LONDON--(BUSINESS WIRE)--The luggage market is expected to grow by USD 16.67 billion during 2020-2024, 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 trade, employment, infrastructure development, 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. Growth in travel and tourism will increase the need for varieties of luggage to cater to the diverse 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 significant trends and market drivers that will influence market growth over 2020-2024.
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 is 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 bags. Thus, vendors are launching a variety of convertible and foldable luggage. For instance, in November 2019, Paravel introduced its Aviator suitcase, which comes in two sizes, namely, carry-on and carry-on plus. They are foldable bags and can be carried easily from one place to another conveniently. These products can be packed with normal luggage without consuming too much space. Thus, the introduction of convertible and foldable luggage will drive market growth during the forecast period.
“Factors such as the advent of innovative product features and advances in technology for security, will have a positive impact on the growth of the luggage market value during the forecast period,” says a senior analyst at Technavio.
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Luggage Market: Segmentation Analysis
This market research report segments the luggage market by product (travel luggage, casual luggage, business luggage and sports luggage), distribution channel (specialty stores, department stores, hypermarkets, and supermarkets; online retail and warehouse clubs), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the luggage market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing population, increasing disposable income and adoption of high fashion.
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Some of the key topics covered in the report include:
Product
- Travel luggage
- Casual luggage
- Business luggage
- Sports luggage
Distribution channel
- Specialty stores, department stores, hypermarkets, and supermarkets
- Online retail
- Warehouse clubs
Geographic segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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