by Luggage refers to bags, cases or containers specially designed to carry personal belongings during journeys or travels by land, air or water. Luggage is manufactured using durable materials like polycarbonate, polypropylene and ballistic nylon to withstand wear and tear during transit. Luggage provides convenience and safety to travelers by accommodating their clothes, documents and other items for extended periods away from home.
The global Luggage Market is estimated to be valued at US$ 177.03 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Lightweight and durable luggage products are witnessing high demand among travel enthusiasts due to an increase in air travel and adventure tourism activities globally. Manufacturers are focusing on research and development of stronger yet lightweight materials like carbon fiber and magnesium alloys to introduce innovative luggage designs that can withstand rough handling during travel but weigh less. This helps travelers carry more luggage within their baggage allowance without adding significant weight. Such market trend of demand for lightweight yet durable luggage is expected to continue driving healthy growth of the overall luggage market over the forecast period.
SWOT Analysis
Strength: The luggage market is dominated by well-established brands that offer high-quality products and rely on strong brand recognition. This ensures customer loyalty and stable revenues.
Weakness: Frequent changes in fashion trends and evolving customer preferences pose challenges for major players to quickly adapt their product portfolio. The market also faces threats from counterfeit products.
Opportunity: Growth of tourism industry worldwide along with increasing disposites incomes is driving the demand for stylish and durable luggage solutions. Rise of online shopping is also opening new avenues for players.
Threats: Economic slowdowns can negatively impact discretionary spending on luggage. Rising raw material prices may also squeeze profit margins. Intensifying competition from local and private label brands increases pricing pressures.
Key Takeaways
Global Luggage Market Demand is expected to witness high growth over the forecast period driven by increasing international travel and tourism.
Regional analysis: The Asia Pacific region currently holds the major share of the global luggage market led by countries like China, India and other Southeast Asian countries. Rising tourism and increasing disposable incomes are the major factors propelling the market growth. North America and Europe are other significant markets driven by high spending on leisure travel and adventure tourism.
Key players related content comprises: Key players operating in the luggage market are Samsonite International S.A., VF Corporation, Rimowa GmbH, Louis Vuitton Malletier SAS, IT Luggage, Tumi Holdings, Briggs & Riley Travelware, VIP Industries, MCM Worldwide, and GIANT Manufacturing Co. Major players focus on strengthening their portfolio through new product launches, innovation and partnerships. For instance, Rimowa recently partnered with Prada to launch co-engineered and co-branded luggage lines.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
