Dublin, June 06, 2022 (GLOBE NEWSWIRE) — The “Global Luggage Market: Analysis by type of luggage (casual bags, travel bags and business bags), by region (Asia-Pacific, Europe, North America, Central & South America and Middle East & Africa) Size and Trends with Impact of COVID-19 and Forecast up to 2026″ report has been added to from ResearchAndMarkets.com offer.
In 2021, the global Luggage Market was valued at 22.12 Billion US$ and is projected to reach 31.72 Billion US$ in 2026
Baggage is defined as bags or other items that individuals use to safely store and transport their belongings. Plastic bags, jute bags, leather bags, backpacks, suitcases and other types of luggage are available.
The luggage market is evolving in terms of new brands and styles, giving consumers more options than ever before.
Three types of luggage are included in the report: leisure bags, travel bags and business bags. The luggage market is expected to grow at a CAGR of 7.47% over the years 2022-2026.
Market Segmentation Analysis:
In 2021, the casual bag segment dominates the market, accounting for more than 40% market share, due to the growing attention on fashion sense among the young population. The travel bag market is expected to grow at the highest CAGR of 7.5%, driven by an increase in air traffic across the world, which is supported by growth in the travel and tourism industry. The increase in travel and tourism would increase the demand for travel bags.
Asia-Pacific dominated the market in 2021, occupying around 35% of the global market share.
Factors such as an increase in consumer spending, growth in the travel and tourism industry, and an increase in the middle class population with higher disposable income have led to an increase in luggage demand in the region. The North America luggage market offers lucrative opportunities in the coming years. Economic stability and growth in the travel and tourism industry in the region provide a resilient opportunity for the luggage market.
Growth Drivers: The market has witnessed growth over the past few years, owing to factors such as increasing travel and tourism expenditure, rapid urbanization, growth in e-commerce, increase in business registrations, etc. students, increasing purchasing power, increasing youth population, increasing middle class. population and expenditure, etc.
The booming travel and tourism industry would boost the demand for luggage, especially travel bags. Luggage is essential in travel because it allows you to store and transport goods safely. As the travel industry grows, the demand for various types of luggage to meet customer expectations also increases.
Challenges: However, the market has faced some challenges in particular, the threat of counterfeit products, commodity price volatility, rising geopolitical tensions, etc. Raw material price volatility is one of the biggest challenges in the luggage market. The price of raw materials is directly linked to the price of crude oil, which is exposed to strong fluctuations. Thus negatively impacting the growth of the luggage market.
Trends: The market is expected to grow at a rapid rate over the forecast period, owing to various recent trends such as surge in online advertising, rising demand for smart luggage, increasing inclination towards branded products , the use of luggage as a fashion accessory, advancement in luggage and adoption of organic leather products.
The demand for smart luggage has increased as smart luggage allows travelers to keep track of their luggage, helping to ensure the safety of their belongings throughout the trip.
COVID-19 impact analysis and way forward:
The COVID-19 pandemic, travel restrictions, national and local lockdowns have affected many countries around the world. Like many other industries, the global luggage industry has also witnessed a downturn, especially during the first half of 2020. During the lockdown, many industries’ operations were temporarily halted or operated with minimal labor due to forced lockdowns and restrictions imposed by the respective governments. body.
The global luggage market is no different, and this factor has impacted the supply chain and this has resulted in high costs associated with branded luggage. Due to the impact of COVID-19, travel and tourism have slowed down. Consequently, the luggage industry has been badly affected. The majority of potential customers have limited their spending on travel bags, which has had a direct impact on the turnover of the main brands in the luggage market.
In 2021, the pandemic situation stabilized, consumer shopping habits strengthened, and the market began to reach its full potential as the economies of developing countries improved. People started traveling when travel restrictions were lifted and luggage demand returned to pre-pandemic levels.
The global luggage market is fragmented. However, the market share of organized players has grown significantly over the past few years and is expected to continue given the expanded product offering, better service, and higher brand visibility.
