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Preference for multipurpose luggage will be one of the key trends in the luggage market during 2021-2025
NEW YORK , June 7, 2022 /PRNewswire/ -- Luggage is one of the essential products of the travel and tourism industry. The global luggage market is expected to grow at a faster rate compared with the global travel and tourism market. For this report, we have considered travel luggage, casual luggage, business luggage, and sports luggage.
In this report, Technavio defines 2020 as the base year and 2021-2025 as the forecast period. The size of the global luggage market is anticipated to grow by USD 11.03 billion from 2020 to 2025. Moreover, the growth momentum of the market will accelerate at a CAGR of 7.68% during the forecast period. Our report describes in detail the various factors that are responsible for the market growth and the growth momentum.
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Travel luggage, casual luggage, business luggage, and sports luggage
APAC, North America, Europe, Middle East and Africa, and South America
The growth of the luggage market will be driven by the growing global travel and tourism industry. This industry is one of the fastest-growing and most diversified sectors. A shift in luggage preferences and an increase in demand have been experienced in the past decade with the growth in the travel and tourism industry. The major competitors in the luggage industry are incorporating advanced technology and scientific research to design stylish and multifunctional luggage based on consumer preferences.
The preference for multipurpose luggage has increased, with the evolution of technology. Foldable or convertible luggage can be packed with normal luggage without consuming a lot of space. They can be converted into multipurpose luggage, such as duffle bags, trolley bags, tote bags, collapsible spinners, and others.
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According to Technavio, the major vendors operating in the luggage market include adidas AG, DELSEY, Groupe Artemis, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Nike Inc., Tapestry Inc., VF Corp., and VIP Industries Ltd. among others.
The luggage market is fragmented, and the vendors are deploying growth strategies such as expanding their presence in traditionally low penetrated markets to compete in the market.
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Accelerate at a CAGR of 7.68%
APAC, North America, Europe, South America, and MEA
US, China, UK, Germany, and Canada
Leading companies, Competitive strategies, Consumer engagement scope
adidas AG, Brics Industria Valigeria Fine Spa, DELSEY, Fox Luggage Inc., Groupe Artemis, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Nike Inc., Safari Industries (India) Ltd., Samsonite IP Holdings S.à r.l., Strandbags Group Pty Ltd., Tapestry Inc., Under Armour Inc., United States Luggage Co. LLC, Valigeria Roncato Spa, VF Corp., Victorinox AG, VIP Industries Ltd., Wildcraft India Pvt. Ltd., and Yonex Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
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Market Segmentation by Distribution channel
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email:[email protected] Website: www.technavio.com/
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