The global luggage & travel bags market is anticipated to grow at a substantial CAGR of 6.4% during the forecast period. The market is set to display impressive growth owing to the increasing urbanization along with development of airport infrastructure and tourist destinations globally, and rising income level of the population in major economies along with lifestyle changes. The significant growth in travel and tourism sector is another factor for the market growth. The major players operating in luggage & travel bags industry are now focusing on designing of smart bags with multiple features such as internet connectivity, RFID pockets, and USB connection among others. to attract customers, this factor is further supporting the growth of the market. Consumers in major economies are investing more on luxury and premium quality products which is motivating the manufacturers to focus on better design and development of innovative products made up of environmentally friendly materials. For instance, Horizn Studios launched Circle One, a sustainable piece of luggage, realized with 100.0% plant-based materials and designed to be repaired.
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The global luggage & travel bags market is segmented based on product type and material type. Based on product type, the market is sub-segmented into duffle, trolleys, and backpacks. Bagpacks held major market share based on product type. On the basis of material type, the market is sub-segmented into polyester, fabric, leather, and others.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing region in the global luggage & travel bags market. China, India, Japan are the major contributors to the market growth. The presence of huge population base especially millennial and increasing demand for fashion accessories among them is the significant factor for the market growth. North America region is contributing high share to the market growth. The advancement and adoption of technology such as IoT in fashion accessories is attracting the customer base in the major economies such as the US and Canada.
The key players in the luggage & travel bags market contribute significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Adidas AG, Nike Inc., Samsonite International S.A., LVMH Group, and VIP Industries Ltd. among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others.
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Market Segmentation
Global Luggage & Travel Bags Market, By Product Type
- Duffle
- Trolley
- Backpacks
Global Luggage & Travel Bags Market, By Material Type
- Polyester
- Fabric
- Leather
- Others
Company Profiles
- Ace Co. Ltd.
- Adidas AG
- Delsey SA.
- Deuter Sport GmbH
- Fenix Outdoor International AG
- Lowe Alpine Co.
- London Luggage Co.
- LVMH Group
- Nike Inc.
- Osprey Europe Ltd.
- Rimowa GmbH
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