterns of the global population is one of the key reasons for the growth of the travel & tourism industry. Europe was the largest tourism destination during 2010 – 2013, followed by Asia-Pacific. People across countries such as the U.S., Finland, and Sweden are the most frequent international and domestic travelers.
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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. These regional players usually launch products with designs almost identical to those of the brands of global organized players. Unorganized players offer luggage at low costs as they save on costs of high-quality raw material, branding, advertisement, and R&D. The low- and medium-income populations in developing countries are the largest consumers of such relatively inferior products. The organized luggage market loses its prospective customers due to the presence of these players. In the absence of a strong anti-counterfeiting framework in developing countries, these unorganized players are flourishing and restraining the growth of the organized luggage market.
The major players 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.
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