by The global luggage market is witnessing steady growth on account of rising global tourism and increasing disposable income of consumers. Luggage products are increasingly being used for storing clothing and other travel essentials while travelling domestically as well as internationally. Advantageous features such as durable material, multiple compartments for organizing items, lightweight design and wheel supports for easy maneuverability have made luggage a necessity for both leisure and business travelers.
The global luggage market is estimated to be valued at US$ 102.83 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the global luggage market is the growing preference for smart and multi-functional luggage. Manufacturers are focusing on integrating newer technologies to enhance the functionality and convenience offered by luggage products. For instance, luggage equipped with USB ports allows travelers to charge electronic devices on the go. Some manufacturers have introduced smart luggage variants that can be tracked via Bluetooth or Wi-Fi. This enables travelers to locate their bags easily at busy airports. Moreover, the availability of power banks integrated within luggage handles further aids travelers. Many new market entrants are offering lightweight and durable polycarbonate and carbon fiber variants to appeal to business travelers and frequent flyers. The increasing use of durable, multi-utility and smart features in luggage are expected to drive significant growth in the global market over the forecast period.
Porter’s Analysis
- Threat of new entrants: The luggage market has moderate threat of new entrants due to high manufacturing and R&D costs associated with product development.
- Bargaining power of buyers: Buyers have high bargaining power in the luggage market due to the presence of many established brands and availability of substitutes.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and services provided by them.
- Threat of new substitutes: Threat of substitutes is moderate as luggage can be replaced by other bags like backpacks, handbags etc.
- Competitive rivalry: The luggage market witnesses high competitive rivalry due to presence of well-established brands competing on price, quality, design and innovation.
Key Takeaways
The global luggage market is expected to witness high growth over the forecast period. The global luggage market is estimated to be valued at US$ 102.83 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.
Regional analysis: North America accounts for largest share of the global luggage market currently. The US dominates the North America luggage market. Asia Pacific is expected to grow at fastest pace during the forecast period. Rising disposable incomes and increasing air travel from countries like China and India are likely to drive the growth of luggage market in Asia Pacific region.
Key players: Key players operating in the luggage market are Samsonite International S.A., VF Corporation, MCM Worldwide, Rimowa GmbH, Louis Vuitton Malletier S.A., IT Luggage, and Tumi Holdings Inc. Samsonite International S.A. is the largest player in the luggage market, known for its wide range of products.
