NEW YORK, June 6, 2024 /PRNewswire/ — The global luggage market size is estimated to grow by USD 14.61 billionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. The luggage market is experiencing growth due to advancements in technology and the travel industry. Multipurpose luggage, such as foldable and convertible bags, have become popular. These bags offer convenience for travelers, allowing them to carry extra items without taking up excessive space. Brands like Paravel and Strand are innovating with foldable suitcases, which can be transformed into various types of bags when needed. This versatility caters to consumers who prefer hard-sided luggage. The market is expected to continue growing as more travelers seek practical and adaptable luggage solutions. 

Get a detailed analysis on regions,market segments, customer landscape, and companies- View the snapshot of this report

More Details on Key Market Trends Fueling Growth

The luggage market is currently experiencing a surge in demand for lightweight and durable bags. Many manufacturers are focusing on producing carry-on sized luggage with advanced features such as built-in chargers and compression technology. The use of materials like polycarbonate and ballistic nylon is becoming popular due to their strength and weight savings.

Additionally, many consumers are opting for modular luggage systems that allow for easy organization and customization. The trend towards sustainable travel is also influencing the market, with some brands offering eco-friendly options made from recycled materials. Overall, the luggage industry is adapting to meet the evolving needs of modern travelers. 

Market Challenges

• The luggage market has experienced growth in recent years due to the popularity of smart luggage. These innovative bags offer travelers the convenience of charging devices and tracking their bags. However, the International Air Transport Association (IATA) is set to implement new guidelines on all smart luggage, with major US airlines, such as American Airlines, Delta Air Lines, and Alaska Airlines, restricting certain models from check-in due to fire hazard risks. Brands without removable batteries, like Bluesmart, may face significant business losses as a result. This potential hindrance could impact the luggage market during the forecast period.
• The luggage market faces several challenges in today’s business environment. One major challenge is the increasing demand for lightweight and durable bags. Consumers want luggage that can withstand rough handling during travel yet not add excess weight. Another challenge is the need for customization and personalization.
• Travelers seek bags that cater to their specific needs, such as larger compartments for electronics or specialized pockets for documents. Additionally, the market is becoming more competitive, with numerous brands vying for market share. This requires companies to offer innovative features and competitive pricing to stand out.
• Lastly, the impact of e-commerce on the luggage industry is significant. Consumers now have easy access to a wide range of options online, making it essential for businesses to have a strong online presence and efficient delivery systems.

Research report provides comprehensive data on impact of trend, driver and challenges – Download a Sample Report

Segment Overview 

1. Distribution Channel
• 1.1 Specialty stores
• 1.2 Department stores hypermarkets and supermarkets
• 1.3 Online retail
• 1.4 Warehouse clubs
2. Product 
• 2.1 Travel luggage
• 2.2 Casual luggage
• 2.3 Business luggage
• 2.4 Sports luggage
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Specialty stores-  The luggage market experiences consistent demand due to the growing number of travelers. Major players focus on producing high-quality, durable bags to meet customer needs. Innovations include lightweight materials and additional features such as wheels and expandable compartments. Competition remains fierce, with companies striving to offer competitive pricing and unique selling propositions. Overall, the market remains robust, driven by the travel industry and consumer preferences for convenience and functionality.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The luggage market in the tourism industry is experiencing significant growth, particularly among outbound tourists. Professional sports and outdoor activities have fueled the demand for athleisure luggage among millennials and Gen Z. Australian manufacturer Strandbags, known for its discount brand image, is capitalizing on this trend.

Startups in the travel and tourism industry are also introducing innovative luggage solutions, integrating technology such as GPS trackers, high-security locks, USB ports, sturdy wheels, and expandable capacity. Consumer lifestyles in emerging economies and urbanization have led to a shift towards lighter material luggage. Luxury bags continue to be popular, with some offering wooden trunks and chests for a classic look. The market is evolving, with a focus on durability, whether it’s through hard material or durable soft fabric.

Market Research Overview

The luggage market encompasses a wide range of products designed to facilitate convenient and comfortable travel. These include suitcases, backpacks, duffel bags, and other types of luggage. Materials used in luggage production vary, with popular choices being polyester, nylon, and leather. Luggage sizes and styles cater to different travel needs, from carry-on bags to large checked luggage.

Features such as wheels, expandability, and multiple compartments enhance the functionality and convenience of luggage. The market also offers various accessories, like luggage tags and travel organizers, to enhance the travel experience. The luggage industry is driven by factors such as increasing travel trends, growing consumer disposable income, and advancements in luggage technology.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Distribution Channel
• Specialty Stores
• Department Stores Hypermarkets And Supermarkets
• Online Retail
• Warehouse Clubs
• Product
• Travel Luggage
• Casual Luggage
• Business Luggage
• Sports Luggage
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/luggage-market-size-is-set-to-grow-by-usd-14-61-billion-from-2024-2028–growing-global-travel-and-tourism-industry-augmenting-its-growth-to-boost-the-market-growth-technavio-302164607.html

SOURCE Technavio

Featured image: Megapixl © Photo168

Disclaimer