LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global luggage market is expected to grow at a CAGR of more than 6% during the forecast period.
This research report titled ‘Global Luggage Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“The travel bags segment was the major contributor to the global luggage market in 2016 and is expected to continue to dominate the market during the forecast period. There is high demand for travel bags from emerging countries such as China, India, and South Korea,” says Brijesh Kumar Choubey, a lead analyst for retail goods and services research at Technavio.
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The market research analysis categorizes the global luggage market into three major product segments. They are:
- Travel luggage
- Casual luggage
- Business luggage
Global travel luggage market
The global travel luggage market is expected to grow at a CAGR of over 7% during the forecast period. The travel luggage segment includes products like suitcases and carry-ons. Based on the materials used, these products can be categorized into hard-side, soft-side, and hybrid luggage.
The demand for travel bags is expected to increase during the forecast period. One of the primary reasons for this is the increasing popularity of tourism, outdoor sports, and adventure tours, especially in emerging countries. The relative growth in the global travel and tourism industry is expected to have a positive impact on the growth of the global luggage market at large.
Global casual luggage market
Casual luggage includes backpacks and wheeled duffle bags. The global casual luggage market is expected to grow driven by a growing customer base with higher disposable income and the uptake in backpacking. The introduction of products that are easy to carry, lightweight, and made from high-density polyester and ultra-strong fiberglass frames will also lead to greater consumer interest.
“VF Corporation and Samsonite are among the key vendors producing casual bags. Several market competitors are launching new designs and colors in this market to appeal to the fashion-conscious consumers,” says Brijesh.
Global business luggage market
The global business luggage market is expected to grow at a CAGR of close to 8% during the forecast period. Business luggage is manufactured and marketed for corporate use. It is designed based on specific requirements like the need to carry laptops, documents, and other items. Increasing globalization has led to a rise in the number of people traveling on business, as most large corporations have offices located in different parts of the world.
Although a considerable number of consumers continues to use regular travel bags for business travel, vendors are trying to change this by marketing their products through exclusive advertisements and promotions targeted at the business and corporate classes. TUMI and Samsonite are among the key vendors in the market.
The top vendors highlighted by Technavio’s consumer and retail market research analysts in this report are:
- Louis Vuitton
- Rimowa
- Samsonite
- TUMI
- VF Corporation
Browse Related Reports:
- Global Travel Duffel Bags Market 2016-2020
- Global Travel Irons Market 2016-2020
- Global Leather Goods Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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