The Luggage Market To Simulate On A Stupendous Note

The global luggage market is set to be worth US$ 46.4 Bn in 2021, and is anticipated to cap a market more than US$ 90 Bn by the end of the decade, expanding at a CAGR of close to 7%.

The global luggage market is increasing rapidly due to the rise in urbanization and changing lifestyles. Additionally, technological advancements are creating new opportunities for the luggage market, especially among high-net-worth individuals who place a premium on safety. This is driving demand for luggage among business travelers, tourists, and students who are increasingly taking educational courses abroad.

Request the sample copy of report @ https://www.persistencemarketresearch.com/samples/3846

Luggage is sold through various types of distribution channels such as specialist retailers, factory outlets, supermarkets, hypermarkets, and internet sales. Owing to the boom in online commerce, luggage sales through the Internet have been growing at a significant pace.

Increasing urbanization is escalating demand for lifestyle products. To some extent, luggage is also considered as a lifestyle product, especially in developing countries. Earlier, people in developing countries used one luggage for all purposes such as travel, tour, and business. However, owing to growing urbanization and rising disposable income, their lifestyles have changed, which is also reflected in their usage of purpose-based luggage.

Asian and African countries are expected to experience highest urban growth in the future. According to the China Development Research Foundation, urban population in China is expected to increase from 52.6% in 2012 to 70% by 2030. Urbanization is growing at a swift pace across Asia Pacific. Pacific countries such as Australia and New Zealand already have high urbanization.

Increasing the inclination of the global population towards travel and adventure has been beneficial for industries such as travel & tourism, and, in turn, for industries involved in the manufacture of related travel gear such as luggage. Luggage is an integral part of travel & tourism activities.

The rising disposable income and changing recreation patterns of the global population is one of the key reasons for the growth of the travel & tourism industry. Europe was the largest tourism destination during 2016 - 2020, followed by Asia Pacific. People across countries such as the U.S., Finland, and Sweden are the most frequent international and domestic travelers.

The large unorganized luggage markets in developing countries pose one of the greatest challenges for the organized luggage market. Countries such as China and India have large number of unorganized players. These regional players usually launch products with designs almost identical to those of the brands of global organized players. Unorganized players offer luggage at low costs as they save on costs of high-quality raw material, branding, advertisement, and R&D.

For In-Depth Competitive Analysis, Buy Now @ https://www.persistencemarketresearch.com/checkout/3846

The low- and medium-income populations in developing countries are the largest consumers of such relatively inferior products. The organized luggage market loses its prospective customers due to the presence of these players. In the absence of a strong anti-counterfeiting framework in developing countries, these unorganized players are flourishing and restraining the growth of the organized luggage market.

The major players in the global luggage market include
• Samsonite International S.A.
• Tumi Holdings, Inc.
• VIP Industries.
• VF Corporation.
• Briggs & Riley Travelware.
• Rimowa GmbH.
• MCM Worldwide.
• Louis Vuitton Malletier S.A.
• Goyard, and ACE Co, Ltd.
• Other

Market Segmentation:
Product
• Casual Bags
• Travel Bags
• Business Bags

Distribution Channel
• Specialist Retailers
• Factory Outlets
• Internet Sales
• Others

Geography
• North America
o The U.S.
o Canada
• Europe
o Germany
o Italy
o France
• Asia Pacific
o Japan
o China
o India
• Rest of the World (RoW)
o Brazil

Request For Report Customization @ https://www.persistencemarketresearch.com/request-customization/3846

Contact Us:
Address - 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. - +1-646-568-7751
USA-Canada Toll-free - +1 800-961-0353
Sales - sales@persistencemarketresearch.com
Website - https://www.persistencemarketresearch.com

About us:
Persistence Market Research, as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.

This release was published on openPR.