Semsonite International SA is more diversified in terms of regions and brands. VIP Industries Limited and Safari Industries (India) Ltd mainly operate in India. In India, VIP Industries Limited led the market, followed by Samsonite India and Safari Industries (India) Ltd.
Key players in the global luggage market are:
- Samsonite International S.A.
- VIP Industries Limited
- V.F. Corporation
- LVMH Group
- PVH Corp. (Tommy Hilfiger)
- Victorinox France
- United States Luggage Company LLC. (Briggs and Riley)
- Safari Industries (India) Ltd
Main topics covered:
2.1 Baggage: an overview
2.2 Baggage segmentation: an overview
2.2.1 Luggage Segmentation by Distribution Channel
2.2.2 Luggage Segmentation by Material Type and Product Type
3. Global Market Analysis
3.1 Global Luggage Market: An Analysis
3.1.1 Global Luggage Market by Value
3.1.2 Global Luggage Market by Segments (Casual Bags, Travel Bags and Business Bags)
3.1.3 Global Luggage Market by Region (Asia Pacific, Europe, North America, Central & South America, Middle East & Africa)
3.2 Global Luggage Market: Segment Analysis
3.2.1 Global Sports Bag Market by Value
3.2.2 Global Travel Bag Market by Value
3.2.3 Global Business Bag Market by Value
4. Regional Market Analysis
4.1 North America Luggage Market: An Analysis
4.1.1 North America Luggage Market by Value
4.1.2 North America Luggage Market by Region (United States, Mexico and Canada)
4.1.3 The US luggage market by value
4.1.4 Mexico Luggage Market by Value
4.1.5 Canada Luggage Market by Value
4.2 Europe Luggage Market: An Analysis
4.2.1 Europe luggage market by value
4.2.2 Europe Luggage Market by Region (UK, France, Germany, Italy and Rest of Europe)
4.2.3 UK Luggage Market by Value
4.2.4 Baggage market in France by value
4.2.5 Germany Luggage Market by Value
4.2.6 Italy Luggage Market by Value
4.2.7 Rest of Europe Luggage Market by Value
4.3 Asia Pacific Luggage Market: An Analysis
4.3.1 Asia Pacific Luggage Market by Value
4.3.2 Asia Pacific Luggage Market by Region (China, Japan and Rest of Asia Pacific)
4.3.3 China Luggage Market by Value
4.3.4 Japan Luggage Market by Value
4.3.5 Rest of Asia Pacific Luggage Market by Value
4.4 Central & South America Luggage Market: An Analysis
4.4.1 Central & South America Luggage Market by Value
4.5 Middle East & Africa Luggage Market: An Analysis
4.5.1 Middle East & Africa Luggage Market by Value
5. Impact of COVID-19
5.1 Impact of COVID-19 on Luggage Industry
5.1.1 COVID Disruption Driven Unorganized Market Share to Decline
5.2 Post-COVID-19 Impact on Luggage Industry
6. Market dynamics
6.1 Drivers of growth
6.1.1 Growth in Travel and Tourism Spending
6.1.2 Rapid urbanization
6.1.3 Growth of e-commerce
6.1.4 Increase in student enrollment
6.1.5 Increase in purchasing power
6.1.6 Growing youth population
6.1.7 Growing Middle Class Population and Spending
6.2.1 Threat of counterfeit products
6.2.2 Commodity price volatility
6.2.3 Rising geopolitical tensions
6.3 Market trends
6.3.1 Increase in online advertising
6.3.2 Growing Demand for Smart Luggage
6.3.3 Growing inclination towards branded products
6.3.4 Use of baggage as a fashion accessory
6.3.5 Advancement of Baggage Benefit Market
6.3.6 Adoption of organic leather products
7. Competitive landscape
7.1 Global Luggage Market Players by Brands
7.2 Global Luggage Market Players by Products
7.3 Global Luggage Market Players by Brand Mapping
7.4 India Luggage Players by Market Share
8. Company Profiles
8.1 Overview of activities
8.2 Operating segments
8.3 Business strategy
For more information about this report visit https://www.researchandmarkets.com/r/ayc7dq