April 23, 2024

Traveling Light Yet in Style: The Luggage Market is Trending Towards Lightweight yet Durable Designs

The global luggage market comprises travel bags, luggage, suitcases, duffel bags, and other bags used for carrying personal belongings while traveling. Luggage comes in various sizes and styles to suit different travel needs and budgets. Modern luggage offers durable yet lightweight designs made of high-quality materials like polycarbonate, polypropylene, nylon, and ABS plastic. They have multi-wheeled frames for easy maneuverability and internal divisions to organize belongings. Strong zippers and locks provide security. Some bags have built-in USB ports and scales for convenience.

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.

Key Takeaways

Key players operating in the luggage market are Tapestry Inc., Rimowa GmbH, Louis Vuitton Malletier, S.A., Victorinox Swiss Army, Inc., Samsonite International S.A, Coach Inc, VF Corporation, Antler Limited, Delsey S.A., Bric’s Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited. The companies offer a variety of luggage products at different price points to meet diverse traveler demands.

The growing tourism and travel industry is driving the demand for luggage globally. According to the United Nations World Tourism Organization, international tourist arrivals grew by 4% in 2019 to reach 1.5 billion. This rising number of travelers is fueling luggage sales. Further, demand is also increasing from corporate travelers and expatriates relocating internationally for work.

Luggage brands are expanding globally through e-commerce websites and partnerships with airlines, hotels, and travel retailers. Companies seek to penetrate developing markets in Asia Pacific and Latin America that are witnessing rapid economic growth and travel activities. The use of lightweight yet durable materials also makes international transportation of bags convenient.

Market Key Trends

Growth in the luggage market is led by the trend of lightweight and durable luggage. Travelers prefer bags that are tough yet do not add too much weight when packed. Manufacturers are innovating with sturdy yet low-density materials like carbon fibers and advanced polycarbonates that are tear and weather-resistant but very lightweight. Another key trend gaining popularity is smart luggage equipped with USB ports, digital locks, and tracking devices. These high-tech bags provide convenience and security to travelers in the digitally driven world.

Porter’s Analysis

  • Threat of new entrants: The luggage market presents low threat of new entrants due to established brand names, high production costs and marketing expenses.
  • Bargaining power of buyers: Buyers have high bargaining power in the luggage market due to availability of substitute products and brands.
  • Bargaining power of suppliers: Suppliers of raw materials like leather, plastic and metal have moderate bargaining power due to availability of substitute materials.
  • Threat of new substitutes: The threat of new substitutes is moderate as new materials can be used to manufacture substitutes but brand loyalty gives established players an edge.
  • Competitive rivalry: The competitive rivalry in the luggage market is high due to presence of major global brands and frequent new product launches.

Geographical Regions

In terms of value, North America dominates the luggage market holding the largest share of over 30% of the total market. This is attributed to high disposable incomes and frequent business and leisure travel from the region.

The Asia Pacific region is expected to be the fastest growing geographical segment for the luggage market during the forecast period. This growth can be attributed to rising middle class population and increased spending on travel and tours from countries like China, India and other southeast Asian countries.