Luggage includes bags, suitcases, trunks and other containers used to carry personal belongings during travel. With the growth in tourism and business travel across the globe, there has been a rising demand for high quality, durable and fashionable luggage solutions. Luggage comes in various styles, designs and sizes to suit different travel needs and budgets. The global Luggage Market is estimated to be valued at US$ 102.83 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing Tourism & Travel Industry has been a major driver augmenting the growth of the Luggage Market. The tourism sector has witnessed a substantial rise in recent years on the back of increasing disposable income, expansion of international aviation networks and easing of visa restrictions in several countries. This has translated into significant growth in international tourist arrivals worldwide. According to the World Tourism Organization (UNWTO), international tourist arrivals grew by 4% in 2019 to reach 1.5 billion globally. The flourishing travel and tourism industry has boosted the demand for high quality and durable luggage among both business and leisure travelers.
SWOT Analysis
- Strength: Luggage provides portability and mobility for travelers. It allows people to pack and transport their personal items easily.
- Weakness: Lower quality luggage may get damaged easily. Premium and high-end luggage can be expensive.
- Opportunity: Growing travel and tourism industry globally increases the demand for luggage products. People are willing to spend more on luggage for convenience and safety of travel items.
- Threats: Price wars among existing players can negatively impact profit margins. Shift to minimal travel during pandemic restricts the market growth temporarily.
Key Takeaways
The global luggage market is expected to witness high growth. Rapid urbanization, rising disposable incomes, and increasing preference for international leisure travel and business trips are driving the demand for various luggage products across the world. The luggage market size is projected to reach US$ 182.17 Billion by 2031 from US$ 102.83 Billion in 2024, exhibiting a CAGR of 9.7% during the forecast period.
North America dominates the global luggage market currently. The United States witnesses significant travel activities and accounts for the largest luggage market in the region. However, Asia Pacific is identified as the fastest growing regional market for luggage over the next few years. Countries like China, India, Japan, and South Korea are major contributors to the increasing demand in Asia Pacific. Improving economic conditions, emerging middle-class segment, and rising consumer spending on travel and tourism will boost the luggage market growth in Asia Pacific.
Key players operating in the luggage market are Samsonite International S.A., VF Corporation, Rimowa GmbH, Louis Vuitton Malletier SA, IT Luggage, Tumi Holdings Inc. and Briggs & Riley Travelware. These companies are focused on new product development, strategic partnerships and expansion of manufacturing facilities to cater to the growing luggage demand globally.
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