Global Luggage Market: Analysis By Product (Casual, Travel, and Business), By Material (Hard and Soft), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028

Global Luggage Market: Analysis By Product (Casual, Travel, and Business), By Material (Hard and Soft), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028
In 2022, the global luggage market was valued at US$23.78 billion. The market is expected to grow to US$37.34 billion in 2028. Luggage 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, providing consumers with more options than ever before.

Three types of luggage are included in the report : casual bags, travel bags and business bags. The global Luggage market is anticipated to witness robust growth, with two significant trends leading this surge, during the forecasted period of 2023-2028. Firstly, rising demand for smart luggage, bluetooth-controlled lock, Wi-Fi hotspots etc. Increasing demand for IoT (Internet of Things)-based applications, would also lead to more people investing in smart luggage. Secondly, there has been an surge in online advertising, leading to increased sales of luggage. The luggage market is expected to grow at a CAGR of 7.81% over the years 2023-2028.

Market Segmentation Analysis:

By Luggage Type: The report identifies three segments on the basis of luggage type: Casual Bags, Travel Bags, and Business Bags. In 2022, the casual bags segment led the market, because of rising attention towards fashion sense among the young population. The business bags market is expected to grow at the highest CAGR as companies are increasingly expanding their operations globally, the demand for business travel has witnessed a significant upswing. Rising travel and tourism would increase the demand for travel bags.

By Luggage Material: On the basis of material, the report divides the market into two segments namely, Hard and Soft Material. In 2022, soft luggage material dominated the market as it offers a multitude of functional benefits, such as being able to fit into tight spaces that hard-sided luggage cannot. The rising use of eco-friendly materials would also increase the demand for the soft material segment.

By Region: In the report, the global luggage market is divided into five regions: Asia Pacific, Europe, North America, Latin America and Middle East & Africa. Asia Pacific dominated the market in 2022. Factors such as an increase in consumer spending, growth of the travel and tourism industry and a rise in the middle class population with higher disposable income led to an upsurge in the demand for luggage in the region. China's market for luggage is experiencing rapid growth in the Asia Pacific region, which can be attributed to the country's strong outbound tourism and increasing middle class population. Whereas, the Indian luggage market has been experiencing a considerable growth rate, largely due to the rising number of individuals traveling for both business and leisure purposes. The market competition is fierce, as both domestic and international brands contend for their share of the market.

North America luggage market luggage provides lucrative opportunities in the coming years. Economic stability and growth of the travel and tourism industry in the region gives a resilient opportunity for the luggage market.

Market Dynamics:

Growth Drivers: The market has been growing over the past few years, due to factors such as as growing travel and tourism spending, rapid urbanization, e-commerce expansion, rising purchasing power, rising youth population, rise in student enrolment, rising middle-class population and spending, etc. The boom in the travel and tourism sector would provide a boost to the demand for luggage, particularly travel bags. Luggage is essential in the journeys because it allows to safely store and transport goods. As the travel industry expands, so does the demand for various types of luggage that meet the expectations of customers.

Challenges: However, the market has been confronted with some challenges, specifically threats from counterfeit products, volatility in raw material prices, etc. Volatility in raw material prices is one of the significant challenges to the luggage market. The price of raw materials is directly linked to the price of crude oil, which is exposed to high fluctuations. This impacts the growth of the luggage market negatively.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as a surge in online advertising, growing inclination towards branded products, use of luggage as a fashion accessory, advancement in luggage benefiting the market, adoption of organic leather products, airlines collaboration, etc. Online advertising increases demand for luggage by making consumers aware of products, generating interest in them, stimulating desire for them, and motivating them to take action and purchase. Additionally, digital advertising enables the manufacturers to make the consumers more aware of the latest product launches made by the company, which would support the demand for luggage products.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic, travel restrictions, and national and local lockdowns have impacted many countries across the world. Like many other industries, the global luggage industry also experienced a slowdown, especially during the first half of 2020. During the lockdown, the operations of numerous industries were temporarily halted or were 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 impacted the supply chain which led to high costs associated with branded luggage. Due to the impact of the COVID-19, travel and tourism have slowed to a trickle. Therefore, the luggage industry has been severely impacted. The majority of potential customers restrained their spending on travel bags, which had a direct impact on the luggage market's top big brands' sales earnings.

