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Luggage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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    Report

  • 120 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4622772
UP TO OFF until Sep 30th 2022
The luggage market is projected to register a CAGR of 7.47% during the forecast period 2022-2027.

Since the COVID-19 pandemic has forced a major part of the global population to sit at home, owing to travel restrictions and lockdown, the luggage and backpacks industry has been hit hard. Also, most potential consumers limited their spending on travel luggage, which directly impacted the sales revenues of top big brands in the luggage market. However, as the pandemic situation is improving gradually, the spending patterns of consumers have strengthened, and the market is expected to regain its potential as the economies of the developing nations improve.

The change in lifestyle, the growing travel and tourism industry, and the customer inclination toward high-end luggage are likely to positively impact the market’s growth during the forecast period.

The growing convenience of online shopping has led to a major shift in consumer preferences in the purchase of travel bags and other luggage bags through e-commerce platforms, such as Amazon and eBay. The business bags segment is gaining significant traction in the market studied due to the increasing business travel worldwide and economic improvements in developing markets.

Key Market Trends


Significant Growth in the Tourism Industry


The increase in the demand for luggage bags is directly proportional to the growing travel and tourism industry. Over the past few years, the global travel and tourism industry has witnessed significant growth. Currently, the tourism industry is one of the fastest-growing and most diversified industries globally. Countries such as China, the United States, South Korea, Brazil, the Netherlands, Spain, Germany, and the United Kingdom, have strong outbound tourism. Moreover, in the last few years, the spending on leisure travel by the baby boomer segment has been increasing rapidly, which, in turn, has further boosted the growth of the market. According to the World Tourism Organization (UNWTO), international tourism in terms of the number of arrivals globally reached 1.3 billion in 2019. However, due to the COVID-19 pandemic, the number of international tourist arrivals in 2020 dropped significantly, reaching around 0.4 billion, resulting in the sales of luggage bags declining massively in 2020. Nevertheless, in 2021, with governments worldwide easing restrictions on travel and growth in tourism, the demand for backpacks, travel packs, smart luggage bags, carpet bags, duffel bags, and laptop bags is also likely to increase in the years to come.



Asia-Pacific Emerges as the Fastest-growing Region


In Asian countries, like India, the luggage market has become highly competitive, with established brands, like VIP, competing in the market with new players, like Da Milano. The market is set to grow due to a rise in travel and tourism activities and a surging number of business travelers, which is expected to lead to a surge in the sales of travel and business bags. According to the Ministry of Tourism, India, around 26.92 million Indians traveled abroad in 2019, which was a rise of 11.69% compared to 2017. This indicated increased demand for luggage. With the rise of urbanization and leisure activities, travel has expanded significantly in this region. People are becoming more inclined toward branded and fashionable travel accessories, including luggage. In recent years, luggage has evolved from a typical clothing packing medium to a more pleasant, convenient, and multi-purpose travel companion. The Asia-Pacific luggage market is increasingly engaged in the production of luggage bags, backpacks, duffel bags, laptop bags, and other various business travel bags, thus, driving the market further in the Asia-Pacific region.



Competitive Landscape


The luggage market is highly competitive. The market has key players competing for the major share and small regional players catering to a small region. Some of the major players in the market are Samsonite International SA, LVMH, VIP Industries Limited, Adidas AG, and Nike Inc. The key strategies adopted by players in the market are new product launches with innovative designs, followed by mergers and acquisitions. Expansion is another strategy that gives an upper edge to manufacturers to expand their consumer base globally. Partnerships are another strategy preferred by companies to strengthen their market dominance. The major players are constantly trying to leverage their product portfolio to increase their market presence locally through this strategy.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Travel Luggage
5.1.2 Business Luggage
5.1.3 Sports Luggage
5.1.4 Other Product Types
5.2 By Distribution Channel
5.2.1 Offline Retail
5.2.1.1 Supermarkets and Hypermarkets
5.2.1.2 Specialty Stores
5.2.1.3 Other Offline Retail Channels
5.2.2 Online Retail
5.3 By Geography
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 UK
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 LVMH
6.4.2 Samsonite International SA
6.4.3 VIP Industries Limited
6.4.4 Nike Inc.
6.4.5 Adidas AG
6.4.6 VF Corporation
6.4.7 United States Luggage Company LLC
6.4.8 MCM Worldwide
6.4.9 ACE Luggage Co. Ltd
6.4.10 Etienne Aigner AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS8 IMPACT OF COVID-19 ON THE MARKET

Samples

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Companies Mentioned

A selection of companies mentioned in this report includes:

  • LVMH
  • Samsonite International SA
  • VIP Industries Limited
  • Nike Inc.
  • Adidas AG
  • VF Corporation
  • United States Luggage Company LLC
  • MCM Worldwide
  • ACE Luggage Co. Ltd
  • Etienne Aigner AG

Methodology

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