Luggage Market Share to Increase Upto USD 11.03 billion During 2021-2025
The luggage market share is expected to grow up to USD 11.03 billion, accelerating at a CAGR of 7.68% during the forecast period. Technavio's research report offers growth projections of all the market segments, along with an in-depth analysis of all the factors that are likely to boost growth. The research also delves deep into issues that are likely to challenge market growth. This detailed analysis of the market will facilitate clients in planning a business strategy for the growth of their business. Unlock Free Sample Report
Luggage Market: Market Segments and Growth Forecasts
The luggage market report will provide insights into the current market share of each segment along with growth projections for the next five years.
- The luggage market is segmented by Product (travel luggage, casual luggage, business luggage, and sports luggage), Distribution Channel (offline and online), and Geography (APAC, North America, Europe, South America, and MEA).
- Based on the market segmentation by product, luggage market value in the travel luggage segment will be significant during the forecast period. Factors such as the increasing popularity of tourism, outdoor sports, and adventure tours will facilitate market growth.
- 49% of the market growth will originate from APAC during the forecast period. Driving factors such as the high population density and outbound tourism and the focus of vendors to expand their online retail presence will increase the luggage market growth in APAC. China is the key market for luggage in APAC.
- The luggage market report provides an accurate prediction of the contribution of all the geographic segments to the growth of the luggage market size.
Luggage Market: Trends, Drivers, Challenges
- The growing global travel and tourism industry augmenting its growth will be a significant factor in driving the growth of the luggage market.
- The rising participation of women and children in sports will be instrumental in driving the market growth during the forecast period.
- The shifting preference for a better lifestyle is one of the major luggage market trends that will have a positive impact on the market growth.
- Increasing restrictions on smart luggage by airlines for security purposes is a hurdle that needs to be crossed on the path to success.
Luggage Market: Vendor Analysis
The market is fragmented due to the presence of several players. adidas AG, DELSEY, Groupe Artemis, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Nike Inc., Tapestry Inc., VF Corp., and VIP Industries Ltd. are some of the major luggage market vendors.
Download the Free PDF Sample Report The custom reports provide market insights at the global and regional level along with pipeline analysis of new product launches. It also provides a peek into the latest R&D along with impact analysis of government regulations.
The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerating at a CAGR of 7.68%.
- What is the incremental growth of the market?
The market is expected to grow up to USD 11.03 billion.
- What is a key factor driving this market?
The growing global travel and tourism industry augmenting its growth will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
APAC, North America, Europe, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market?
49% growth will originate from APAC.
- Who are the leading market vendors?
The leading vendors in this market are adidas AG, DELSEY, Groupe Artemis, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Nike Inc., Tapestry Inc., VF Corp., and VIP Industries Ltd.
- What are the market segments covered in this report?
The market is segmented by Product (travel luggage, casual luggage, business luggage, and sports luggage), Distribution Channel (offline and online), and Geography (APAC, North America, Europe, South America, and MEA).