Luggage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Luggage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global luggage market is expected to grow at a steady pace due to the constant demand driven by leisure and business travel. Projected to grow from $57.47 billion in 2024 to $87.66 billion by 2031, this sector is anticipated to continue its steady ascent, driven by a robust CAGR of 6.20% throughout the forecast period.

The market is fragmented into three main categories based on use: leisure, business, and travel. The demand for luggage made from soft materials has seen a significant increase over the past decade, and this trend is anticipated to continue throughout the forecast period. The introduction of new technologies and ergonomic designs in luggage has expanded consumer choices, making the market highly competitive.

Luggage Market Analysis

The demand for luggage is influenced by expanding educational opportunities, rising travel and tourism, and the growth of online shopping. Technological advancements have enhanced the features of luggage products, contributing to market growth. The global luggage market is divided into travel bags, casual bags, and business bags, which are expected to see continuous demand due to changing lifestyles and increasing disposable incomes.

Technological Advancements Driving Luggage Sales

Key players in the luggage industry are introducing new technologies and designs to meet consumer demands and set new fashion trends. The market is witnessing the introduction of smart luggage, which includes features like digital locking systems controlled by smartphones, USB ports for charging devices, GPS tracking systems, integrated removable batteries, smartphone and Bluetooth connectivity, LED light systems, alert systems, increased compartments, 360-degree wheels, water-resistant materials, and innovative designs like convertible seat luggage and kick-style scooter luggage. These advancements are expected to drive luggage sales to new heights.

Factors Restraining the Growth of the Luggage Market

The unorganised luggage market in various developing nations presents a significant challenge to the organised sector. Unorganised market participants often sell goods that mimic branded products at lower prices, avoiding expenses on R&D, premium raw materials, advertising, and branding. The majority of buyers, coming from medium or low-income groups, tend to prefer these lower-priced goods. This dynamic allows unorganised market players to thrive while organised players lose potential customers, potentially restraining the overall growth of the global luggage market.

Country-wise Analysis

US Luggage Market

The US luggage market benefits from a growing tourist industry and accelerating urbanisation. Consumers in the US are increasingly willing to spend on expensive and luxury travel items to stay current with trends. Product innovations, such as aesthetically pleasing designs and eco-friendly alternatives, contribute to a positive market outlook. The US continues to be a leading nation in terms of revenue from international travel and outbound travel expenditure, significantly contributing to the luggage market's growth.

China Luggage Market

China's luggage market, while substantial, faces challenges from local brands producing sub-standard products. These products often lack brand recognition and good design, making it difficult for Chinese firms to establish reliable distribution channels and sound marketing plans. Despite being the world's largest producer of luggage, Chinese brands struggle to compete with global brands due to rising international inspection standards and consumer preference for premium goods.

India Luggage Market

India's large and young population drives the growth of the luggage market. The market is buoyed by a thriving young population in an expanding economy that views luggage as an integral component of their lifestyle. With a significant portion of the population in the working-age group, rising incomes and increasing spending power are contributing to the growth of the luggage market across India. The market is expected to see robust growth due to these factors.

Category-wise Insights

Travel Bags

Travel bags have seen numerous advancements and design changes over the years, offering a wide selection of lightweight and strong options. The industry for travel bags benefits from changing lifestyles, rising incomes, and international tourism trends. The eagerness of people to travel and explore the world post-pandemic has further fueled the global luggage market.

Material Type

Luggage made from soft materials is anticipated to rise significantly due to new developments and the affordability of air travel. The global luggage industry has updated itself to meet diverse traveler needs with tiny, lightweight, vibrant, and fashionable bags. The growth rate is driven by the expanding travel and tourism sector, population migration, and increased disposable income. Key market trends such as affordable pricing, comfort, and bag replacement also contribute to this growth.

Sales Channel

The rise of internet usage has transformed how companies handle operations globally. With the increasing adoption of mobile devices and high-speed internet access, businesses can reach a significant number of potential clients online. This has opened new opportunities, particularly in the e-commerce sector. The number of people buying luggage online has increased significantly, and this trend is expected to continue, making online retailers a key growth segment.

Competition Analysis

The luggage market is highly competitive due to the presence of numerous players focusing on technological advancements to attract consumers. Companies are also expanding their market network through mergers, acquisitions, and partnerships. For instance, LoveShackFancy teamed up with State Bags to introduce a new travel collection featuring the brand's signature floral designs, pastel colors, and romantic embellishments. This six-piece, limited-edition travel collection includes check-in luggage, carry-on size suitcases, travel backpacks, mini travel backpacks, travel pouch sets, and toiletry kits.

Key Companies Profiled
• Delsey S.A.
• Samsonite International S.A.
• VIP Industries Ltd.
• LVMH Moët Hennessy Louis Vuitton SE
• NIKE, Inc.
• Ace Co., Ltd.
• Antler Ltd.
• VF Corporation
• Etienne Aigner AG
• Barracuda, Inc.
• Rimowa GmbH
• Briggs & Riley Travelware
• MCM Worldwide

Key Segments Covered in Luggage Industry Research

By Product Type
• Travel Bags
Trolley Bags
Duffel Bags and Rolling Totes
Suitcases
• Casual Bags
Backpacks
Messenger Bags
Small Handbags
• Business Bags
Laptop Bags
Overnighters
Briefcases

By Size
• Large
• Medium
• Small

By Price Range
• Premium
• Medium
• Low

By Material Type
• Soft Luggage Material
• Hard Luggage Material

By Sales Channel
• Hypermarkets/Supermarkets
• Specialty Retailers
• Discount Stores
• Exclusive Stores
• Independent Small Retailers
• Online Retailers
• Others

By Region
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East Africa

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