Luggage Locks Market size to grow by USD 1.12 billion from 2022 to 2027 | Growth driven by Growing Global Travel And Tourism Industry Augmenting Demand For Luggage Locks

NEW YORK, Aug. 22, 2023 /PRNewswire/ — The “luggage locks market” report has been added to Technavio’s offering, with ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 17+ years. The global luggage locks market is projected to witness a USD 1,125.01 million growth between 2022 and 2027, driven by a compound annual growth rate of 4.15%. From uncovering market drivers and trends to assessing competition and regional variations, this report is an indispensable guide for understanding the evolving landscape of luggage locks. Technavio provides readers with a thorough knowledge of market drivers, trends, challenges, and developments. The research also includes historical market data from 2017 to 2021.

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Key Market Dynamics:

Market Drivers:

The growth in the global travel and tourism industry drives the luggage locks market. With increasing international travel and increasing consumer mobility, the demand for secure and reliable luggage protection solutions is on the rise. As the travel and tourism industry diversifies, it not only fosters economic growth and employment opportunities but also drives the need for enhanced luggage security solutions. This factor creates a dynamic environment for market expansion and innovation by driving the need for baggage locks with the rise of the travel sector.

Market Challenges

Competition from Local Brands: The presence of numerous local and unorganized brands results in market fragmentation, uneven competition, and decrease of market share for established brands.
Threat of Counterfeit Products: Counterfeit luggage locks from local brands undermine consumer trust and compromise security, impacting the reputation of genuine products.
High Price: Competition from local brands often leads to pricing pressure on established brands, reducing profit margins and overall pricing for luggage locks.
Quality and Durability Concerns: Counterfeit and low-quality products from local brands raise doubts about the durability and effectiveness of luggage locks, deterring potential buyers.
Global Supply Chain Disruptions: The COVID-19 pandemic exposed vulnerabilities in supply chains, causing disruptions in the availability of raw materials and components, affecting production and costs.

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Market Segment Highlights:

The luggage locks market report is segmented by Application (Enterprise and Individual) and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

Regional opportunities in the luggage locks market are diverse:

The Asia-Pacific region, led by countries like China and India, is expected to grow in the forecast period due to increasing global travel and trade activities and demand for smarter luggage locks. Europe’s tech-savvy market creates space for advanced smart locks, while North America’s security concerns propel interest in enhanced luggage protection. In South America, expanding tourism generates demand for secure travel solutions. Lastly, the Middle East’s role as a global travel hub, with its high air traffic, presents a market for high-quality luggage locks, particularly in airports.

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Segmentation by Application (Enterprise and Individual):

The luggage locks market by application is further segmented into two categories: enterprise and individual. The enterprise segment serves businesses in hospitality, travel, and transportation, providing secure luggage solutions for employees and clients. The individual segment targets personal consumers, including leisure travelers, tourists, and individuals seeking secure storage for their belongings during travel. This segmentation recognizes distinct consumer needs, catering to both businesses’ and individuals’ requirements for luggage security.

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Companies and their Offerings

Decathlon SA – The company offers luggage locks such as Retractable cable combination padlock travel TSA.

The research analysis provided by Technavio also contains an in-depth study of the market’s competitive landscape and data on major companies, including:

Alpine Rivers
ATR Brands Ltd
Decathlon SA
DELSEY
DOCOSS
Fosmon Inc.
Hampton Products International Corp
Master Lock Co.LLC,
Outpac Designs Inc.
Safe Skies Locks LLC,
Samsonite International S.A.
Sinox Co. Ltd.
VIP Industries Ltd.
Targus

Related Reports:

Mechanical Locks Market: The mechanical locks market share is expected to increase by USD 2.52 billion from 2021 to 2026, at a CAGR of 7.67%. The report extensively covers mechanical locks market segmentation by end-user (commercial and residential) and geography (APAC, South America, MEA, North America, and Europe).

Smart Lock Market: The Global Smart Lock Market size is estimated to grow at a CAGR of 11.61% between 2022 and 2027. The market size is forecast to increase by USD 1,736.68 million. The smart lock market report extensively covers market segmentation by technology (WiFi, Bluetooth, Zigbee, and Z-wave), end-user (commercial and residential), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

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