Suitcase Market Growth Is Attributed To The Increasing Demand For Wholesale & Specialty Stores

According to Precision Business Insights (PBI), the latest report, suitcase market is expected to be worth USD 22.8 billion in 2022, growing at a 6.8% CAGR from 2022 to 2028. The global suitcase market is segmented into the following types: by Product Type (Travel bags (Trolley & Duffle Bags, Backpacks, Lifestyle Bags, and Garment Bags), Business Cases (Briefcases, Business Backpacks, and Attache Cases) and Others (Causal bags, etc.), By Distribution Channel (Wholesale & Specialty Stores, Hypermarkets, Supermarkets, Online Stores, and Others (Factory Outlets, etc.), by Price range (Mid-Range, Low Range, and Premium Range), by Category (Soft Side and Hard Side) and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players' profiles in the suitcase market report are Samsonite, VIP Industries, VF Corporation, Delsey, Briggs & Riley, Rimowa, Travelpro, Tommy Hilfiger, Victorinox, Olympia, Fox Luggage, Skyway, Traveler's Choice, Diplomat, and EMINENT. Rising urbanization, rising consumer preference for high-end luggage, a GPS tracker, a USB port that allows application for recharging cell phone batteries, and a Bluetooth-enabled lock are just a few factors to stumble on which are predicted to boost demand for luggage-related products. Additionally, increased safety standards, improved application, and excellent connectivity enable customers to track and safeguard their luggage while traveling, and these features are referred to as "smart luggage." Such factors are predicted to increase demand for luggage-related items, which is expected to accelerate the expansion of the worldwide luggage market in the coming years.

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Wholesale & Specialty Stores Segment to Dominate the Suitcase Market:
The wholesale & specialty stores segment is expected to account for a larger revenue share in the global suitcase market, with a value share worldwide. It is projected to grow at a 6.8% CAGR between 2022 and 2028. The opening of specialized retail locations from leading brands in wholesale and specialty stores is driving the segment's growth. The sale of these goods will be boosted by rapid urbanization, a growing network of specialty retail establishments, and consumers' preference for the traditional method of purchasing luggage and briefcases at the local retail market.

Asia Pacific Suitcase Market:
The Asia Pacific market is expected to increase in the global suitcase market over the forecast period. It is projected to grow at a CAGR of 7.3% in the coming years. The luggage business in Asian nations like India has grown highly competitive, with newcomers like Da Milano competing against established names like VIP. A rise in travel industry activities and an increase in business travellers are predicted to fuel market growth and increase demand for travel and business bags. The frequency of travel in this area has increased dramatically due to the increase in urbanization and leisure activities, and more people are gravitating toward designer and brand travel gear like bags. In recent years, luggage has changed from primarily used for packing clothes to becoming a more enjoyable, practical, and multipurpose travel companion.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global suitcase Market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2020, Away introduced its newly expanded holiday collection with the launch of its brand-new core travel collection. The new product offering includes three new backpack styles in a range of colors, a nylon-and-leather zip tote bag, a laptop bag, and a messenger bag.

Detailed Segmentation
Based on the product type:
• Travel bags
• Business Cases
• Others (Causal bags, etc.)

Based on the distribution channel:
• Wholesale & Specialty Stores
• Hypermarkets
• Supermarkets
• Online Stores
• Others (Factory Outlets, etc.)

Based on the price range:
• Mid-Range
• Low Range
• Premium Range

Based on the category:
• Soft side
• Hard side

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This release was published on openPR.