Luggage Market Is Potentially Boosting Up The Economy In Future 2027

The global luggage market was valued at US$ 22,467.2 Mn in 2018 and is projected to increase to US$ 38,513.8 Mn by 2027, witnessing a CAGR of 6.3% over the forecast period.

Luggage mainly includes travel bags, business cases, and other casual bags. Luggage is a very important consumer good across the globe with numerous organized (global) and unorganized (local) manufacturers manufacturing different types of luggage for various travel and business needs.

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In emerging economies of Asia Pacific region, the unorganized luggage market players are posing several challenges for major players in the organized sector. The manufacturing cost of luggage is lower, owing to easy availability of raw materials such as plastics, leather, and others. Furthermore, local luggage manufacturers from the unorganized sector usually offer their products at a lower price, as they save on several additional costs, such as research and development, advertising, branding, and costs for procuring high quality raw materials.

Increasing innovations in the market is expected to boost demand for luggage over the forecast period. These innovations are expected to create growth opportunity for manufacturers by attracting larger customer base. For instance, in August 2019, Samsonite collaborated with Panasonic for creating EVOA Tech, a new generation of smart luggage. The luggage will be able to effectively communicate with the owner with the help of IoT. Furthermore, the smart luggage will also include a Bluetooth tracker, biometric locking system, a USB port, and an inbuilt weighing scale. Another security feature of this bag is the SOS alert button, which sends an alert to 3 contacts with the current GPS location. These features are expected to increase demand for such luggage from the premium sector and thereby, boost growth of the global luggage market.

Key players operating in the market include Tapestry Inc., Rimowa GmbH, Louis Vuitton Malletier, S.A., Victorinox Swiss Army, Inc., Samsonite International S.A, Coach Inc, VF Corporation, Antler Limited, Delsey S.A., Bric’s Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited.

Few Recent Developments

RIMOVA GmbH

• In October 2016, Louis Vuitton SE acquired 80% stake in Rimowa GmbH. Louis Vuitton SE is a multinational luxury goods conglomerate. The acquisition will help Rimowa to expand its global presence in the luggage market.
• In June 2018, Rimowa GmbH collaborated with streetwear brand, OFF-WHITE, to launch a transparent polycarbonate carry-on case. The new product helped Rimowa to expand its product portfolio.

VICTORINOX AG

• In March 2019, Victorinox AG entered into a partnership with Swiss International Air Lines to launch luggage series. The products launched are carry-on luggage, laptop bags, and trolleys.
• In May 2019, Victorinox AG launched premium robust and water repellent bags in its Vx Touring Collection. The travel bags, when exposed to tough weather and water, will resist abrasion and repel water.

Luggage is an important part of travel-related consumer goods market. Different types of luggage are available in the market for travel, business and casual use. The global luggage market is mainly driven by growing travel & tourism industry. Increasing demand for smart luggage is projected to result in rising demand for luggage, globally. Growth of the luggage market is driven by integration of innovative features in smart luggage such as connectivity, tracking sensors, proximity sensors, digital scaling, remote lock, self-driving wheels, inbuilt portable battery, and removable batteries. For instance, in July 2018, Ovis, a smart luggage manufacturer, launched AI-powered smart travel luggage with self-driving wheels.

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Market Dynamics

The wholesale and specialty stores segment is expected to account for the largest share of 66.2% in 2019. Specialty stores usually offer variety of products under a specific category, which helps them in building brand identity. This also helps in ensuring that the customers are loyal towards a particular brand.

Many luggage manufacturers are integrating smart features into their existing luggage offerings. In August 2019, Samsonite International entered into a partnership with Panasonic Corporation, to develop a new generation of travel suitcase for hassle-free travel. Under the partnership, Samsonite launched its new suitcase EVOA Tech which features Panasonic’s Seekit Bluetooth tracker that will allow customers to tag and track their luggage.