In 2022, the pandemic situation stabilized, consumer purchasing patterns strengthened, and the market began to reach its full potential as the economies of developing countries improved. People started traveling as travel restrictions were removed and demand for luggage was returned to pre-pandemic level.

Competitive Landscape:

The global luggage market is fragmented. However, the market share of organized players has increased significantly over the last few years and is expected to continue given the wide product offerings, better service, and higher brand visibility.

The key players of the global luggage market are:

Samsonite International S.A.
VIP Industries Limited
VF Corporation
LVMH Group
PVH Corp. (Tommy Hilfiger B.V.)
Victorinox International
United States Luggage Company
LLC (Briggs & Riley)
Travelpro, Delsey
Safari Industries (India) Ltd.
ACE Luggage Co. Ltd
MCM Worldwide

Samsonite International S.A. is more diverse in terms of regions and brands. VIP Industries Limited and Safari Industries (India) Ltd operate mostly in India. In India VIP Industries Limited dominated the market, followed by Samsonite India and Safari Industries (India) Ltd.

Global Luggage Market: Analysis By Product (Casual, Travel and Business), By Material (Hard and Soft), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028 - Report Summary Report Metrics Details Years Considered 2018-2028 Base Year 2022 Forecast Period 2023-2028 Page Count 129 Units Referenced US $ Segments/Key Topics By Product, By Material, By Region Regions Covered Asia Pacific (China, India, Japan, and Rest of Asia Pacific), Europe (The UK, France, Germany, Italy, and Rest of Europe), North America (the US, Canada, and Mexico), Latin America and Middle East and Africa Key Companies Mentioned TSamsonite International S.A., VIP Industries Limited, VF Corporation, LVMH Group, PVH Corp. (Tommy Hilfiger B.V.), Victorinox International. United States Luggage Company, LLC (Briggs & Riley), Travelpro, Delsey, Safari Industries (India) Ltd., ACE Luggage Co. Ltd, MCM Worldwide
Five FAQs about the Report

What is the size of this market?
The global luggage market in 2022 was valued at US$23.78 billion.

What is the forecasted growth for this market?
The luggage market is projected to reach US$37.34 billion by 2028. The global luggage market is determined to grow at a CAGR of 7.8% over the forecasted period of 2023-2028.

What are the key factors driving this market?
Luggage is an indisputably crucial aspect of traveling, and it comes in various forms such as bags, suitcases, and other items. The luggage industry is undergoing continuous evolution in terms of new brands and styles which has given consumers more choices than ever before. One major trend in the luggage market is the changing preferences of consumers, particularly high-income consumers, from generic stores to branded outlets. An increasing number of consumers are moving towards branded products rather than purchasing from local manufacturers. Moreover, the demand for luggage has been growing, driven by the surge in online advertising, the use of luggage as fashion accessories, advancements in luggage, adoption of organic leather products, and airline collaboration, which is attracting more consumers. Overall, these factors are expected to drive the market and increase the market share substantially.

How is this market segmented in this report?
The global luggage market can be segmented based on Product (Casual, Travel, and Business) and by Material (Hard and Soft).

What is the definition of this market in this report?
Luggage refers to a set of containers or bags designed for the purpose of transporting personal belongings during travel or other journeys. Typically constructed from materials such as fabric, leather, or hard plastics, luggage items include suitcases, backpacks, duffel bags, and travel accessories. These items are engineered for durability, functionality, and convenience, often featuring compartments, handles, wheels, and specialized features to facilitate efficient organization and transport of possessions while ensuring protection against potential damage or loss.

What are the major influences driving the growth/decline of this market?
The global Luggage market growth is predicted to be supported by numerous growth drivers such as growing travel and tourism spending, rapid urbanization, e-commerce expansion, rising purchasing power, rising youth population, rise in student enrolment, rising middle-class population and spending, and many other factors. Conversely, the market growth would be negatively impacted by various challenges such as counterfeit products, volatility in raw material prices, etc.