Pune India, Feb. 07, 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 suitcases & briefcases market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the suitcases & briefcases 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 region. 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 suitcases & briefcases 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 suitcases & briefcases market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Suitcases & Briefcases are any personal things a traveller brings on a flight, cruise, or bus, whether they are checked or not. Suitcases & Briefcases, which are made up of bags, cases, and containers, are used to store and transport a traveler's possessions. Antique suitcases and briefcases were frequently made of substantial materials like wood. However, the design of briefcases and suits has drastically changed over time. Depending on the sort of items, the categories may include travel, business, sports, and others. The different distribution channels for suitcases and briefcases include department stores, hypermarkets and supermarkets, internet sales, and others. Suitcases & Briefcases are priced in three different ranges: Value & Mid-Level, Premium, and Luxury. Suitcases & Briefcases has evolved over time. Historically, the most common styles of suitcases and briefcases were chests or trunks made of wood or other solid materials. Licensed movers would transfer these. Since the Second World War, smaller, lighter hand-carriable luggage and bags have replaced traditional suitcases and briefcases as the most common form.
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Scope of Global Suitcases & Briefcases 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 | Smith & Nephew, Mölnlycke Health Care AB, ConvaTec Group PLC, Ethicon (Johnson & Johnson), Baxter International, URGO Medical, Coloplast Corp., Medtronic, 3M, Derma Sciences Inc. (Integra LifeSciences) among others. |
Segmentation Analysis
The travel segment 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 use of renowned athletes as brand ambassadors by manufacturers of suitcases and briefcases also helps to expand the market for this industry.
The offline segment 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 specialised retail sites by top companies in the offline channel is causing the market to grow. Rapid urbanisation, a growing network of specialist retail stores, and customers' preference for the traditional manner of buying briefcases and suitcases 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 suitcases & briefcases 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 Asia Pacific region witnessed a major share. As more residents of this region travel abroad, the market is expanding. As of 2019, China had 169 million outbound travellers compared to 50 million from India. Rising domestic travel and tourism are also beneficial to regional development. Additionally, rising disposable income and customers' increased spending on travel accessories are credited with driving the growth of the bags market.
Country Analysis
- Germany
Germany's Insulation board market size was valued at USD 3.6 billion in 2022 and is expected to reach USD 5 billion by 2030, at a CAGR of 4.2% 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 suitcases and briefcases with smart locks and built-in GPS since there is always a chance that they may be stolen or go missing.
- China
China’s Suitcases & Briefcases market size was valued at USD 5.8 billion in 2022 and is expected to reach USD 8.56 billion by 2030, at a CAGR of 5% 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 Suitcases & Briefcases market size was valued at USD 4.8 billion in 2022 and is expected to reach USD 6.87 billion by 2030, at a CAGR of 4.6% 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. According to the Indian Ministry of Tourism, around 26.92 million Indians travelled outside of their country in 2019, an increase of 11.66% from 2018. This suggested that there was a higher need for briefcases and suits.
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 suitcases & briefcases market is mainly driven by the rising travelling.
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