Seattle, WA -- (SBWIRE) -- 09/18/2019 -- Luggage market is gaining significant traction, owing to increasing number of international tourism worldwide. According to the United Nations World Tourism Organization, global international tourist arrivals was 1,235 million in 2016 grew by 3.9% from 2015. Furthermore, it is estimated to reach 1.8 billion by 2030. This increase in the number of tourists globally is boosting the growth of luggage market. Various strategies such as product development adopted by the key manufacturers is further fuelling growth of the market. For instance, in June 2016, Montblanc International GmbH launched new Urban Spirit Collection, a smart leather luggage collection. Samsonite International S.A. acquired Tumi Holdings, Inc. a company offering travel luggage, business bags, and accessories in August 2016.
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Market Dynamics
Among product type, travel bag segment accounted for largest market share in the global luggage market due to lucrative demand for leisure and recreational holidays. According to the World Tourism Organization, 53% of the global inbound tourism in 2016 was for leisure, recreation and holidays. By region, Asia Pacific dominated the global luggage market with market share of 42.58%, owing to increasing number travelers especially in emerging economies such as India and China. According to the Directorate General of Civil Aviation, number of passengers in domestic airlines was 1.6 million from January to November 2017 and increased by 17% from 2016.
Market Outlook
Asia Pacific held largest market share in the global luggage market in 2016, owing to increasing consumer spending, which is boosting growth of the travel and tourism industry in this region. According to China National Tourism Administration (CNTA), domestic tourism industry in China registered 4.44 billion tourist trips in 2016 and with an estimated by 11% from 2015. Furthermore, increasing presence of major players is key factor driving demand for luggage market. For instance, to tap the entry level price segment, Kamiliant brand by Samsonite International S.A., plans to expand its distribution across the Asia Pacific market.
Europe has lucrative demand for luggage market, as 62.1% of the population aged 15 or above in 28 nations of the European Union took part in tourism for personal purposes in 2016 according to European Commission. Furthermore, Germany recorded highest expenditure of US$ 89.19 billion on international travel in 2016, followed by the U.K. with US$ 72.24 billion and France with US$ 45.15 billion.
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The global luggage market was valued at US$ 33.28 billion in 2016 and is anticipated to register a CAGR of 8.45% in terms of revenue, over the forecast period (2017 – 2025) to reach US$ 67.19 billion by 2025.
Key manufacturers operating in the luggage market include Louis Vuitton Malletier, S.A., Rimowa GmbH, Victorinox Swiss Army, Inc., Coach Inc, Samsonite International S.A., VF Corporation, Antler Limited, Delsey S.A., Bric's Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited.
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