May 11, 2022
According to a recent study titled ‘Global Luggage Market (2021 Edition) - Analysis by Product Type (Travel Bags, Casual Bags, Business Bags), Price Segment, Distribution Channel, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global luggage market was worth USD 45 billion in 2020 and is anticipated to garner notable returns by 2026.
Rising spending power, as well as surging international and domestic travel are primarily driving the sales in worldwide luggage market. Moreover, growing adoption of advanced electronic products, and inclination towards premium variants will impel the industry outlook in the coming years.
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With the advent of Covid-19 pandemic, the brick & mortar sales have declined due to rapid digitalization, shifting consumer preference towards the e-commerce platforms. This has encouraged businesses to boost their online sales by using e-commerce platforms such as Amazon, eBay, Flipkart, and others, resulting in higher market revenue.
Based on product type terrain, the marketplace is branched into travel bags, casual bags, and business bags. Among these, travel bags segment has expanded with significant growth rate in recent years and is expected grow constantly over the forecast period.
According to distribution channel, the market is divided into specialty store, departmental store, internet sales, and others.
In terms of price range, worldwide luggage marketplace is categorized into value & mid-level, premium, and luxury. Among these, value & mid-level segment is predicted to hold a considerable industry share over the analysis timeframe. Meanwhile, rising demand for different types of luggage in the premium range is expected to augment the premium segmental share in the upcoming years.
Elaborating the regional landscape, the market spans across North America (USA, Canada), Europe (France, UK, Germany), Asia Pacific (Japan, India, China). Among these, Asia Pacific industry is slated to record strong CAGR through 2026, due to presence of OEMs and ODMs in the region, in consort with demand for value & mid-level and premium range products.
Coming to the competitive hierarchy, VF Corporation, ACE Luggage Co. Ltd., Goyard, Tumi Holdings Inc., Samsonite International S.A., VIP Industries Ltd., Briggs & Riley Travelware, Rimowa, Delsey, and Fox Luggage Inc. are the leading players in global luggage marketplace. To strengthen their market position, these giants are pursuing effective strategies such as partnerships and collaborations, mergers and acquisitions, and creative launches.