Technavio has released its new market research report, global luggage market, which is expected to grow at a CAGR of more than 5% between 2016 and 2020. Rising urbanization and increase in disposable income have led to growth in the number of travelers worldwide, thereby boosting the growth of luggage bags. APAC leads the global market for luggage, accounting for around 43% of the total market share. The growing market for the travel and tourism industry is a major growth factor of this region.
“Of late the market vendors are focusing on developing innovative and high-quality products. They are aiming innovations in the design, color, shape, and weight of the luggage products. The manufacturers are using leather and microfibers to make light luggage products. Moreover, specialty luggage products have come in the market with enhanced comfort, convenience, and utility. Some luggage manufacturers have also added a few additional items like an umbrella and a laundry compress for travellers,” says Brijesh Kumar Chaubey, Lead Analyst, Consumer & Retail, Technavio Research.
Travel bags segment is the major contributor to the global luggage market. One of the primary reasons for this is the increasing popularity of tourism, outdoor sports, and adventure tours, especially in emerging nations such as China, India, and South Korea. Technavio’s market research analysts estimate the business bags segment to grow at a faster growth rate owing to growth in tourism and travel expenditure and a rise in the number of business trips worldwide.
The leading vendors in the global luggage market include Louis Vuitton Malletier, Rimowa, Samsonite International, Tumi and VF. This market is characterized by a huge consumer base across different economic classes. The majority of sales in the market comes from the middle- and lower-priced segment, which will lead to severe market disintegration and lack of price uniformity over the next five years. The major players have increased their R&D expenditure to offer innovative products which has forced smaller vendors to come out with new differentiation techniques in offering their products.
A more detailed analysis is available in the Technavio report, Global Luggage Market 2016-2020.
We can customize this reports by other regions and specific segments upon request.
Other Related Reports:
- Global Luggage Market 2014-2018
- Travel and Business Bags Market in France
- Travel and Business Bags Market in Italy 2015-2019
- Travel and Business Bags Market in China 2015-2019
- Travel and Business Bags Market in Brazil 2015-2019
- Travel and Business Bags Market in the US 2015-2019
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