London, 15 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the travel and business bags market in Germany 2015-2019, which is expected to grow at a CAGR of 2.15% by revenue and 1.49% by volume during the forecast period of 2014-2019.
The recent rise in travel traffic will positively influence the prospects for growth in this market. Consumers in Germany associate luggage and bags with luxury, fashion, and lifestyle. The increase in disposable income of consumers in this region will result in the augmented demand for high-end luxury travel bags and designer bags in this area. As a result, major multinational enterprises are gradually launching high-end bags and charging high prices for them, which in turn increases the revenue generated from this market.
“A new concept that is forecast to dynamically change the structure of the luggage industry is smart luggage. Smart luggage is an innovative and niche upcoming segment in the industry, empowered by modern technologies such as GPS tracking, locking and unlocking using mobile apps, and trip tracking,” says Faisal Ghaus, Vice President of Technavio.
“It makes travel hassle-free and increases luggage security. The electronic devices may be available as separate packable devices or built into the luggage product. The leading companies in the smart luggage segment are eGeeTouch, which offers smart locks, and Indiegogo’s Bluesmart, which offers carry-on luggage.”
Key Market Drivers:
- Increase in Consumer Income Levels.
- Germany is Popular for Leather.
- High Regard for Fashion.
- Online Shopping Clubs Popular among German Consumers.
Key Market Trends:
- Growing E-commerce in Germany.
- New Product Launches.
- New Store Openings.
- Advertisement and Marketing Campaigns.
- Introduction of Smart Bags.
Key Market Vendors:
- Braun Buffel
- BREE Collection GmbH
- Delsey
- Globe-Trotter
- Hermès International SA
- Hugo Boss AG
- Mode Creation Munich (MCM)
- Rimowa
- Samsonite
- VF Corp.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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