Persistence Market Research is released upcoming report on title "Luggage Market: Global Industry Analysis and Forecast to 2020".
New York, NY -- (SBWIRE) -- 03/26/2015 -- Travelling has increased to a great extent with the rise in urbanization and leisure activities. People are becoming more inclined toward 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 increasing per capita income are some of the key drivers of the global luggage market. Intense competition among unorganized players poses threat for the luggage market globally, as new styles introduced by branded companies are easily copied by unorganized market players. Due to cheap quality and product differentiation, luggage products from unorganized market players are available in the market at highly 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 into backpacks, computer bags, wheel bags, business carry-ons tool bags, and sports bags. The casual bag segment, which includes backpacks and wheel bags, is the fastest-growing segment. The key manufacturers differentiate their luggage products by the number of compartments, type of compartments, lock type, carrying mode, color, and design.
The raw materials required for luggage, which include fabric, plastic, iron, and leather, are easily available. However, increase in their prices is a concern for the industry. The 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 the luggage industry include changing product trend, increasing demand for ultra-light weight materials made up of polycarbonate resins, and innovations.
Luggage are marketed through various sales channels including company-owned retail stores, franchised retail stores, general luggage retail stores, and online marketing. The online sales of luggage have increased, especially of those in the casual bag category . The increasing business environment globally, which has increased the number of official meetings, have been driving the luggage market in this category. Furthermore, the increasing adventure activities and nature-trips are boosting the casual bag market, as the bags in this market are comfortable for trekking and mountaineering.
North America dominated global sales of the 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-ACE, Samsonite, Tumi, and VF Corp.-hold majority of the market. There are several emerging players in the organized luggage market in developing countries, who operate at the 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
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
The report also provides porters five forces analysis of the market.
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