Pune India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the luggage market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the luggage market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, distribution channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global luggage market are Berry Global, Smurfit Kappa, WestRock Company, Mondi Group, Ampac Holdings, LLC, International Plastics Inc., BioBag International AS, Billerudkorsnas, Huhtamaki Oyj., Fischer Bag Company among others. To achieve a substantial market share in the worldwide luggage market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Any personal items a traveler brings on a flight, cruise, or bus are considered luggage, whether they are checked or not. While being carried, a traveler's possessions are housed in luggage, which consists of bags, cases, and containers. The bulk of the time, heavy materials like wood were used to make antique luggage. But over time, luggage has undergone a significant change in shape. Depending on the sort of items, the categories may include travel, business, sports, and others. There are many various distribution methods for luggage, including department stores, hypermarkets and supermarkets, online sales, and others. The three major price points for luggage are Value & Mid-Level, Premium, and Luxury. Luggage has evolved over time. Historically, the most common types of baggage were chests or trunks built of wood or other solid materials. Licensed movers would transfer these. Since the Second World War, hand-carriable suitcases and smaller, lighter bags have replaced traditional suitcases as the most common kind of luggage.
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Scope of Luggage Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Berry Global, Smurfit Kappa, WestRock Company, Mondi Group, Ampac Holdings, LLC, International Plastics Inc., BioBag International AS, Billerudkorsnas, Huhtamaki Oyj., Fischer Bag Company among others. |
Segmentation Analysis
Travel is expected to be the fastest-growing segment in 2022.
The type segment is travel and business. The travel segment is expected to witness the highest growth rate during the forecast period. The fast growing global travel and tourist industry is partly to blame for the rise in the demand for suitcases. The recruitment of prominent athletes as brand ambassadors by baggage manufacturers also helps to expand the market for this industry.
Offline equipment is expected to be the fastest-growing segment in 2022.
The distribution segment includes offline and online. The offline segment is expected to witness the highest growth rate during the forecast period. The opening of specialized retail sites by top companies in the offline channel is causing the market to grow. Rapid urbanization, a growing network of specialist retail stores, and customers' preference for the traditional manner of buying bags and briefcases at the local retail market will all contribute to an increase in sales of these products.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the luggage market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North America region witnessed a major share. As a result of changing lifestyles, increasing inbound and outward travel, increased disposable income, a high working population, the availability of well-known brands, and customers' willingness to spend more for luxury brands, the market in this region will expand.
Country Analysis
- Germany
Germany's luggage market size was valued at USD 3.6 billion in 2022 and is expected to reach USD 6.27 billion by 2030, at a CAGR of 7.2% from 2023 to 2030. In Germany, where the tourism sector is expanding, both domestic and international travel are rising. Germany experienced much less outbound tourism than the previous year as a result of the outbreak and travel restrictions. But now that the limitations have been relaxed, German tourists are keen to travel once more. German citizens spend the most on international business and leisure travel. Germans choose sturdy, lightweight trolley bags since international flights have weight restrictions on checked baggage. German travellers purchase bags with smart locks and integrated GPS since there is always a chance that their belongings may be stolen or go missing.
- China
China’s Luggage market size was valued at USD 5.8 billion in 2022 and is expected to reach USD 10.73 billion by 2030, at a CAGR of 8% from 2023 to 2030. China, which has rigorous visitor access regulations, is one of the countries with the highest COVID awareness. The nation's borders are now open to all travellers. In addition, more people are expected to travel within their own country. This suggests that the demand for travel bag suppliers would increase. Chinese people are renowned for their simplicity and minimalism, and this extends to their luggage as well. Chinese travel bags look simple, but they are packed with unique features and contain a tonne of capacity. Huge storage capacities and useful features are available for both backpacks and larger bags.
- India
India's Luggage market size was valued at USD 4.8 billion in 2022 and is expected to reach USD 8.62 billion by 2030, at a CAGR of 7.6% from 2023 to 2030. The competition in India's baggage industry has increased significantly as newcomers like Da Milano and long-standing businesses like VIP vie for clients. The demand for travel and business bags is expected to expand due to an increase in travel and tourism activities as well as an increase in business travellers. In 2019, around 26.92 million Indians travelled outside of their country, an increase of 11.69% from the previous year. This meant that the need for luggage had increased.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the luggage market is mainly driven by the rise demand for high-end luggage.
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