Luggage Market

Introduction:

Growing customer preference for high-quality luggage equipped with Global Positioning System (GPS) tracking device, growing urbanization and rising disposable income are expected to influence the luggage market in the forecast years. The Global Luggage Market report offers a comprehensive evaluation of the market. The report includes an in-depth analysis of key segments, trends, drivers, restraints, competitive landscape and factors that play a major role in the market. Baggage is the personal belongings of the passenger that he takes with him when traveling by plane, ship or bus, regardless of whether they are checked in or not. Baggage consists of bags, suitcases and containers that hold the passenger's belongings during the trip. In the past, luggage was usually made of wood or heavy materials. But the shape of packages has changed dramatically over time.

It is categorized by products i.e. travel, business, sports and others. Various package distribution channels include specialty stores, department stores, supermarkets and hypermarkets, online sales and others. There are three different pricing categories for packages: Value and Mid-Level, Premium and Luxury.

Market overview: 

The Global Luggage Market has undergone significant changes over the past decade, evolving in response to changing consumer preferences, technological advances and economic dynamics. The market was valued at USD 38 billion in 2023 and is expected to grow significantly and reach USD 93 billion by 2032. This projected growth shows a CAGR of around 10.2%, reflecting a strong upward trend that is transforming the industry landscape. 

The luggage market is expected to grow, and with new advancements and accessibility in air travel, the global luggage market has reinvented itself by offering small, light, colorful and stylish bags to meet the diverse needs of travelers. The rate of growth is accelerated by the growing travel and tourism industry, increasing population migration and rising disposable incomes. Discounts, convenience, bag swapping and ease of selection through e-commerce have been identified as the most important trends in the market. People travel because of the increase in disposable income. This opened doors to new perspectives for market participants.

Luggage Market

Size, by Product, - (USD Billion)

Travel Bags

Business Bags

Sports Bags

Other Products

The Market will Grow

At the CAGR of:

10.2%

The Forecast Market

Size for in USD:

$93 billionB

Key players:

1. Samsonite
2. Tumi
3. American Tourister
4. Travelpro
5. Rimowa
6. Delsey
7. Victorinox
8. Briggs & Riley
9. Away
10. Eagle Creek
11. Antler
12. IT Luggage
13. Louis Vuitton
14. Hartmann
15. Herschel Supply Co.
16. Lipault
17. Paravel
18. Heys
19. Calpak
20. Patagonia

Luggage Market

Share, by end user, (USD Billion)

38 billion%

Individual Users

Business Users

Other End-Users

93 billion

Total Market Size

USD (Billion),

10.2%

CAGR

-

Market segmentation:

By Type:

Travel Bags: These include suitcases, trolleys, and duffel bags, primarily used for personal or family travel. They are designed to be durable, spacious, and easy to maneuver.

Business Bags: Comprising briefcases, laptop bags, and attache cases, these are tailored for business professionals who require organized and secure storage for documents, laptops, and other work essentials.

Sports Bags: These include backpacks, gym bags, and team sports bags, designed to carry sports equipment and gear. They are often made from durable, lightweight materials and feature multiple compartments.

Specialty Bags: Garment bags, wheeled bags, and wheeled duffel bags fall into this category. They are designed for specific purposes like carrying formal wear without wrinkling (garment bags) or providing easy mobility (wheeled bags).

By Application:

Travel and Tourism: Luggage designed for personal and family vacations, focusing on spaciousness, durability, and ease of transport.

Business Travel: Tailored for business travelers, emphasizing organization, security, and professional aesthetics.

Sports and Recreation: Products designed to accommodate sports equipment and recreational gear, focusing on durability, portability, and multiple compartments.

By End User:

Individual Users: Primarily targeting personal travelers, these users seek luggage that meets their style, durability, and budget preferences.

Business Users: Catering to business professionals, this segment requires luggage that is functional, durable, and often sophisticated in appearance to meet their travel and business needs.

By Distribution Channel:

Online: E-commerce platforms and brand websites offer a wide range of luggage products with the convenience of home delivery. They also provide detailed product descriptions and customer reviews.

Offline: Includes specialty stores, department stores, and hypermarkets/supermarkets where customers can physically inspect the products before purchasing. These channels often offer personalized customer service.

