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Global Luggage Market (by Luggage Type (Casual Bags, Travel Bags and Business Bags), & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)

Global Luggage Market (by Luggage Type (Casual Bags, Travel Bags and Business Bags), & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)

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Global Luggage Market (by Luggage Type (Casual Bags, Travel Bags and Business Bags), & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)
Market Insight:

Luggage can be described as bags or other objects that people use to store and transport their belongings safely. There are various types of luggages available such as plastic bags, jute bags, leather bags, backpacks, suitcases, among others. In terms of new brands and styles, the baggage market is expanding, giving consumers more alternatives than ever before.

Three types of luggage are included in the report: casual bags, travel bags and business bags. The global luggage market is likely to reach US$25.55 billion in 2023, witnessing growth at a CAGR of 7.48% during the forecasted year.

Segment Covered:By Luggage Type: On the basis of luggage type, the report identifies three segments of the global luggage market: Casual Bags, Travel Bags and Business Bags. Casual bags segment lead the market, accounted for the majority of share in the market, because of rising attention towards fashion sense among the young population. The travel bags market is expected to grow at the highest CAGR, due a surge in the air traffic across the world, which is supported by the growth of the travel and tourism industry. Rising travel and tourism would increase the demand for travel bags.Geographic Coverage:In the report, the global luggage market is divided into five regions: North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The countries covered in Asia Pacific region include China, Japan, and Rest of Asia Pacific, while Europe includes UK, Germany, France, Italy, and Rest of Europe. Moreover, the US, Canada, & Mexico are included in the North American region. Asia Pacific dominated the market, by occupying highest share of the global market, among all the regions. 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. 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.

Top Impacting Factors:

Growth Drivers Growing Travel and Tourism Spending Rapid Urbanization Growth of E-commerce Rising Middle Class Population and Spending ChallengesThreat from Counterfeit Products Volatility in Raw Material PricesTrendsSurge in Online AdvertisingGrowing Inclination Towards Branded ProductsUse of Luggage as Fashion AccessoryRising Demand for Smart LuggageDriver: Growing Travel and Tourism SpendingThe rapid growth of the travel and tourism industry is supported by several factors such as an increase in the number of business travelers, rise in employment, rise in disposable income of the people, etc. Luggage plays a vital role in the journey of the travelers as it enables them to store and carry their belongings safely. As the travel industry grows, the demand for different kinds of luggage products which suits the needs of the consumers also rises. This would provide an impetus to the growth of the luggage market.Challenge: Threat from Counterfeit Products Unorganized players in the developing nations manufacture and sell products by replicating the features of popular brands in the luggage industry. They also might sell the products with the brand name but at a lower price. Players in the unorganized sector do not need to spend much on research and development or advertisements and marketing of their products and are thus able to sell the items at a lower price as compared to genuine brands. The low income population, specially in developing nations prefers to buy luggage products at a lower price even if the products are of a inferior quality. This might lead to a reduction in the revenues of genuine luggage manufacturers in the industry, which would directly hamper the growth of the luggage market.Trend: Use of Luggage as Fashion AccessoryConsumers, especially the young population is giving more importance to the aesthetic appeal of the luggage they carry. Travelers are increasingly matching their luggage with the clothes that they wear. An increasing number of people are giving preference to fashion-oriented luggage such as backpacks, sports bag which not only suits their requirements but also carries a stylish look. As a result, many major players are investing more in the production of new products with unique designs, trendy color combinations, different textures and several other features that align with the changing preferences of the young population.

The COVID-19 Analysis:

The COVID-19 pandemic, travel restrictions, 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 was 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 and that led to high cost 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 2021, 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 were returned to pre pandemic level.

Analysis of Key Players:

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:VIP Industries LimitedLVMH GroupSamsonite International S.A.PVH Corp. (Tommy Hilfiger)VF CorporationUnited States Luggage Company LLC. (Briggs & Riley)Safari Industries (India) LtdTravelproVictorinox InternationalDelseySemsonite 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.

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