Luggage Market to grow at 7.47% CAGR by 2022-2026: Report Aims to Outline and Forecast Top Vendors, Industry Research and End User Analysis

Dallas, Texas, United States – June 29, 2022 /MarketersMEDIA/ —

In 2021, the Global luggage Market was valued at US$22.12 billion. The market is expected to grow to US$31.72 billion in 2026. Luggage is defined as bags or other items that individuals use to safely store and transport their belongings. Plastic bags, jute bags, leather bags, backpacks, suitcases, and other types of luggage are available. The luggage market is evolving in terms of new brands and styles, providing consumers with more options than ever before.

The bags or container that are taken to carry our possessions during travel are called luggage. Owing to benefits such as time saving, reduced physical stress, easy travel experience, faster and easy navigation from one place to another, less stress, convenience, reduced strain and fatigue, easy storage, easy to pack and organize stuff, better travel experience, better security against thieves, and easy mobility, the bags and suitcases are experiencing rapid adoption thus fostering remarkable progress in global luggage market.

The key players of the global luggae market are:

Samsonite International S.A.

VIP Industries Limited

VF Corporation

LVMH Group

PVH Corp. (Tommy Hilfiger)

Victorinox International

United States Luggage Company LLC. (Briggs & Riley)

Travelpro

Delsey

Safari Industries (India) Ltd

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Semsonite International S.A. is more diverse in terms of regions and brands. VIP Industries Limited and Safari Industries (India) Ltd operate mostly in India. In India VIP Industries Limited dominated the market, followed by Samsonite India and Safari Industries (India) Ltd.

The factors such as increase travel, government initiatives giving boost to tourism sector, decreased impact of covid-19 pandemic resulting in more travel both domestic and international, increased internet penetration giving more exposure to outside world increasing travel interest among millennial is driving the global luggage market.

The advantages such as lightweight impact resistant, excellent durability, temperature resistant, environmentally friendly encourage further adoption. These factors collectively influence thumping growth of global luggage market estimated grow at a highest CAGR in the forecast years 2022-2029.

However, pandemic had drastic impact on both production and sales of bags and suitcases. Pandemic led lockdown restrictions and travel bans impacted the travel industry reducing the demand for travel bags and suitcases restraining the growth of global luggage market. Also, some bags and suitcases are highly priced limiting the customer from buying it hampering the global luggage market.

Nevertheless, in the past few years sustainability has become highly relevant to both travel and business worlds. Thus businesses have redesigned their manufacturing practices. The travel industry has encouraged to manufacture carbon free luggage for cleaner and greener global footprint. This is increasing the demand of green luggage among the travel industry anticipated to be a growth opportunity for the global luggage market. Also, manufacturers are coming up with new bags and cases focused on durability, quality, high standard. The manufacturers are focusing more on giving value to money, changing marketing methods such as coming up quality images allowing customers to understand product’s design, aesthetics, and quality. Furthermore, they are providing flexible payment options, live chat, customer reviews which is attracting the customers. These factors are anticipated to be a growth opportunity to the global luggage market. Moreover, advancements in material technology and increased understanding of what goes into making durable bag is enabling manufactures make affordable and durable bags and suitcases. This is increasing its demand in the marketplace.

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Name: Hector Costello
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Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/global-luggage-market-analysis-by-luggage-type-casual-bags-travel-bags-and-business-bags-by-region-asia-pacific-europe-north-america-central-and-south-america-and-middle-east-and-africa-size-and-trends-with-impact-of-covid-19-and-forecast-up-to-2026

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