Smart Luggage Market by Technology and Geography - Forecast and Analysis 2022-2026

Smart Luggage Market by Technology and Geography - Forecast and Analysis 2022-2026

The smart luggage market is projected to grow by USD 4.48 billion with a CAGR of 20.87% during the forecast period 2021 to 2026.

This smart luggage market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the smart luggage market segmentation by technology (connectivity, USB charging, and sim card) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The smart luggage market report also offers information on several market vendors, including ACE Co. Ltd., Airwheel Holding Ltd., Briggs & Riley Travelware LLC, DELSEY, GOYARD SINGAPORE PTE. LTD., HS New Travel GmbH, JRSK Inc., Lugloc Inc., Modobag, Planet Traveler USA, RIMOWA GmbH, Samsara Luggage, Samsonite International S.A., Travelpro Products Inc., VF Corp., Victorinox AG, and VIP Industries Ltd. among others.

What will the Smart Luggage Market Size be During the Forecast Period?
Smart Luggage Market Size

Smart Luggage Market: Key Drivers, Trends, and Challenges
Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the smart luggage market. During the COVID-19 pandemic, the smart luggage market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.

Key Smart Luggage Market Driver

Premiumization through product innovation is one of the key drivers fueling the smart luggage market's growth. Various players in the market are developing innovative smart luggage products with features such as built-in scales, proximity servers, alarm systems, and water-resistant accessories. The prime advantage of a smart carry-on bag is that it ensures hassle-free travel. The bag also has a light-emitting diode (LED) light system that automatically switches on in dark or low-light conditions. Moreover, the suitcase comes with a detection system paired with an application that alerts the concerned person when the suitcase is being carried far away or when it is being opened out of range. All these factors are expected to fuel the growth of the market during the forecast period.

Key Smart Luggage Market Trend

Enforcement of the weight regulations on luggage by airline companies is one of the key smart luggage market trends propelling the market growth. With the introduction of the basic economy fare, most commercial airlines are restricting heavyweight luggage inside the aircraft. Most airlines restrict luggage that is more than 12 inches tall or wide. Customers who wish to carry such luggage are required to pay a fee of $25-$35. Smart luggage with built-in scales helps consumers abide by the regulations that are set by airline companies. Some popular vendors offering smart luggage with built-in scales are JRSK Inc (Away), Horizn Studio GmbH, and Samsonite International SA. With such restrictions and regulations being followed by multiple airline operators, the use of smart luggage with built-in scales, which display the weight of the bag is expected to increase during the forecast period.

Key Smart Luggage Market Challenge

High costs associated with smart luggage are one of the factors limiting the smart luggage market's growth. Smart luggage that is launched in the global market is incorporated with the most advanced technologies to facilitate continuous connectivity. Although it possesses advanced features and technologies, it is not reasonably priced as smart luggage caters to the premium customer segment. Thus, most of the population cannot afford smart luggage. Most of the smart luggage launched by leading vendors is priced at $200-$550. The affordability of such items, therefore, is low for most people. Thus, the high price of smart luggage makes it difficult for consumers to purchase, which is anticipated to hamper the growth of the market during the forecast period.

This smart luggage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis
Technavio categorizes the global smart luggage market as a part of the global apparel, accessories, and luxury goods market within the textiles, apparel, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart luggage market during the forecast period.