Luggage Market Size
The global luggage market is anticipated to grow at a CAGR of 9.2% in the forecast period (2024-2034), with the market size valued at US$ 38.9 billion in 2023 and projected to reach US$ 102.6 billion by 2034.
Luggage means various bags and containers specifically made for carrying personal items while traveling. These suitcases are available in different variants such as suitcases, backpacks, duffel bags, and briefcases, each designed to meet the unique requirements of users. Suitcases are crafted from durable materials like textiles, animal hides, and tough plastics, which usually come with sections, pouches, and grips for effective sorting and transport.
Luggage bags come in a variety of options, from practical and functional to stylish and extravagant bags. Modern suitcases frequently come equipped with features such as wheels, telescopic handles, and even integrated locks to improve security. Moreover, there is a growing trend among frequent travellers towards smart luggage that includes technology features like GPS tracking and USB charging ports.
Market Highlights:
The market influenced by several compelling factors. Rising disposable incomes and improved transportation infrastructure are major factors propelling the rise in global tourism and business travel. The growth of online shopping platforms has also increased the availability of luggage, providing a variety of options on the internet.
Moreover, there is a growing interest in smart luggage with technological features such as GPS tracking and USB charging ports, appealing to consumers who are well-informed about the latest technological trends. The increase in urban living and changes in how we live have resulted in a rising demand for trendy and practical travel bags, particularly among young working adults. In the upcoming years, advancements in eco-friendly materials and intelligent technology are expected to boost market expansion even more.
Source: Fatpos Global
Market Segmentation:
Global travel growth and demand for durable, comfortable luggage are driving demand for travel luggage
The market is bifurcated based on Type into Travel Luggage, Casual Luggage, Business Luggage, Sports Luggage, and Others. Travel luggage holds a dominant position in the luggage market, all attributed to several compelling factors. The consistent growth in global travel influenced by higher income levels, budgetary transportation, and a rising interest in experiencing different cultures, has boosted the demand for such luggage.
Travel luggage provides adaptability and practicality, offering choices tailored for different purposes, such as clothing and electronics, all while ensuring durability and protecting items during travel. Features, such as handles, wheels, and compartments facilitate in providing a convenient travel experience. Its popularity is also influenced by the variety of styles and customization choices, as well as strong customer loyalty to the brand. Moreover, consumer demand has been increased through technological innovations like built-in chargers and GPS tracking in smart luggage that enhance the travel experience.
Mid-priced luggage dominates the market due to its balance of affordability and quality, appealing to a broad range of consumers
The market of luggage is categorized based on Price Range into Premium, Medium, and Low. The medium price range segment holds a dominant position in the market and among consumers, primarily due to its affordable prices and superior quality. This segment tends to provide items that are long-lasting and fashionable, frequently including extra features such as wheels, compartments, and locks, at a more affordable cost compared to premium ones.
Individuals in the middle-income bracket, which makes up a large part of the world's population, tend to prefer purchasing medium-priced luggage that fulfills their travel requirements while still maintaining high quality. Furthermore, improvements in materials and technology in this sector have improved product options, leading to increased popularity. The luxury segment, although smaller in size, focuses on high-end and regular travellers, while the budget range serves cost-conscious customers.
Source: Fatpos Global
Market Dynamics:
Growth Drivers
Surge in Global and Domestic Travel to Boost Demand in the Market
The rising popularity of both national and international travel, driven by higher disposable incomes and a greater curiosity for exploring new locations, has significantly enhanced the demand for luggage. As the number of individuals going on trips for satisfaction, work, and other reasons increases, the demand for a variety of practical luggage options also grows.
The increase in travel leads to increased sales in the luggage industry, with customers looking for long-lasting, fashionable, and practical travel options to improve their trips. Improved ease and usefulness in luggage choices are meeting the needs of a growing customer demographic, boosting market expansion.
Incorporating Smart Technologies in Luggage to Drive Market Growth
The market has seen several prominent changes as companies incorporate smarter technologies like GPS tracking, USB charging ports, and biometrics into newer products. These new advancements provide improved safety, ease of use, and features that interest technology-savvy travellers.
Smart luggage includes functions that tackle typical travel difficulties by offering live tracking, convenient device charging, and enhanced safety features. As technology becomes more important to consumers, the popularity of smart luggage is increasing, leading to market growth and prompting manufacturers to invest in innovative designs and features.
Restraints
Raw Material Price Volatility May Affect Production Costs and Margins
Fluctuations in raw material prices, such as leather, plastics, and metals, pose significant challenges for the luggage industry. Price fluctuations can influence manufacturing expenses, resulting in higher prices for consumers and potentially impacting manufacturers' profit margins.
Changes in raw material costs are influenced by factors such as supply chain interruptions, political conflicts, and shifts in worldwide demand. The unpredictability can result in companies struggling with forecasting and financial planning, which may impact their ability to stay competitive and profitable in the market in the long run.
