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Luggage Market Is Projected To Reach A Value Of US$ 96,290.7 Million By 2034, Fact.MR

06-24-2024 08:12 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Fact.MR

Luggage Market Is Projected To Reach A Value Of US$ 96,290.7

A recent study by Fact.MR, a market research and competitive intelligence provider, forecasts that the global luggage market will reach a value of US$ 57,480.5 million by 2024, with a compound annual growth rate (CAGR) of 5.3% through 2034. By 2034, the market is expected to surpass US$ 96,290.7 million.

The luggage industry has seen substantial transformation over the years, shifting from traditional suitcases to advanced smart trolley bags. Automation is a key trend reshaping travel, as luggage manufacturers integrate innovative technologies to create smart bags that offer more than just storage.

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Key Segments of Luggage Industry Research Report
The younger generation, known as Gen Z, places a high value on travel and tourism, making luggage an essential commodity for them. For this group, smart luggage, with its advanced functionality and convenience, is considered a premium item.

The baggage industry is expanding rapidly due to the rising popularity of e-commerce platforms, social media marketing, celebrity endorsements, and the integration of automated technologies. These factors significantly influence the market landscape and create a strong demand for new, high-quality luggage products.

E-commerce platforms offer the convenience of shopping for luggage from home, while social media marketing and celebrity endorsements greatly impact consumer purchasing decisions. Additionally, incorporating automated technology into luggage enhances its functionality and convenience, increasing its appeal to customers.

Changing fashion trends, variations in color and design, and advancements in product durability also influence the global luggage industry. These factors play a crucial role in shaping consumer preferences and choices. To meet market demands, manufacturers and retailers continually innovate and improve their products, focusing on both durability and style.

"The global luggage market is expected to thrive due to increased tourist and business travel, new product variations, investments in intelligent baggage goods, online distribution, and increased hard luggage penetration. However, travel patterns and raw material costs heavily influence the industry's performance." says a Fact.MR analyst.

Key Takeaways from the Market Study
• The global luggage market is projected to expand at a CAGR of 5.3% through 2034.
• The North American luggage market is expected to grow at a modest rate of 5.5% through 2034.
• Over the following ten years, the Chinese baggage market is estimated to develop steadily at a CAGR of 6.3%, reaching 2034.
• The Luggage industry in the United States holds a dominant share of 68.5% in 2024. The United States dominates the global luggage market, valued at US$ 10,119.2 million in 2024, with factors such as the advanced tourism industry and technological advancements in baggage contributing to its dominance.
• The soft luggage segment dominates materials with a 62.3% share in 2024.
• Based on the product type, casual bags hold a 55.7% market share in 2024.
Companies Poised to Meet Growing Demands for Lightweight Baggage for Heavy-duty Travelers

Luggage manufacturers can expand and innovate by offering durable, lightweight, and versatile luggage for ecotourism, adventure travel, glamping, and corporate travel. Market players can provide charging outlets, weight sensors, TSA-approved locks, and GPS tracking to streamline travelers' journeys.
Luggage firms can appeal to environmentally conscious consumers using eco-friendly production methods, recyclable materials, and repair services. They can also offer competitive rates through social media marketing and online shopping and provide subscription boxes or baggage rentals for specific travel needs.

Smart homes and travel applications can integrate luggage with smart homes for automated check-in, monitoring, and route optimization. Autonomous baggage can enhance passenger experience with security and convenience, and facial or fingerprint recognition technology can provide secure access.
Companies can stay competitive by targeting areas with growing disposable incomes, observing travel trends, combining online and offline channels for increased reach and client interaction, and collaborating with airlines, travel agents, and bloggers. Luggage firms can capitalize on this opportunity to maintain their position in the rapidly growing industry.

Competitive Landscape
The luggage industry is highly fragmented, with several global and regional firms. Manufacturing firms use various marketing methods to increase visibility, including extending distribution channels, improving the supply chain, and mergers and acquisitions. The top players are investing more in social media marketing, promotional efforts, and advertising campaigns to expand their global geographic reach.

• In December 2023, LEVEL8 Luggage expands its product selection with the new Festive Collection, which includes the Luminous Textured Carry-On 20" and the graceful Voyageur Check-in 28".
• In November 2023, The Bluesmart Series 4 Luggage was released with an inbuilt eSIM for accessing global connectivity and face recognition.

Segmentation of Luggage Market Research
• By Product Type:
o Travel Bags
o Casual Bags
o Business Bags

• By Size:
o Small
o Medium
o Large

• By Price Range:
o Low
o Medium
o Premium

• By Material Type:
o Soft Luggage
o Hard Luggage

• By Sales Channel:
o Hypermarket / Supermarket
o Specialty Retailers
o Discount Stores
o Exclusive Stores
o Independent Small Retailers
o Online Retailers
o Others

• By Region:
o North America
o Europe
o Latin America
o East Asia
o South Asia & Oceania
o The Middle East & Africa

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About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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