Luggage Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

10.2%

The Forecast Market

Size for in USD:

$93 billionB

Recent Developments:

May 18, 2024 Samsonite, Safari, and VIP Industries faced growth declines in India. Samsonite's business fell 10%, Safari's growth slid to 21%, and VIP Industries saw sales taper to 14%. China regained Samsonite's top market position post travel restrictions. Neetu Kashiramka discussed industry growth, and the shift towards hard luggage was highlighted in a RedSeer report.

Regional Analysis:

North America: Includes the United States, Canada, and Mexico, with a focus on high-quality and technologically advanced luggage.

Europe: Encompasses Western and Eastern Europe, known for stylish, durable, and often high-end luggage brands.

Asia-Pacific: A rapidly growing market with diverse needs, from budget-friendly to high-end luggage, driven by increasing travel and tourism.

Latin America: Emerging market with growing demand for affordable and durable luggage.

Middle East & Africa: Developing market with unique demands, often influenced by cultural and regional travel needs.

Market Dynamics:

Growth Factors:

The luggage market is witnessing strong growth due to various factors.

Increasing disposable incomes globally have empowered more people to travel, leading to a higher demand for luggage.

Emerging economies like China and India, with their growing middle class, are contributing significantly to the expansion of the market.

The rise in international and domestic tourism has increased the need for different types of luggage, including carry-ons and large suitcases.

Advancements in luggage technology, such as GPS tracking, smart locks, and USB charging ports, are attracting tech-savvy travellers.

Trends:

The luggage market is being influenced by several noteworthy trends.

One key trend is the increasing consumer preference for smart luggage, which incorporates advanced technologies like GPS tracking, Bluetooth connectivity, and built-in chargers.

This trend is particularly appealing to tech-savvy travellers who value convenience and enhanced travel experiences.

Another significant trend is the growing emphasis on sustainability, with both manufacturers and consumers prioritizing eco-friendly materials and sustainable production practices.

This includes the use of recycled plastics, organic fabrics, and environmentally responsible manufacturing processes.

The rise of e-commerce is also playing a crucial role in shaping the luggage market, as it transforms the way consumers purchase luggage.

Online platforms offer a wide range of products, competitive pricing, and the convenience of home delivery, making them increasingly popular among shoppers. Customization is an emerging trend, with consumers seeking personalized luggage options that reflect their unique styles and preferences.

Lastly, there is a growing demand for lightweight and durable luggage, driven by airline weight restrictions and the desire for easy mobility. Collectively, these trends are redefining the landscape of the luggage market.

Opportunities:

The luggage industry is ripe with potential for growth and expansion, with various lucrative opportunities waiting to be seized. One key area of growth is the rising demand for smart luggage, which incorporates cutting-edge technologies like GPS tracking, biometric locks, and solar-powered charging.

Companies that lead the way in innovation within this sector can attract the interest of tech-savvy travelers seeking convenience and efficiency. Another promising opportunity stems from the increasing preference for sustainable and eco-friendly products among consumers.

Brands that prioritize sustainable materials and eco-conscious manufacturing processes stand to appeal to environmentally aware customers. The burgeoning middle class in emerging markets like India, China, and Southeast Asia represents a significant avenue for growth.

These regions are witnessing a surge in travel and tourism, fueling the need for a variety of luggage options to cater to diverse preferences. The advent of e-commerce platforms has opened up new possibilities for market players to broaden their customer base and enhance accessibility.

Moreover, the trend of customization enables companies to offer personalized luggage choices, fostering stronger consumer connections and brand loyalty. Lastly, forging strategic partnerships and collaborations with travel and tourism entities can create additional pathways for market expansion and development.

Market Restraints:

The luggage market is hindered by the high cost of raw materials, such as polycarbonate and aluminum, which are crucial for producing durable luggage. Fluctuating costs of raw materials can significantly impact manufacturers' profit margins, posing a challenge to the luggage market. The market faces intense competition, with numerous players offering similar products, resulting in price wars and reduced profitability.

Counterfeit products in the market undermine genuine brands and erode consumer trust, presenting a significant restraint. Economic uncertainties and geopolitical tensions can affect travel frequency, thereby impacting luggage sales.

Stringent regulations on certain materials and production processes increase compliance costs for manufacturers. Companies in the luggage market need to invest in eco-friendly materials and technologies to meet the growing demand for sustainable products, which can be costly.

The market is susceptible to changes in consumer preferences and trends, necessitating continuous innovation and adaptation. The advent of counterfeit products poses a significant challenge to the sustained growth of the luggage market. Environmental concerns and the demand for sustainable products require companies to invest in eco-friendly materials and technologies, adding to the challenges faced by the luggage market.