The luggage market has garnered $38.55 billion revenue in 2021, and it is projected to advance at 7.45% from 2021 to 2030, to generate $73.60 billion revenue in 2030. It is ascribed to the changing consumer lifestyles, rising travel & tourism industry, and surging disposable income in developing countries.
In addition, rapid urbanization, with rising consumer preference for luxury bags with advanced technologies, including high-security locks, GPS trackers, expandable capacity, and sturdy wheels is projected to propel the demand for the product in the coming years.
Browse detailed report - Luggage Market Analysis and Demand Forecast Report
Moreover, the rising education opportunities with growing participation in adventure and outdoor sports, including government support for leather accessories are projected to boost the advancement of the industry in the near future.
Furthermore, the growing branded luggage preference among consumers, surging expenditure on luxury and smart products, and growing popularity of backpacks, shoulder bags, and wheeled duffel bags are projected to fuel the industry's growth in the near future.
Presently, stylish office bags and casual bags are trending worldwide.
Under the product type, the travel luggage category is projected to experience the fastest growth in the coming years. It is ascribed to the growing popularity of outdoor and adventurous sports in developing countries. In addition, the growing middle-class household incomes, more specifically in developing countries propel the demand for stylish and high-end travel gear.
In addition, customers usually spend on luxurious and expensive accessories to adapt to current trends. In addition, product advancements, including eco-friendly variants, with creative designs reflect a positive market outlook.
The rising business travel activities, surging ease in transit demand, and emergence of vacation planning and booking portals boost the demand for travel gear. The rising awareness of vacation destinations led by TV shows, social media, and advertising, results in increasing travel activities, which in turn, propels the consumption of luggage.
Under the distribution channel, supermarkets & hypermarkets dominate the industry, accounting for 40% revenue share of the industry. The rising hypermarket chains, including a growing focus on marketing and promotional activities, such as lucrative discount products, are projected to boost industry growth in the near future.
The online category is predicted to experience the highest growth in the coming years. The convenience offered in online buying results in a massive shift in the purchasing behavior of bags for sightseeing and other purposes on e-commerce platforms.
Moreover, the improving living standards, combined with the worldwide surging disposable income, are projected to fuel the growth of online stores.
The rising travel and tourism industry boosts the travel baggage demand. Presently, the tourism sector is the most dynamic and diversified business in countries such as Germany, China, South Korea, India, the U.S., the U.K., the Netherlands, and Brazil.
The major companies operating in the industry are; Adidas AG, VIP Industries Limited, LVMH, MCM Worldwide, VF Corporation, VIP Industries Limited, and United States Luggage Company LLC.
Therefore, the expansion of the travel and tourism industry sector boosts the luggage industry's growth.
