Luggage consists of bags, cases and containers which hold a traveler's personal belongings. They come in different types including duffle bags, hardside luggage, garment bags, trolley and also softside luggage. Luggage helps travelers to organize their goods neatly and prevent damage while travelling. The growing tourism and business trips across the globe has increased the need for durable and flexible luggage options.
The global luggage market is estimated to be valued at US$ 102.83 in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rapidly increasing preference for high-end luggage among business travelers and frequent leisure travelers presents a lucrative opportunity in the luggage market. The premium and luxury luggage segment offers exclusive design, durability and ease of use features which customers are ready to pay premium prices. Established brands like Rimowa, Tumi and Briggs & Riley have established strong brand value in this segment. Emerging market players can focus on developing innovative, lightweight and durable luggage products targeted towards high-income customers. Investing in brand building efforts to position themselves as a premium brand catering to luxury travelers can help new entrants capitalize on this high growth opportunity.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the luggage market is moderate. While there are low entry barriers such as capital requirements, established brands have strong brand loyalty and economies of scale which make it difficult for new players to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the luggage market is high. Buyers have a large selection of product options from various brands. The products are also relatively undifferentiated which enables easy price comparison.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While raw materials required for luggage production such as nylon, polyester and leather are available globally from numerous sources, specialized components and parts suppliers hold some bargaining power.
Threat of new substitutes: The threat of new substitutes in the luggage market is low. There are few product alternatives that can match the functionality and portability offered by conventional luggage bags.
Competitive rivalry: The competitive rivalry in the luggage market is high. The market is highly fragmented with the presence of numerous global and regional players. Players compete based on product design, features, brand recognition and pricing.
SWOT Analysis
Strengths: The luggage market has seen rapid growth driven by increased travel, upgrade to branded products, focus on multi-purpose designs and expansion of e-commerce.
Weaknesses: High dependence on economic cycles and global travel trends. Lower pricing pressures can undermine brand premium and profitability. Large inventory and seasonality pose challenges.
Opportunities: Growth opportunities exist in emerging economies, rising middle class and millennial preferences. Digitalization, personalization and sustainability trends can bolster innovation. Partnerships with airlines, hotels and travel firms enhance reach.
Threats: Economic slowdowns curtail travel spending. Rising raw material costs and regulations increase compliance burdens. Unauthorized copies dent revenue of established brands.
Key Takeaways
The global luggage market is estimated to be valued at US$ 102.83 in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.
Regional analysis: The Asia Pacific region is the fastest growing regional market for luggage globally, projected to expand at a CAGR of around 12% during the forecast period. China, India and other Southeast Asian countries are major lucrative markets. This can be attributed to increasing investment in the travel and tourism industry by governments, growing middle class affluence and preference for branded luggage products in the region. North America currently accounts for the largest revenue share led by the United States. However, Asia Pacific is poised to outpace North America to become the market leader by 2028.
Key players operating in the luggage market are Samsonite International S.A., VF Corporation, Rimowa GmbH, LV, VIP Industries Ltd., DELSEY, Briggs & Riley Travelware, Victorinox, Tommy Hilfiger and Travelpro.
MS dynamics help you simplify the field services of your business through dynamics erp.
Automate your field services to optimize the quality of your services by analyzing data and form data-oriented strategies.Kindly visit- https://www.sonata-software.com/microsites/dynamics-crm
The Global Smart Luggage Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on technologies and services, distribution channel and applications.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Leading Segment in this market:By Technologies and Services – ConnectivityBy Geography – North AmericaFinal Report will cover the impact of COVID-19 on this industry.Browse the complete Global Smart Luggage Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/17933-smart-luggage-market-reportThe report also covers the complete competitive landscape of the global Smart Luggage market with company profiles of key players such as:AwayBluesmartDelseyRadenSamsonite IP Holdings S.AR.L.TrunksterA detailed description of each has been included, with information in terms of H.Q, future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments.SEGMENTATIONS IN THE REPORT:By Technologies And Services:ConnectivitySensorsSIM CardsUSB ChargingOthersBy Distribution Channel:Factory OutletsInternet SalesSpecialist RetailersOthersBy Applications:Real-Time TrackingTexting AlertsRemote LockingDigital ScalingOthersBy Geography:North America (NA) – US, Canada & Rest of North AmericaEurope (EU) – UK, Germany, France & Rest of EuropeAsia Pacific (APAC) – China, Japan, India & Rest of APACRest of the World (RoW)Download Free Sample Report of Global Smart Luggage Market @ https://www.decisiondatabases.com/contact/download-sample-17933The Global Smart Luggage Market has been exhibited in detail in the following chapters –Chapter 1 Smart Luggage Market PrefaceChapter 2 Executive SummaryChapter 3 Smart Luggage Industry AnalysisChapter 4 Smart Luggage Market Value Chain AnalysisChapter 5 Smart Luggage Market Analysis By Technologies And ServicesChapter 6 Smart Luggage Market Analysis By Distribution ChannelChapter 7 Smart Luggage Market Analysis By ApplicationsChapter 8 Smart Luggage Market Analysis By GeographyChapter 9 Competitive Landscape Of Smart Luggage CompaniesChapter 10 Company Profiles Of Smart Luggage IndustryPurchase the complete Global Smart Luggage Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-17933Other Reports by DecisionDatabases.com:Global Travel Bags Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Travel Insurance Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
DecisionDatabases.com is proficient in providing syndicated research report, customized research reports, company profiles and industry databases across multiple domains.Our expert research analysts have been trained to map client’s research requirements to the correct research resource leading to a distinctive edge over its competitors.
Global Battery Additives Market: Overview
Battery additives are components that enhance the performance of the batteries and improve their service life.
To obtain all-inclusive information on forecast analysis of global market, request a PDF brochure here.
It shares reliable data on the current competitive landscape and market dynamics.
This has led to a rise in the demand for lithium-ion batteries as they have high energy density.
An increasing environmental awareness and rise in demand for renewable energy sources have further driven the industry’s growth.
Global Travel Luggage Market is projected to display a robust growth represented by a CAGR of 7.06% during 2018 – 2023.The Value & Mid category of Travel Luggage market accounts for larger market share and witnessed growth at a noteworthy rate over the past few years and is expected to grow in the forecast period on the back of rapid urbanization, growing middle income class group, emerging low cost products with better functionality and high durability.
However, the demand for Travel Luggage in premium segment is anticipated to advance at higher rate owing to the increasing disposable income, changing lifestyle and growing perception of viewing Travel Luggage as part of lifestyle products in line with the emerging new products into the segment with integrated innovative products.
Amongst the regions, Asia-Pacific accounts for the largest regional share in the global Travel Luggage market in 2018.
Key factors driving the robust growth rate of Asia-pacific region include rapid urbanization, increasing investment in travel & tourism and rapidly increasing disposable income of middle class income group.
Global Travel Luggage Market has covered and analyzed the potential of Global Travel Luggage Market and provides statistics and information on market size, shares and growth factors.
The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation.
