Luggage Industry is Projected to Touch $73.6 Billion Value by End of This Decade

December 08 07:15 2022
Luggage Industry is Projected to Touch $73.6 Billion Value by End of This Decade
Asia-Pacific luggage market is expected to see the highest CAGR, of more than 9%, over the forecast period, owing to the rising living standards, increasing expenditures, and rising demand for high-quality baggage.

According to P&S Intelligence, the luggage market was valued at around $39 billion in the past, and it is projected to reach $73.6 billion by 2030, at a growth rate of over 7% in the years to come. The industry growth is because of the increasing tourism activities, altering consumer routines, and snowballing income in emerging economies.

Travel Luggage Dominated Industry

Travel luggage holds a significant share, chiefly credited to the increasing acceptance of adventure and outdoor sports in developing countries. Moreover, the increasing income of middle-class households would drive the demand for high-end and fashionable travel gear. Further, customers would spend on expensive and luxurious accessories for adapting to the continually evolving trends.

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Supermarkets & Hypermarkets Sell Most Products

Supermarkets & hypermarkets lead the distribution channel segment with an over 40% share. The increasing count of hypermarket chains, along with their growing emphasis on marketing and promotional activities, such as enticing discounts on products, will drive product sales via these places in the future.

Online Sales To Have Fastest Growth

Online stores will witness the highest growth rate in the future. The comfort associated with online purchasing has led to a momentous shift in the preference of customers for buying bags through e-commerce platforms. Additionally, the increasing standards of living, together with the growing disposable income of the population, will drive the growth of the category.

Growing Tourism Industry Is Propelling Demand for Bags

The growing travel & tourism sector is a strong driver for the increase in the requirement for baggage. The tourism industry is one of the most- dynamic businesses in the U.S., the U.K., China, Germany, India, Brazil, South Korea, and the Netherlands.

  • Product sales in APAC will grow at a rate of over 9% in the near future, attributable to the improving standards of living, as well as the increasing demand for quality baggage in the region. 
  • Moreover, the growing usage of office and sports luggage, accompanied by the booming education industry, will increase baggage sales in APAC.
  • Travel activities have increased because of the rise in the rate of urbanization and growth in the interest in leisure. Consequently, more individuals are purchasing branded and designer travel accessories in the developing countries of APAC.

 

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Europe follows the APAC region in terms of growth, because of the increasing number of international and domestic travelers, thus resulting in an increase in the requirement for the related gear.

Luggage Market Size Breakdown by Segment

By Product Type

  • Travel Luggage
  • Business Luggage
  • Sports Luggage
  • Others

By Distribution Channel

  • Supermarkets & Hypermarkets
  • Specialty Stores
  • Online Stores
  • Others

By Price Range

  • Low-Range
  • Mid-Range
  • High-Range

Regional Analysis

  • North America luggage market
    • By Product Type
    • By Distribution Channel
    • By Price Range
    • By Country – U.S. and Canada
  • Europe luggage market
    • By Product Type
    • By Distribution Channel
    • By Price Range
    • By Country – U.K., Germany, France, Spain, Italy, and Rest of Europe
  • Asia-Pacific luggage market
    • By Product Type
    • By Distribution Channel
    • By Price Range
    • By Country – China, India, Japan, South Korea, Australia and Rest of APAC
  • Latin America luggage market
    • By Product Type
    • By Distribution Channel
    • By Price Range
    • By Country – Brazil, Mexico and Rest of LATAM
  • Middle East and Africa luggage market
    • By Product Type
    • By Distribution Channel
    • By Price Range
    • By Country – Saudi Arabia, South Africa, and Rest of MEA

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