Recent Developments
- In 2023, Samsonite focused on sustainability by expanding its Recyclex™ product line, using 100% recycled plastic bottles in its luggage. The company has been improving its digital presence through strong e-commerce strategies and launched new travel bags focusing on lightweight durability and eco-friendly materials.
- In 2023, VIP Industries Ltd. introduced a new brand called Caprese, which caters to luxury handbags, expanding its market reach beyond travel luggage. The company has also adopted a stronger digital-first strategy by expanding its online retail partnerships, particularly in emerging markets like India.
- In 2024, Rimowa GmbH introduced an advanced limited-edition luggage collection, blending aluminum and carbon fiber for enhanced strength and aesthetics. The company-initiated collaborations with luxury fashion brands in 2023 to create premium, customizable travel luggage.
- In 2023, Delsey launched a new range of connected smart luggage integrating GPS tracking and charging features. The company has actively focused on eco-friendly products with its Ecolite collection, made from recycled materials.
- In 2023-24, Briggs & Riley released a new collection of luggage made from durable, water-resistant materials, targeting travelers who prioritize functionality and durability.
Key Players:
- Samsonite International S.A.
- VIP Industries Ltd.
- Rimowa GmbH
- Delsey S.A.
- Briggs & Riley
- Travelpro Products Inc.
- Antler Ltd.
- Ace Co.
- PVH Corp.
- VF Corporation
- Victorinox Swiss Army
- it Luggage
- Safari Industries Ltd.
- Louis Vuitton
- Away Travel
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Global market of luggage is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
The Asia-Pacific region leads the market due to fast-paced urbanization, increasing disposable incomes, and an expanding middle class. The frequent travel in the region, whether it be domestic or international, drives the strong demand for a variety of creative and inventive luggage choices. Countries such as China and India play a significant role because of their vast populations and growing tourism sectors.
Furthermore, the manufacturing capacity in the region allows for the efficient production of luggage, leading to competitive pricing and expansion in the market. The increasing popularity of tourism and business trips in developing countries is driving the demand for more advanced luggage options, strengthening Asia-Pacific's dominance in the global market.
North America emerges as an important player, known for its mature market that emphasizes top-notch, deluxe luggage items. The region profits from higher household incomes and regular travel activities.
Europe constitutes a mature market that shows robust interest in both conventional and intelligent luggage, fueled by a significant amount of global travel and an emphasis on eco-friendliness.
Latin America is experiencing consistent growth, driven by a rising middle-class demand for travel, but it is still not as dominant as Asia-Pacific.
The Middle East and Africa show increasing promise, with expanding travel and tourism industries, yet they encounter difficulties such as economic instability and inadequate infrastructure.
Source: Fatpos Global
Impact of Covid-19 on the Market
Covid-19 pandemic had a significant impact on the market which resulted in a sharp decline in overall travel and tourism. Lockdowns, travel restrictions, and health concerns resulted in a sharp decline in consumer spending on luggage due to travel arrangements that were either delayed or called off. The drop in both global and local travel caused disruptions in supply chains, impacting production and distribution.
Nevertheless, the market showed recovery signs as restrictions were lifted and vaccination rates went up, leading to a strong emphasis on safety and hygiene features. The pandemic accelerated online shopping trends, which resulted in more customers buying luggage through e-commerce platforms.
In general, the pandemic slowed down market expansion at first, but it also led to changes in what consumers prefer and how they buy, which still impacts the luggage sector.
Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Market Scope and Segments:
ATTRIBUTE |
DETAILS |
Study Period |
2018-2034 |
Base Year |
2023 |
Forecast Period |
2024-2034 |
Historical Period |
2019-2022 |
Growth Rate |
CAGR of 9.2% from 2024-2034 |
Unit |
Value (US$ Billion) |
Segmentation |
Main Segments List |
By Type |
|
By Material Type |
|
By Price Range |
|
By Distribution Channel |
|
By Region |
|
Frequently Asked Questions (FAQ):
The global luggage market size was valued at US$ 38.9 billion in 2023 and is projected to reach US$ 102.6 billion in 2034, exhibiting a CAGR of 9.2% during the forecast period.
The market refers to the global industry involved in the production, distribution, and sale of various types of luggage, including suitcases, backpacks, duffel bags, and other travel-related bags. It caters to a wide range of consumers, from frequent travellers to occasional vacationers, offering products that meet diverse needs and preferences.
The Travel Luggage and Medium Price Range segment accounted for the largest market share.
Key players in the luggage market include Samsonite International S.A., VIP Industries Ltd., Rimowa GmbH, Delsey S.A., Briggs & Riley, Travelpro Products Inc., Antler Ltd., Ace Co., PVH Corp., VF Corporation, Victorinox Swiss Army, it Luggage, Safari Industries Ltd., Louis Vuitton, Away Travel and Other Prominent Players.
Increasing global travel, rising disposable incomes, and technological advancements are driving the market.