LONDON--(BUSINESS WIRE)--The global luggage market is expected to post a CAGR of more than 6% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
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. People in this demographic travel frequently and are always in search of stylish and multifunctional luggage to carry. Travel and tourism increases the need for varieties of luggage to cater the diversified requirements of customers. These factors will propel the global luggage market growth during the forecast period.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Luggage Market: Introduction of Convertible and Foldable Luggage
The introduction of convertible and foldable luggage will be one of the critical trends in the global luggage market. Convertible and foldable luggage are popular among consumers due to the increasing preference for multipurpose suitcases. They also prove to be a good option for consumers who prefer 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.
“Apart from the introduction of convertible and foldable luggage, the increasing government funding to promote tourism industry and the rising participation of women and children in sports are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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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) and geographical regions (APAC, Americas, and EMEA).
The APAC region led the market share in 2017, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the high population density and outbound tourism in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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