Global Luggage Market By Product Type (Casual Bags, Travel Bags, Business Bags), By Distribution Channel (Specialist Retailers, Factory Outlets, Internet Sales) and By Region - Global Forecast 2030

“Global Luggage Market” is the title of a recently published market report compiled by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global luggage market has been segmented on the basis of product type, distribution channel, as well as regions and countries.

The Global Luggage Market was valued at UЅD $25,516.1 Мn in 2020, and is projected to achieve a valuation of UЅD $50,807.4 Мn by 2030, at a САGR of 8.5%.

Overview:

Luggage refers to the suitcases and other bags that are used by individuals to store and transport their belongings when travelling.

Dynamics:

The rapidly increasing number of individuals travelling for business, especially internationally, is leading to a significant increase in the number of tourism & travel industry products are being sold. This is a primary factor that is expected to continue to fuel the revenue growth of the global luggage market in the foreseeable future. Moreover, the growing demand for ‘smart luggage’ that incorporates various technologies such as Bluetooth-equipped locks, USB ports for charging options, GPS trackers, etc., is another factor that is slated to have a profound influence on the market growth of this global industry in the years to come.

Furthermore, rapid urbanization paired with evolving lifestyles and the steady increase in the disposable incomes of individuals across the world are also some of the other primary factors that are expected to have a significant impact on the revenue growth of the global luggage market over the forecast period.

However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global luggage market is no different, and this factor is anticipated to have an immensely negative impact on the revenue growth of this industry. Moreover, the high costs associated with branded luggage and the low replacement nature of luggage are also some of the factor that may restrain the market growth of this global industry in the near future.

Nonetheless, the increasing focus by key market players on the development of newer and more efficient luggage solution that are consistently incorporating innovative technologies are some of the other factor that expected to play a pivotal role in boosting the sales of these products, in turn, fueling the revenue growth of the global luggage market over the next decade.

Segmentation of the Global Luggage Market is as follows:

In terms of product type, the travel bags segment accounted for the maximum number of revenue shares of the global luggage market in 2020, and is expected to continue doing so over the forecast period. The casual bags segment is also anticipated to index a high CAGR over the next 10 years.

With regards to distribution channel, the internet sales segment accounted for the highest number of revenue shares of the global luggage market in 2020, and is anticipated to continue to do so over the next decade. The specialist retailers segment is also indicative of registering a high CAGR over the forecast period.

Regional Segmentation and Analysis:

The markets in the Asia Pacific region accounted for the maximum number of revenue shares of the global luggage market in 2020, and is indicative of remaining this industry’s front-runner over the next decade. The markets in North America and Europe accounted for the second-, and third-most number of revenue shares in 2020, and are indicative of retaining their respective market positions over the course of the forecast period.

Segmentation of the Global Luggage Market:

Segmentation by Product Type:

• Casual Bags
• Travel Bags
• Business Bags

Segmentation by Distribution Channel:

• Specialist Retailers
• Factory Outlets
• Internet Sales

Segmentation by Regions:

• North America
• Europe
• APAC
• Latin America
• MEA