Global Luggage Market Size To Exceed USD 76.66 Billion By 2033 | CAGR of 7.06%
Category: Consumer GoodsGlobal Luggage Market Size To Exceed USD 76.66 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Luggage Market Size is Expected to Grow from USD 38.76 Billion in 2023 to USD 76.66 Billion by 2033, at a CAGR of 7.06% during the forecast period 2023-2033.
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Browse key industry insights spread across 202 pages with 100 Market data tables and figures & charts from the report on the "Global Luggage Market Size, Share, and COVID-19 Impact Analysis, Global Luggage Market Size, Share, and COVID-19 Impact Analysis, By Type (Travel Bags, Business Bags, Casual Bags, and Others), By Material (Soft-sided and Hard-sided), By Distribution Channel (Offline and Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/luggage-market
Luggage are bags and containers meant for carrying personal items while traveling. They are of different types, such as suitcases, backpacks, duffel bags, and briefcases, each of which has been made for the particular need of an individual. The luggage is containers and bags designed to convey personal belongings during travel. They are of various kinds, including suitcases, backpacks, duffel bags, and briefcases, each of which has been constructed for a specific person's need. Increased focus on health, wellness, and active living has had a major impact on consumer appetite in the luggage industry, especially in sporting luggage and sports bags. Based on Sport England statistics for 2022, there were around 353,000 English adults playing cricket every month, demonstrating the high level of interest in sporting activity that fuels the demand for sports baggage. Moreover, the increase in travel has prompted the demand for niche luggage to suit particular uses. Diversification within various categories of luggage enables firms to reach niche markets and satisfy the specific requirements of different traveler segments. However, the availability of counterfeit baggage is a strong constraint on the luggage market demand. Counterfeit reduces customers confidence and trust in the market, creating dissatisfaction with product quality, longevity, and functionality. Additionally, they incorporate low-grade material and parts with very low longevity, customers who buy these assuming them to be original.
The travel bags segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the type, the luggage market is segmented into travel bags, business bags, casual bags, and others. Among these, the travel bags segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to tourism and business travel, which have driven the demand for travel luggage bags. Furthermore, as individuals take vacations, business trips, and weekend excursions, there is a greater demand for tough and functional luggage to satisfy their travel requirements.
The soft-sided segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on material, the global luggage market is divided into soft-sided and hard-sided. Among these, the soft-sided segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by its expandable pouches, allowing travelers to adjust the space with ease when and if needed. Additionally, the soft luggage has a fabric outer that offers some degree of flexibility to make it more convenient to pack into overhead bins or small spaces.
The offline segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the global luggage market is categorized into offline and online. Among these, the offline segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to the tactile characteristics of luggage items enable buyers to touch and see the quality, design, and features firsthand before deciding on a purchase. Additionally, consumers prefer the touch-and-feel experience in physical stores for items like luggage, which are long-term investments in travel.
North America is expected to hold the majority share of the global luggage market during the forecast period.
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North America is expected to hold the majority share of the global luggage market during the forecast period. North America dominates the market due to the increasing number of people traveling for leisure and business, demand for luggage bags has risen. Moreover, domestic travel as well as overseas vacations have increased the demand for strong and trustworthy luggage in North America.
Asia-Pacific is anticipated to grow at the fastest pace in the global luggage market during the forecast period. The growth is attributed to the urbanization and growth of transportation networks have made it easier for people to travel, thus fueling the need for luggage products. Moreover, the growth of electronic marketplaces and e-commerce websites has encouraged consumers to get access to numerous varieties of luggage products, making shopping easier and convenient in the Asia-Pacific region.
Major vendors in the global luggage market are Delsey, Travelpro, Briggs & Riley, Victorinox, Thule, Heys, Rimowa, Samsonite, Tumi, American Tourister, United States Luggage Co. LLC, Valigeria Roncato Spa, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the luggage market based on the below-mentioned segments:
Global Luggage Market, By Type
- Travel Bags
- Business Bags
- Casual Bags
- Others
Global Luggage Market, By Material
- Soft-sided
- Hard-sided
Global Luggage Market, By Distribution Channels
- Offline
- Online
Global Luggage Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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