Seattle, WA -- (SBWIRE) -- 11/06/2019 -- Global Luggage Market - Insights
There are various size, shape, and designs of luggage such as suitcases and bags that enhance consumer convenience and comfort while travelling and lodging. Increasing number of people travelling within the country and abroad has led to significant growth in tourism industry, which increases demand for travel bags and luggage. Moreover, increasing participation in adventure sports and outdoor sports is also contributing to growth of the global luggage market. For instance, according to the World Travel and Tourism Council, the global domestic expenditure on travel and tourism in 2014 was US$ 340.4 billion, which increased to US$ 574.6 billion in 2016. The market is also driven by increasing technological advancements such as smart luggage. For instance, in January 2018, 90FUN launched new smart suitcase 90FUN Puppy 1, which follows the traveler.
The International Air Transport Association has imposed stringent regulations on smart luggage, which is expected to hinder growth of the market. For instance, smart luggage containing lithium batteries and non-removable batteries are banned by major airlines such as American Airlines due to risk of fire.
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Increasing travel for business purposes, economic improvements in the developing markets, and developments in the manufacturing sector is expected to boost growth of the business bags segment in the luggage market. For instance, according to the World Travel and Tourism Council, business travel investment is estimated to grow by 4.0% in 2017 from 2016 to US$ 1,199.7 billion and increase by 3.7% per annum to US$ 1,719.9 billion in 2027.
Major specialty stores retailers are focused on expansion and advertising strategies, which contributes to growth of the specialty stores segment. The segment held largest market share in 2016. For instance, in October 2016, Away, a U.S.-based manufacturer and retailer of luggage, launched new stores in New York, U.S. and London, U.K. The company also announced launch of new stores in Berlin, Germany, and Los Angeles, U.S.
The market in Asia Pacific accounted for the largest market share in the global luggage market in 2016. This was attributed to increasing consumer expenditure that propels growth of the travel and tourism industry in this region. For instance, 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. Key players in the market are focused on expanding in the region, which also contributes to growth of the 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.
Growing tourism industry is expected to boost growth of the market in Europe. For instance, according to European Commission, 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. 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.
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.
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The market in Asia Pacific accounted for the largest share of 42.58% in 2016 and is expected to retain its dominance over the forecast period. Key players in the market are focused on adopting collaboration and M&A strategies to enhance their market share. For instance, in April 2017, Tumi Holdings, a subsidiary of Samsonite International S.A., collaborated with Singapore Airlines Limited to create limited edition designs of Alpha 2 international expandable 4 wheeled carry-on bags. Moreover, in April 2017, Samsonite International S.A. acquired travel bag retailer eBags Inc. for US$ 105 million. In November 2014, Perry Ellis International, Inc. entered into a partnership with UGA Fashion S.A. de C.V. for designing, manufacturing and marketing luggage, back packs, travel bags and travel accessories under the brand Perry Ellis in Mexico.
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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