LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global luggage locks market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
One of the key drivers of the market is the advances in product technology. To expand their customer base, the prime focus of the vendors of luggage locks is product differentiation. Forgetting the code or losing the key is a frequent problem faced by most consumers who use combination digital-dial or zipper locks. Smart TSA luggage locks that have no key, digital wheel, and combination code are being offered by vendors to solve this problem.
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The emerging market trends driving the global luggage locks market according to Technavio research analysts are:
- Increase in M&A activities
- Growing online sales of luggage accessories
- Increased demand for smart luggage locks
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Increase in M&A activities
To expand their business and obtain more market shares, vendors are increasingly adopting M&A strategies. In August 2016, Samsonite acquired premium lifestyle brand Tumi, which offers a comprehensive line of business bags, travel bags, and travel accessories. Tumi is recognized for its high quality and durable premium luggage products and has a strong customer base. This acquisition will expand Samsonite's presence in the premium segment of the global business bags, travel bags, and accessories market.
Growing online sales of luggage accessories
The e-commerce platform is growing rapidly due to the increase in the number of Internet users. Brazil, the US, China, Japan, Germany, and the UK contributed to a major share of these internet users. Most of these users belong to high-income groups who can purchase luxury products. In the future, this fact could propel the growth of e-commerce. Owing to the convenience and comfort provided by online retail stores to consumers, e-retail sales will increase by 8%-12% in 2017 according to the National Retail Federation.
According to Shikha Kaushik, a lead analyst at Technavio for retail goods and services, “In developing countries, a major part of the e-commerce industry is formed by luggage and luggage accessories. To check price comparisons, features, and ratings of products, consumers are dependent on the digital platform. The usage of Wi-Fi is rising due to the growing number of smart cities and urban population in different countries. There have been rising investments in infrastructure developments such as technology, environmental sustainability, proper infrastructure, fast Internet connectivity, transportation, and governmental entities by governments to set up smart cities.”
Increased demand for smart luggage locks
To attract consumers, luggage manufacturers are continuously innovating and enhancing their products. Luggage comes in a wide variety of options with related gadgets and has become smarter. The US-based company Bluesmart manufactures super smart suitcases. This suitcase type is connected to iOS and Android smartphones that control the TSA-approved lock system. They get automatically unlocked when the smartphone is brought close.
“The weight of the bag and the maximum weight permissible on a flight can be displayed using the applications that are used to control the locks. This will assist the passenger before he heads to the airport. There are some innovative products that are produced by Radex, Traxpack, and other premium brands. The smart luggage locks offered by these companies are TSA-approved,” says Shikha.
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