Key Findings of the Global Baggage Packaging Service Market | Technavio

Technavio has published a new market research report on the global baggage packaging service market from 2018-2022. (Graphic: Business Wire)

LONDON--()--The latest market research report by Technavio on the global baggage packaging service market predicts a CAGR of above 4% during the period 2018-2022.

The report segments the global baggage packaging service market by point of sale, including airports and railway stations and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global baggage packaging service market, according to Technavio transportation and logistics researchers:

  • Rise in number of air passengers: a major market driver
  • Technological advancements: emerging market trend
  • The Americas dominated the global baggage packaging service market with 40% share in 2017

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Rise in number of air passengers: a major market driver

The number of people traveling by air is increasing every year due to the increasing number of airports and routes and the rising disposable incomes of people globally. 2016 saw an addition of more than 600 new routes that were connected by flights globally. In 2011, 2.79 billion passengers traveled by air. In 2016, the number of passengers traveled by air was 3.7 billion, and this number is expected to keep increasing. The positive global economic scenario has been a major factor behind the rising number of air travel passengers, which in turn, will increase the demand for the global baggage packaging service market.

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Increasing opportunities at railway and bus stations: emerging market trend

To expand the market and services, companies are providing services at different avenues such as railway stations and hotels. Companies have started providing baggage wrapping services at the point of origin, such as hotels, as travelers prefer it this way. Railways is a preferred mode of transportation for the majority of the population due to their low cost.

According to a senior analyst at Technavio for research on packaging, “In regions such as Asia and Europe, majority of the population still uses rail transport and due to this companies have started providing baggage wrapping services at railway stations. Furthermore, railways have better connectivity within Europe which makes inter-country travel by rail possible.”

Global market opportunities

In terms of regional dominance, the Americas led the global baggage packaging service market, followed by EMEA and APAC in 2017. The Americas had a market share of 38% in 2017. By 2022, the market share is expected to increase by nearly 1%. This growth can be attributed to the growing number of air travelers from Latin America and the expansion of airports in North America. Major sporting events that are expected to take place in Latin America is also expected to increase the number of people traveling through air during the forecast period.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The latest market research report by Technavio on the global baggage packaging service market predicts a CAGR of above 4% during the period 2018-2022.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com