London, 18 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the travel and business bags market in the UK 2015-2019, which is expected to grow at a CAGR of 4.15% by revenue and 3.66% by volume during the period of 2014-2019.
Source: Technavio Report
Market growth is driven by the high demand for trolley bags, an increase in travel and tourism activities, and a rise in the number of business travelers. Increasing disposable income and the extending number of school and college going students also propel market growth in the UK region. Demand for school bags and backpacks are dominated by children within the age group 3-30. Therefore, sellers are now launching customized school bags and backpacks containing images of cartoon characters, comics, and superheroes to attract these young consumers.
“Smart luggage is a new and niche concept that is capable of changing the structure of the luggage industry. The product is enabled with modern technologies such as GPS tracking, locking and unlocking using mobile apps, and trip tracking,” says Faisal Ghaus, Vice President of Technavio.
“The use of the product helps to make travel hassle-free with increased luggage security. The electronic devices can be inbuilt or available as separate packable devices.”
Key Market Drivers:
- Rise in Tourism.
- High Demand for Light Luggage.
- Increased Popularity of Outdoor and Adventure Sports.
- R&D of New Products.
- Increase in Business and Short Travel.
- Surging Demand for Cabin Luggage.
Key Market Trends:
- Smart Luggage.
- Luggage Concept Stores.
- Luggage Manufacturers and Retailers Going Beyond Brick-and-Mortar Stores Format.
- Conscious Traveling.
Key Market Vendors:
- Alfred Dunhill Ltd.
- Antler
- Bric’s
- Carlton
- Delsey
- Rimowa
- Samsonite International SA
- Travelpro International Inc.
- Tripp Ltd.
- Tumi Inc.
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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