Luggage and bag is a personal property of a passenger, which is used to keep possessions when traveling. Luggage & bag comprises of suitcases & containers in which a traveler’s belongings are kept while the traveler is in transit. Increasing customer inclination towards high-end luggage, growth in urbanization, equipped with USB port that enables application to recharge battery of cell phones and Global Positioning System (GPS) tracker are some key factors to stumble on, which are expected to increase the demand for luggage & bags related products.
The luggage and bags market is anticipated to boom, with new advances & accessibility of the air travel, the global luggage market has been renewed by providing small & lightweight, colorful and stylish bags that cater to the different needs of the travelers. Rising migration of population, growing travel & tourism industry, and increasing disposable income are fuelling the growth of market. Moreover, sale of discount, comfort, replacement of bags, and comfort in the choice by e-commerce is identified as major market trends. Furthermore, people travel because of the increase in their disposable income, which has opened the doors to new perspectives for market participants.
The introduction of convertible & folding luggage will also have a positive effect on market growth in the forecast period. Travelers increasingly prefer multi-purpose luggage, which increases the demand for convertible and folding luggage. These products include trolley bags, tote bags, collapsible spinners, duffle bags, and others. The introduction of these versatile luggage products will be a key trend in the luggage market which is expected to gain momentum over the upcoming years. However, some other key trends estimated to gain traction in the luggage & bags industry throughout the forecast period include advancements in security technology, advent of innovative product features and increasing emphasis on research & development (R&D) activities by key competitors, and surge in adoption of strategic promotional activities.
The Luggage and Bags Market Segmentation is determined by product type and by distribution channel. In terms of product type, luggage and bags market is categorized as sport luggage & bags, travel luggage & bags and business luggage & bags. Sport luggage & bags include hockey luggage & bags, ball sports luggage & bags, golf luggage & bags, racket sports luggage & bags and cricket luggage & bags. Travel luggage & bags include suitcase luggage & bags, duffel luggage & bags, backpacks luggage & bags and garments luggage & bags. In addition, Business luggage & bags include laptops luggage & bags and carry-on luggage & bags. Additionally, in terms of distribution channel, market can be categorized as online retail (specialty stores and supermarket & hypermarket) and offline retail.
By geographic analysis, the Asia-Pacific region holds major share in global market because of rapid growth of the travel & tourism industry coupled with increase in disposable income of people across the region. The North-America and Europe regions are anticipated to exhibit higher growth rate as a result of growth in urbanization & changes in lifestyle, rise in demand for high quality luggage products and growth in existence of bags & luggage retailer over the forecast period. Luggage and Bags Market Analysis predicted that Luggage and Bags Market Growth Forecast will be reached at rapid pace owing to growth in expenditure on living standards & traveling and rise in migration of populace during the forecast period.
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