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Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

The global luggage market was valued at US$ 22,467.2 Mn in 2018 and is projected to increase to US$ 38,513.8 Mn by 2027, witnessing a CAGR of 6.3% over the forecast period.

Luggage mainly includes travel bags, business cases, and other casual bags. Luggage is a very important consumer good across the globe with numerous organized (global) and unorganized (local) manufacturers manufacturing different types of luggage for various travel and business needs.

Get a Sample Copy + All Related Graphs & Charts: https://www.coherentmarketinsights.com/insight/request-sample/1436

In emerging economies of Asia Pacific region, the unorganized luggage market players are posing several challenges for major players in the organized sector. The manufacturing cost of luggage is lower, owing to easy availability of raw materials such as plastics, leather, and others. Furthermore, local luggage manufacturers from the unorganized sector usually offer their products at a lower price, as they save on several additional costs, such as research and development, advertising, branding, and costs for procuring high quality raw materials.

Increasing innovations in the market is expected to boost demand for luggage over the forecast period. These innovations are expected to create growth opportunity for manufacturers by attracting larger customer base. For instance, in August 2019, Samsonite collaborated with Panasonic for creating EVOA Tech, a new generation of smart luggage. The luggage will be able to effectively communicate with the owner with the help of IoT. Furthermore, the smart luggage will also include a Bluetooth tracker, biometric locking system, a USB port, and an inbuilt weighing scale. Another security feature of this bag is the SOS alert button, which sends an alert to 3 contacts with the current GPS location. These features are expected to increase demand for such luggage from the premium sector and thereby, boost growth of the global luggage market.

Key players operating in the market include Tapestry Inc., Rimowa GmbH, Louis Vuitton Malletier, S.A., Victorinox Swiss Army, Inc., Samsonite International S.A, Coach Inc, VF Corporation, Antler Limited, Delsey S.A., Bric’s Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited.

Few Recent Developments

RIMOVA GmbH

• In October 2016, Louis Vuitton SE acquired 80% stake in Rimowa GmbH. Louis Vuitton SE is a multinational luxury goods conglomerate. The acquisition will help Rimowa to expand its global presence in the luggage market.
• In June 2018, Rimowa GmbH collaborated with streetwear brand, OFF-WHITE, to launch a transparent polycarbonate carry-on case. The new product helped Rimowa to expand its product portfolio.

VICTORINOX AG

• In March 2019, Victorinox AG entered into a partnership with Swiss International Air Lines to launch luggage series. The products launched are carry-on luggage, laptop bags, and trolleys.
• In May 2019, Victorinox AG launched premium robust and water repellent bags in its Vx Touring Collection. The travel bags, when exposed to tough weather and water, will resist abrasion and repel water.

Luggage is an important part of travel-related consumer goods market. Different types of luggage are available in the market for travel, business and casual use. The global luggage market is mainly driven by growing travel & tourism industry. Increasing demand for smart luggage is projected to result in rising demand for luggage, globally. Growth of the luggage market is driven by integration of innovative features in smart luggage such as connectivity, tracking sensors, proximity sensors, digital scaling, remote lock, self-driving wheels, inbuilt portable battery, and removable batteries. For instance, in July 2018, Ovis, a smart luggage manufacturer, launched AI-powered smart travel luggage with self-driving wheels.

Hurry Up…and Get a 2000$ Discount On a Price…!!! https://www.coherentmarketinsights.com/insight/request-discount/1436

Market Dynamics

The wholesale and specialty stores segment is expected to account for the largest share of 66.2% in 2019. Specialty stores usually offer variety of products under a specific category, which helps them in building brand identity. This also helps in ensuring that the customers are loyal towards a particular brand.

Many luggage manufacturers are integrating smart features into their existing luggage offerings. In August 2019, Samsonite International entered into a partnership with Panasonic Corporation, to develop a new generation of travel suitcase for hassle-free travel. Under the partnership, Samsonite launched its new suitcase EVOA Tech which features Panasonic’s Seekit Bluetooth tracker that will allow customers to tag and track their luggage.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com