Luggage includes suitcases, bags and containers that contain a traveler’s items while the traveler or passenger is traveling. Travel bags are special category of travel gear, used by tourists, the explorers, trekkers and travelers to carry their clothes & other belongings. Wheeled backpacks, Duffel bags, rolling luggage, totes, weekenders, and travel packs are some common types of bags available in the industry. Rigid variants consist of polycarbonate, polypropylene and acrylonitrile-butadiene-styrene (ABS). These types of hard luggage are particularly suitable for the transport of electronic devices and fragile products. Conversely, durable & light-weight soft-side bag is manufactured polyester, using nylon, cotton, leather and vinyl. These bags are available in different colors, patterns, and sizes can be customized according to the requirements of the consumers.
Luggage and Bags Market Segmentation is defined by luggage type, material type, and price range and distribution channel. Luggage type is categorized as trolley, duffle and backpacks. Duffel bags are designed in such a way that they are adjustable in size and fit in every luggage carrier during transport. Travel bags are very popular for short trips and a lot of luggage. Material type is categorized as leather, fabric and polyester. Price range segmentation includes low price, medium price and premium price. Additionally, distribution channel is categorized as factory outlets, supermarkets & hypermarkets, online stores, specialty stores and others. The online stores provide relatively lower prices for travel bags and various varieties for consumers to choose & get it delivered before they plan their travel.
The Luggage and Bags Market Revenue is driven by rapid urbanization across the globe, followed by rise in demand for innovative products such as polycarbonate luggage, growth in tourism industry, rise in household disposable incomes, growth in middle class population, increase in number of Ultra High Net worth Individuals (UHNWIs) & HNWIs and growth of domestic & outbound tourism. Various product innovations for instance launch of visually appealing and creative designs, as well as environmentally friendly variations, also create a positive outlook for the market. Some other factors such as aggressive branding and the development of the online retail market, which offers customers a hassle-free shopping experience while offering a wide range of options, are likely to drive the market even further. However, availability of cheaper substitutes is a major hindering factor for market. Moreover, growth in Technological advancements for instance smart luggage with GPS tracker is a leading opportunity for market.
By geographic analysis, the Asia-Pacific region dominates the global market owing to growth in existence of bags & luggage retailer, increase in marketing & promotional activities and growth in population across the region. Both Europe and North-America regions are likely to witness higher growth rate because of rise in inclination & preference of customers towards adventure, advancement in product design and rise in demand for high quality luggage products over the forecast period. Luggage and Bags Market Analysis projected that future of the global market will be bright due to growth in global travel & tourism industry coupled with increase in penetration of internet during the forecast period.
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Ankur Gupta, Head Marketing & Communications