BAGS INDUSTRIES WILL NEVER HAVE TO BEG FOR HUGE BIT FROM OVERALL LUGGAGE MARKET OF THE WORLD: BONAFIDE RESEARCH

Luggage is progressively turning into a fashion adornment. Voyagers are progressively coordinating luggage with the garments they wear. Subsequently, luggage makers are continually adjusting value proposition to meet developing ways of life and patterns for supportability. They are grabbing significant portion in the luggage industry by innovating and satisfying individuals' preferences whether it is USB port, charging devices, mini-radio, Bluetooth etc.

Shoppers are concentrating on experiences like travelling and seeing the world quite a lot more so than procuring material belonging. Luggage is really the one product category that is an important part of that shift. The definition of luggage is now completely different from what it was in past time. Luggage maker has always come up with the latest and trendy luggage which everyone need from different material to different purpose to different usage and more. All these lead overall luggage industry to colossal rate of growth of luggage industry. According report on 'Global Luggage (Casual, Business, Travel) Market Outlook, 2023' published by Bonafide Research, Overall luggage market has witnessed compounded annual growth rate less than 6% from 2012 to 2017 which is extremely streamlined and is looking at a good next few years. The overall luggage market can be divided into three primary sub segments; casual bags, travel bags and business bags. Casual bags are suitable for daily use especially for college going students, women for households shopping etc. Business bags in APAC region has grown with half of the CAGR of other regions during 2012 to 2017. Casual Bags have contributed between 28% to 35% except North America.

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Giant of luggage industry are maturing by acquisition and merger due to competitive situation. Louis Vuitton is known for combining quality fabrication with innovative designs to reflect the needs of customers and the ever-changing modes of world travel. Starting from merger between Moët Hennessy and Louis Vuitton in 1987 to latest acquisition of Christian Dior in 2017 LVHM has become colossus. It owns brand like Céline, Berluti, Kenzo, Loewe, Sephora, Marc Jacobs, DKNY, Rimowa, Christian Dior and many more. Another Mammoth Samsonite has also proven that merger and acquisition has led luggage maker to reach their destination. It has acquired Rolling Luggage, Speck Products, eBags.com, Hartmann, High Sierra Sport Company, Tumi Holdings etc. Lastly, Mid-market luggage leader TravelPro was acquired by private equity firm MidOcean Partners. This consolidation comes as the incumbent players attempt to gobble up competition.

Furthermore, cope up with innovation has also remained key factor to contribute in luggage makers' growth. The reason behind is that Beyond durability, travelers now have high-tech expectations for their travel companions. Functionalities like fingerprint locking, built-in global tracking, bluetooth speakers, self-weighing scales, and Wi-Fi hotspots are an important growth segment. Luggage makers have been hoping to take advantage of worldwide development in cell phone and application use. Some of the innovations has been brought by Paris-based Delsey have been developing a smart travel bag, Pluggage. With the Pluggage app, one can stay updated on any flight changes, when the bag has been loaded or if it’s bag been opened. Toronto-based Heys launched a line of “smart luggage.” Each bag has a built-in weight scale. There’s also a mini-radio signal that is broadcast to Apple and Android smartphones. There are numerous startups like 'Away' and 'Raden' also in the space that are trying to gain significant pie in luggage industry.

“The travel bag segment, a major contributor is increasing due to increasing travel and tourism across globe with declining air fare, development of infrastructure, flexibility in job etc. Further, rising internet penetration and technological innovation will go about as an impetus for the future market development. Developing nations would be their hot destination due to increasing disposable income, increasing expenditure on travelling items, establishing tourist destination etc” said Mr. Dhwipal shah, Director with Bonafide Research.

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The report offers a complete guide to the size and share of the market at a national level. Along with historic data, it also provides the latest sales data - thus allowing you to identify the market segments driving growth. The report also identifies leading companies and brands, along with examining competition among them. Forecasts through four years demonstrate how the market is set to change in coming years.

Geography: North America, South America, Europe, Asia-Pacific, Middle East-Africa
Countries covered: USA, Canada, Mexico, Brazil, Argentina, Colombia, Germany, France, UK, Italy, Spain, China, Japan, India, South Korea, Saudi Arabia, South Africa, UAE
Base Year: FY 2016-17
Estimated Year: FY 2017-18
Forecast Year: FY 2022-23

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