Globalization and Increase in Tourism to Boost the Global Luggage Market Through 2021, Says Technavio
LONDON–(BUSINESS WIRE)–$VFC #Luggage–According to the latest market study released by Technavio,
the global
luggage market is expected to grow at a CAGR of more than 6%
during the forecast period.
This research report titled ‘Global
Luggage Market 2017-2021’ provides an in-depth analysis of the
market in terms of revenue and emerging market trends. This report also
includes an up to date analysis and forecasts for various market
segments and all geographical regions.
“The travel bags segment was the major contributor to the global
luggage market in 2016 and is expected to continue to dominate the
market during the forecast period. There is high demand for travel bags
from emerging countries such as China, India, and South Korea,” says
Brijesh Kumar Choubey, a lead analyst for retail
goods and services research at Technavio.
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The market research analysis categorizes the global luggage market into
three major product segments. They are:
- Travel luggage
- Casual luggage
- Business luggage
Global travel luggage market
The global travel luggage market is expected to grow at a CAGR of over
7% during the forecast period. The travel luggage segment includes
products like suitcases and carry-ons. Based on the materials used,
these products can be categorized into hard-side, soft-side, and hybrid
luggage.
The demand for travel bags is expected to increase during the forecast
period. One of the primary reasons for this is the increasing popularity
of tourism, outdoor sports, and adventure
tours, especially in emerging countries. The relative growth in
the global travel and tourism industry is expected to have a positive
impact on the growth of the global luggage market at large.
Global casual luggage market
Casual luggage includes backpacks and wheeled duffle bags. The global
casual luggage market is expected to grow driven by a growing customer
base with higher disposable income and the uptake in backpacking. The
introduction of products that are easy to carry, lightweight, and made
from high-density polyester and ultra-strong fiberglass frames will also
lead to greater consumer interest.
“VF Corporation and Samsonite are
among the key vendors producing casual bags. Several market competitors
are launching new designs and colors in this market to appeal to the
fashion-conscious consumers,” says Brijesh.
Global business luggage market
The global business luggage market is expected to grow at a CAGR of
close to 8% during the forecast period. Business luggage is manufactured
and marketed for corporate use. It is designed based on specific
requirements like the need to carry laptops, documents, and other items.
Increasing globalization has led to a rise in the number of people
traveling on business, as most large corporations have offices located
in different parts of the world.
Although a considerable number of consumers continues to use regular
travel bags for business travel, vendors are trying to change this by
marketing their products through exclusive advertisements and promotions
targeted at the business and corporate classes. TUMI and Samsonite
are among the key vendors in the market.
The top vendors highlighted by Technavio’s consumer
and retail market research analysts in this report are:
- Louis Vuitton
- Rimowa
- Samsonite
- TUMI
- VF Corporation
Browse Related Reports:
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Global
Travel Duffel Bags Market 2016-2020 -
Global
Travel Irons Market 2016-2020 -
Global
Leather Goods Market 2016-2020
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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