NEW YORK, May 5, 2023 /PRNewswire/ -- The luggage market size is set to grow by USD 12,521.44 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 7.5% during the forecast period, according to Technavio. The luggage market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Adidas AG, Brics Industria Valigeria Fine Spa, DELSEY, Fox Luggage Inc., Groupe Artemis, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Nike Inc., Safari Industries (India) Ltd., Samsonite International S.A., Strandbags Group Pty Ltd., Tapestry Inc., Under Armour Inc., United States Luggage Co. LLC, Valigeria Roncato Spa, VF Corp., Victorinox AG, VIP Industries Ltd., Wildcraft India Pvt. Ltd., and Yonex Co. Ltd. are some of the major market participants -. To know about the vendor offerings - Request a sample report

Luggage Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The luggage market report covers the following areas:

• Luggage Market Size

• Luggage Market Trends

• Luggage Market Industry Analysis

• Porter's Five Forces Analysis

• Customer Landscape

The luggage market is fragmented, and the degree of fragmentation will accelerate. The growing global travel and tourism industry will offer immense growth opportunities. However, the increasing restrictions on smart luggage by airlines for security purposes will hamper the market growth.

Luggage Market 2023-2027: Drivers & Challenges

The growing global travel and tourism industry is a major driving factor for the luggage market growth. The global travel and tourism industry has been growing significantly over four to five decades, except for a few years when it faced major political or economic disruptions and COVID-19 pandemic. The travel and tourism sector is currently one of the fastest-growing and most diverse sectors. It stimulates entrepreneurship, and employment develops infrastructure, and promotes the social development of various communities. Some of the countries with strong foreign tourism include China, South Korea, and the UK. Due to the growth of the travel and tourism industry over the past decade, there has been a change in luggage habits and demand. Thus, the main competitors in the industry use advanced technology and research to design stylish and versatile products according to consumer preferences. Market vendors develop various products to meet the different needs of customers, including business travel, leisure, or sports. Additionally, they produce innovative models that help reduce neck pain, back strain, and shoulder fatigue while traveling. Hence, the luggage market is expected to grow during the forecast period due to the rapidly growing travel and tourism industry.

The long product replacement cycle is a major challenge that may hinder the growth of the luggage market. The most popular brands design suitcases from high-quality raw materials, making them more durable. The high cost and long lifespan of packaging are the factors that are expected to affect the annual growth of the market during the forecast period. Revenue collection in the market becomes cyclical in nature, as the average bag lasts at least three years and may depend more on its maintenance, subsequently. Additionally, luggage companies that offer important warranties and guarantees extend the replacement period of quality luggage and accessories even more. Hence, the long exchange cycle limits their sales and thus, slows down the growth of the market. These factors will hinder the market growth during the forecast period.

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, challenges for the market, download a PDF sample

Luggage Market 2023-2027: Segment Analysis

The Luggage Market is segmented as follows:

• Distribution Channel

• Product

• Geography

Luggage Market 2023-2027: Segmentation Highlights

The market share growth by the specialty stores segment will be significant for the market growth during the forecast period. These shops carry popular brands of luggage and provide a wide range of brands and product portfolio and sell similar types of products in all their outlets. They include company-owned independent stores operated by vendors like DELSEY and Samsonite International. The opening of new specialty stores of luggage is known to drive the growth of the market during the forecast period.

APAC is estimated to account for 39% of the global market growth during the forecast period. The high population density and outbound tourism in APAC are major growth factors contributing to regional growth. The region sees an influx of international and high-end luggage brands like VF Corporation, which helps boost the luggage market in the region during the forecast period. The trend of purchasing luggage products as lifestyle products rather than utility products bodes well for market growth and the rise of online retailers like Amazon.com increases product reach and, consequently, market growth.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

Luggage Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist luggage market growth during the forecast period

• Estimation of the luggage market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the luggage market across APAC, North America, Europe, South America, and Middle East and Africa

• Analysis of the market's competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of luggage market vendors

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Table of Contents:

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global luggage market 2017 - 2021

• 4.2 Distribution Channel Segment Analysis 2017 - 2021

• 4.3 Product Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Distribution Channel

• 6.1 Market segments

• 6.2 Comparison by Distribution Channel

• 6.3 Specialty stores - Market size and forecast 2022-2027

• 6.4 Department stores hypermarkets and supermarkets - Market size and forecast 2022-2027

• 6.5 Online retail - Market size and forecast 2022-2027

• 6.6 Warehouse clubs - Market size and forecast 2022-2027

• 6.7 Market opportunity by Distribution Channel

7 Market Segmentation by Product

• 7.1 Market segments

• 7.2 Comparison by Product

• 7.3 Travel luggage - Market size and forecast 2022-2027

• 7.4 Casual luggage - Market size and forecast 2022-2027

• 7.5 Business luggage - Market size and forecast 2022-2027

• 7.6 Sports luggage - Market size and forecast 2022-2027

• 7.7 Market opportunity by Product

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027

• 9.4 North America - Market size and forecast 2022-2027

• 9.5 Europe - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 UK - Market size and forecast 2022-2027

• 9.11 Germany - Market size and forecast 2022-2027

• 9.12 Canada - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Adidas AG

• 12.4 Brics Industria Valigeria Fine Spa

• 12.5 DELSEY

• 12.6 Groupe Artemis

• 12.7 LVMH Moet Hennessy Louis Vuitton SE

• 12.8 MCM Products USA Inc.

• 12.9 Nike Inc.

• 12.10 Safari Industries (India) Ltd.

• 12.11 Samsonite International S.A.

• 12.12 Tapestry Inc.

• 12.13 Under Armour Inc.

• 12.14 United States Luggage Co. LLC

• 12.15 Valigeria Roncato Spa

• 12.16 VF Corp.

• 12.17 VIP Industries Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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