Overview:
During the olden days, the luggage was regularly made of wood or heavy materials. But the form of luggage as dissimilar drastically over time. It is confidential based on the product i.e. Travel, Business, Sports, and numerous others. Several distribution channels of the luggage are the Specialty Stores, Departmental Stores, Hyper Markets & Supermarkets, Internet Sales, and countless others. Whereas, the luggage is a passenger’s personal belongings recognized while travelling on-board an aircraft, ship, or bus, whether spotted or unchecked. Luggage contains of bags, cases, and containers which control a traveller’s stuff whereas the traveller is in transfer.
The Travel Luggage and Bags Market Share is projected to boom, with new-fangled advances and accessibility of air travel, the worldwide travel luggage and bags market has renovated itself by suggesting the small lightweight, colourful and stylish bags that cater to the various requirement of the travellers. The increasing travel and tourism industry, rise in migration of populace, and increasing disposable income are propelling the growth pace. Discount selling, comfort, additional of bags, convenience in choice through e-commerce is identified as foremost trends of the market. People are traveling owing to the growth in their disposable incomes. This has opened the doors for fresh prospects for market players.
Key Players in Travel Luggage and Bags Market:
The travel luggage and bag market is highly competitive. The market has foremost players competing for foremost market share and small regional players catering to a small region to seizure the market share. Some of the major players in the market are Delsey SA., VIP Industries, TGHI, Inc., Samsonite, Ace Co. Ltd., U.S. Luggage Company, LVMH Group, Travelpro Products, Inc., Rimowa GmbH, Kering SA, and several others are effectively functioning in the travel luggage and bags industry for leading the highest market growth and registering the great value of market share around the globe during the near future while delivering the better consumer satisfaction, employing the young and active personnel, decreasing the associated prices of such, increasing the applications and benefits of such, analysing the strategies and policies of government as well as corporates, implementing the policies of enlargement and profit making, establishing the several research and development programs, improving the qualitative and quantitative measures of such, and spreading the awareness connected to the applications of such.
In addition, the organized players in the travel luggage and bags market are effectively implementing the policies of enlargement such as partnership, new product development, amalgamation, joint venture and merger and acquisition for ruling around the globe and generating the high percentage of revenue.
Market Segmentation
Luggage and Bags Market Analysis delivers a comprehensive analysis on the Bags and Luggage Industry of the respective region. The luggage and bags market research report covers numerous aspects comprising market size, market segmentation, trends and developments, challenges, trade scenario, Porter’s five force analysis, competitive landscape. The report achieves with market prediction and analyst recommendations highlighting the foremost opportunities.
Based on the type, the luggage and bag market is segmented into bags and luggage. The bags segment controlled a higher share in the market due to the launch of new product variants within handbags, backpacks, and duffel bags. However, the effective growth in customer inclination towards high-end luggage equipped with Global Positioning System (GPS) tracker, increasing urbanization, and growing disposable income are projected to drive the luggage market around the globe over the predicted years.
Travel Luggage and Bags Market by Geography
Based on regional analysis, the Global Luggage Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by the Asia Pacific owing to an upsurge in the demand for high-quality luggage products and increasing expenditure on living standards in this region.
In addition, based on the region, the Asia-Pacific travel luggage and bag market observed a rapid growth as travel bags are progressively becoming a fashion accessory with ergonomic designs, trendy colour combinations, textures, and clean contoured lines. In addition, the design modification and innovative materials suggesting the light bags has further fostered the growth of the market. As more and more people are becoming around the globe mobile and exposed to international accessories, the requirement for the travel accessories is shooting up.
Key Trends
The effective growth in the requirement for luggage and bags is directly proportional to the increasing travel and tourism industry. Over the past few years, the worldwide travel and tourism industry has observed significant growth. During the recent scenario, the tourism industry is one of the fastest-growing and most expanded sectors globally. Countries, such as China, the United States, South Korea, Brazil, the Netherlands, Spain, Germany, and the United Kingdom, have robust outbound tourism. According to the World Bank Group, international tourism in terms of the number of arrivals around the globe reached 1.25 billion during 2016. Not only has this, from the last few years, the spending on leisure travel by the baby boomer segment has been growing rapidly, which, in turn, has further fostered the growth of the market. Thus, with the growth in tourism, the requirement for backpacks, travel packs, smart luggage bags, carpet bags, duffel bags, and laptop bags is also probable to increase in the years to come.
Market Forecast
Based on the Luggage and Bags Market Growth Forecast the progressive growth in customer inclination towards high-end luggage equipped with the Global Positioning System (GPS) tracker, increasing urbanization, and growing disposable income are expected to propel the luggage market over the reviewed years.
During the future, it is anticipated that travel Luggage and Bags market in terms of revenue will grow at a positive CAGR during the period 2018–2023E. Around the globe, it is projected that the requirement for both travel bags and luggage will be further augmented largely owing to increasing domestic tourism and innovation in luggage and bags.
For More Information, click on the link below:-
Luggage and Bags Market Research Report
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
