July 10, 2020
As per the report titled ‘Global Travel Luggage Market (2019 Edition) World Market Review By Price Point By Distribution Channel, By Region, By Country: Opportunities and Forecast (2014-2024)’, available with Market Study Report LLC, global travel luggage market was worth USD 16,873.7 million in 2018 and is projected to see remunerative growth through 2024.
Increasing domestic & international tourism along with rising consumer interest in leisure travel are the key growth drivers of global travel luggage market. Inclination towards luggage brands as lifestyle products as well as frequent launches of new products with appealing design, improved functionality and durability are further propelling the industry growth, cites the report.
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Moreover, improving connectivity, growing availability of low-cost airlines, development of supporting travel & tourism infrastructure, and rising per capita income are leading to an increased number of tourists, which in turn, is benefitting global travel luggage market.
Considering the regional outlook, worldwide travel luggage market is fragmented into North America (U.S. and Canada), Europe (U.K., Germany, and Rest of Europe), and Asia Pacific (India, China, Japan, and Rest of APAC).
The report projects that Asia Pacific market will continue to showcase strong CAGR throughout the analysis period, owing to high population count and increase in disposable income. Growth of tourism sector inviting higher foreign spending, alongside heavy expenditure on leisure travel will boost APAC travel luggage market growth.
Key players operating in global travel luggage market are Fox Luggage Inc., DELSEY, Briggs & Riley Travelware, RIMOWA, VIP Industries Ltd., and Samsonite International S.A.