Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Luggage Market: Analysis By Luggage Type (Casual Bags, Travel Bags and Business Bags), By Region, Size and Trends and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
Market At-A-Glance:
- In 2022, the luggage market stood at an impressive US$23.78 billion, and projections show it skyrocketing to US$37.34 billion by 2026.
- Luggage has evolved beyond simple storage solutions, encompassing a variety of products from plastic to leather bags, backpacks, and innovative suitcases.
- The market sees dominant growth from three sectors: casual bags, business bags, and travel bags. Two trends significantly drive this: the surge in smart luggage, integrating IoT and other technological advancements, and a marked increase in online advertising.
Segment Analysis:
- Casual Bags topped 2022, propelled by heightened fashion consciousness among youth.
- Business Bags will likely see the highest CAGR, echoing global business expansions and increased business travel.
- Travel Bags' growth correlates directly with rises in travel and tourism.
- The material debate saw soft luggage prevail in 2022 due to its adaptability and eco-friendliness.
Regional Breakdown:
- Asia Pacific led the pack in 2022, with China's strong outbound tourism and rising middle class, coupled with India's burgeoning travel community for business and leisure. The region's middle class, with its increased disposable income, is a notable growth factor.
- North America offers lucrative avenues, buoyed by its stable economy and burgeoning travel industry.
Market Dynamics & COVID-19 Impact:
- The market enjoys a steady rise due to factors such as e-commerce expansion, rising youth population, growth in student enrollments, and a burgeoning middle class.
- Challenges come in the form of counterfeit threats and raw material price fluctuations.
- A silver lining lies in online advertising, brand inclination, and collaborations with airlines.
The pandemic severely impacted the luggage market in 2020, with travel restrictions impacting demand and causing supply chain disruptions. However, 2022 saw stabilization, and the market is anticipated to return to pre-pandemic vitality.
Competitive Landscape:
The market, though fragmented, sees significant plays from giants like Samsonite International S.A., VIP Industries Limited, VF Corporation, LVMH Group, PVH Corp., and others. These brands dominate with a vast product range, heightened service quality, and superior brand visibility.
For more information about this report visit https://www.researchandmarkets.com/r/c0n1qz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
