The global luggage market includes a wide range of products ranging from suitcases, duffel bags, garment bags, and other travel bags that are used for storage and transportation during travel. Suitcases are rolling bags that are designed to be easy to pull or push during traveling. They are available in various sizes, shapes, and colors to suit different needs and preferences. Duffel bags are soft-sided bags with a main compartment and without wheels. Garment bags are designed to carry and protect formal clothes such as suits to prevent wrinkles. Travel bags come in hand luggage and check-in luggage sizes and are made of hard or soft materials such as polycarbonate, nylon, and leather.
The global luggage market is estimated to be valued at US$ 177.03 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing travel and tourism industry is one of the key drivers fueling the growth of the global luggage market. According to the World Travel and Tourism Council (WTTC), the global direct contribution of travel and tourism to GDP is expected to grow by 4.3% to US$ 5.8 trillion in 2023. This growth is being driven by increased economic activity, investments in infrastructure, openness in visa policies, and growing income levels in emerging economies. Improved standard of living has increased discretionary spending on leisure travel and the willingness to spend on high-quality luggage for convenience and durability. Another driver boosting the market is increasing consumer preference for fashionable and designer luggage. Key players are focusing on providing unique design features, multi-functional features, and lightweight materials in luggage to satisfy evolving consumer tastes and travel requirements.
Segment Analysis
The global luggage market can be segmented based on product type, sales channel, and region. Based on product type, the luggage market is dominated by the luggage bags segment, accounting for around 55-60% share of the global market. This sub-segment finds widespread adoption among travelers as luggage bags are versatile, easy to carry and store different items during journeys.
PEST Analysis
Political: The luggage market is impacted by policies governing international tourism and travel. Supportive measures by governments to promote tourism positively influences the market.
Economic: A strong economy with rising disposable incomes along with growing international travel and tourism boosts market demand.
Social: Changing lifestyles and increasing travel frequency among individuals and families drives the need for quality and stylish luggage products.
Technological: Advancements in materials and design help luggage manufacturers offer lightweight, durable and smart luggage solutions. Features like GPS tracking aid convenience.
Key Takeaways
Global Luggage Market Demand is expected to witness high growth over the forecast period supported by strong revival of international tourism post pandemic restrictions.
Regional Analysis: The Asia Pacific region is projected to emerge as the fastest growing regional market for luggage. Countries like China, India and Southeast Asian nations are witnessing surge in outbound travel which augments luggage sales.
Key players operating in the luggage market are Thermo Fisher Scientific, Danaher Corporation, Merck KGaA, BD Biosciences, Promega Corporation, Bio-Techne Corporation, Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd, QIAGEN N.V., Sartorius AG, PerkinElmer, Miltenyi Biotec, Cell Signaling Technology, BioLegend, Abcam, Takara Bio, Fluidigm Corporation, NanoString Technologies, 10x Genomics, Bethyl Laboratories. Leading brands compete on aspects like design, features, light weight, durability and brand recognition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
