A key factor driving the growth of the luggage market size is the growing global travel and tourism industry. The growth in the sale of luggage is directly proportional to the growing travel and tourism industry. Presently, the travel and tourism industry is one of the fastest-growing and most diversified sectors, which results in good business, trade, employment, developing infrastructure, and stimulating the social development of different communities. Countries such as China, South Korea, the US, Brazil, Spain, the Netherlands, Germany, and the UK have strong outbound tourism. Thus, the travel and tourism industry will augment growth in the global luggage market.
As per Technavio, the introduction of convertible and foldable luggage will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global luggage market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Luggage Market: Introduction of Convertible and Foldable Luggage
With time and evolution of technology, the preference for multipurpose luggage has increased, which raises the demand for convertible and foldable luggage among consumers who prefer traveling with a hard-side bag. Thus, the growing travel and tourism industry coupled with the introduction of convertible and foldable luggage will drive market growth during the forecast period.
“There has been a significant amount of contribution from baby boomers towards the growth of the travel and tourism industry. People in this demographic travel frequently, both for domestic and international travel. Over the last few years, the spend on leisure travel by this segment of the population is increasing rapidly. Medical tourism is also growing in this segment,” says a senior analyst at Technavio.
Global Luggage Market: Segmentation Analysis
This market research report segments the global luggage market by product (travel luggage, casual luggage, business luggage, and sports luggage), distribution channel (warehouse clubs, online retail, department stores, hypermarkets, and supermarkets, and specialty stores) and geography (the Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA respectively. The APAC region is expected to maintain its dominance over the global market and register the highest incremental growth during the forecast period, due to the rising outbound tourism in the industry.
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Five Forces Analysis
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