Smart Luggage Markets: Segmented By Technology (Connectivity, Sim Card, And USB Charging): By Application (Real-Time Tracking, Digital Scaling, Proximity Sensor, Remote Locking, Others): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Smart Luggage Market to surpass USD 2778.4 Million by 2031 from USD 1027.9 Million in 2021 at a CAGR of 10.45% within the coming years, i.e., 2021-31.
Smart luggage is luggage that comprises a battery used to power itself or to charge other electronic devices. Smart Luggage is widely used for suitcases and bags with several tech-savvy characteristics such as GPS, Bluetooth, Wi-Fi hotspot, SIM card, built-in batteries, and many other prominent features. It contains a circuit board and a battery that can help you keep your device charged during travelling. One can also remotely track your luggage and prevent theft. The purpose is not only to add features to the luggage but to make it user-friendly in day-to-day life.
Smart Luggage Industry is experiencing profitable growth over the forecast period with massive demand for suitcases as well as bags embedded with key features such as Bluetooth, Wi-Fi, Hotspot, SIM Card and many others. With the swift expansion of IoT and growing technology for luggage, safety will end up in high demand for Smart Luggage Market over the forecast period.
Smart Luggage Market is segmented by Technology into Connectivity, SIM Card, RFID, and USB Charging. The Connectivity segment had the highest revenue in 2021 and is expected to grow at a significant CAGR over the forecast period. Based on connectivity technology, RFID will boost, owing to the existing infrastructure of RFID scanning on the airports. The Proliferation of sensor-based smart luggage products will probably increase.
Real-Time tracking applications are expected to boost over the forecast timeframe, owing to increase instances of loss of luggage in the airports. Theft of luggage and security breaches have encouraged the customers to purchase smart luggage with remote locking and proximity alerting abilities.
Increasing customer trends towards leisure lifestyle
Smart Luggage Market is experiencing lucrative growth. Escalating consumer trend towards style-quotient, leisure, and lifestyle is likely to prompt the growth of smart Luggage market in the forecast timeframe. Apart from this, surge in internet penetration across the world and a rise in travel will quick the technological advancement in the years ahead. Technological advancement includes location and proximity alerts, automated locking, smartphone connectivity, and many other functions that are expected to sheer the expansion of smart luggage market. Furthermore, with luggage and bags safeguard with digital lock activation, the smart luggage market is likely to gain profit for a future period.
Increasing per capita and regular innovation
Rising per capita income of individuals, growing influx of consumers, and the growth of the tourism industry are some of the main reasons that are driving increased demand for Smart Luggage Market. The level of awareness of various luxury products continues to drive the demand for Smart Luggage Markets Market. Regular innovation and the changing design pattern of various luxury products mean that the demand for Smart Luggage Markets Market is increasing. High demand of technologically advanced products among customers will lift the market of Smart Luggage. The increase in the disposable income of people in North America and Asia is likely to lead people to invest more in Smart Luggage Market.
Lack of awareness and knowledge of the product
Customers sometimes purchase products without having full knowledge of the item which can harm the product as well as a customer. As the Smart Luggage have a circuit and battery inbuilt in it, so it can sometimes become complicated to use so a customer should know how to use the product for which he should have full knowledge of the product. He can use the product effectively if he has full knowledge of the product. Another major challenge facing the Smart Luggage Market is the high cost of products.
The world market for Smart Luggage Markets has been severely affected by the outbreak of the COVID19 pandemic. More than 100 countries have put ban on international travel. The suspension of industrial activity affected the Smart Luggage Markets Market due to weak consumer confidence, store closures, and depletion of consumer incomes. Global GDP has changed consumer behavior and reduced demand for Smart Luggage Markets. To curb the spread of the coronavirus, the governments of several countries have imposed travel restrictions that severely affect the supply of raw materials for Smart Luggage production. Labor shortages, interruptions in the supply chain, and delayed shipping hampered leather production.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Smart Luggage Markets Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is expected to boost the Smart Luggage Markets Market. The growing automotive technology is expected to expand the Smart Luggage Market. In addition to this, humungous presence of smart luggage producers focusing on creating new products will prompt the business growth for the forecast timeframe. Asia pacific will probably witness the growth, owing to increased air traveling mainly India and China.
|Market size value in 2021||USD 1027.9 Million|
|Revenue forecast in 2031||USD 2778.4 Million|
|Growth Rate||CAGR of 10.45% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Application, technology, and Region|
|Region scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Luglio, Rimowa, Barracuda, Samsara, Planet Traveler, Away, Delsey, Samsonite, Bluesmart, Neit, others|
The Smart Luggage Markets size was estimated at USD 1027.9 billion in 2021 and is expected to reach USD 2778.4 billion by 2031.
Key players: DOW chemical company Evonik industries AG, Lonza, Ashland global holding inc, Croda international Plc, BASF SE, Wacker chemie AG , Clarinet AG, Koninklijke DSM N. V., Adeka and others
Connectivity technology and Real-time tracking are anticipated to hold the largest Smart Luggage Markets.
Drivers: Increasing customer trends towards leisure lifestyle and Increasing per capita and regular innovation
Smart luggage is luggage that comprises a battery used to power itself or to charge other electronic devices. Smart Luggage is widely used for suitcases and bags with several tech-savvy characteristics such as GPS, Bluetooth, Wi-Fi hotspot, SIM card, built-in batteries, and many other prominent features. It contains a circuit board and a battery that can help you keep your device charged during travelling.
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