NEW YORK, December 7, 2015 /PRNewswire/ --
The changing lifestyles and increasing urbanization, and growing interest of people in tourism are the key drivers of the global luggage market. The increasing travel and tours, growing business activities, and increasing number of educational courses are further propelling the demand for luggage. The fluctuating recreation patterns and increasing disposable income of the global population are the major causes for the growth of the travel and tourism industry. The most frequent travellers across international and domestic zones are the people from countries such as the U.S., Sweden, and Finland. The travel bags segment holds a significant share of the global luggage market in all the regions, followed by the casual bags segment. The luggage market in Asia-Pacific is growing at a rapid pace, and id mainly driven by the growing markets such as China and India. Unstable raw material prices are one of the key factors hindering the global luggage market growth. Some of the materials used in luggage include plastic, aluminum, fabric, and iron. Unstable prices of these raw materials adversely affect the income margins of luggage manufacturers. The largest market for travel bags in 2014 was Asia-Pacific. The increasing leisure and travel activities are boosting the growth of the travel bags segment, in the global luggage market.
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The product category of luggage market includes casual bags, travel bags, and business bags. The distribution channels include specialist retailers, factory outlets, and internet sales. Travel bags accounts for a fair share in North America, Europe, and Rest of the World. Amongst the distribution channels, the specialist retailer segment account for a fair share in the global luggage market. Evolving technologies in the luggage industry are expected to boost the market growth, in the forecast period. Due to growing disposable income and increasing urbanization, the lifestyle of people has changed, and the demand of purpose-based luggage has up surged. The African and Asian countries are anticipated to experience highest urban growth in the forecast period. According to the China Development Research Foundation, China's urban population is expected to increase from 52.6% in 2012, to 70% by 2030.
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Specialist retailers comprise independent retailers that solely sell luggage and related products. Asia Pacific leads the luggage sales from specialist retailers with 50.1% share in 2014. In 2012, bags, wallets, and purses were the most preferred products in the Japanese luggage market. Luggage is sold through several types of distribution channels such as factory outlets, specialist retailers, hypermarkets, supermarkets, and internet sales. Due to the boom in online commerce, the internet sales of luggage have been growing at a considerable pace.
The younger generation, including students and sportsmen, mostly use casual bags. Number of students pursuing higher education is increasing, which in turn, is boosting the demand for casual bags. China, India, South Korea, Germany, Turkey, and France are the major countries, which involve high adoption of tertiary education. Annual per capita disposable income of urban households in China increased from USD 2,818.6 in 2010, to USD 4,692.9 in 2014, according to the National Bureau of Statistics of China.
LUGGAGE MARKET SEGMENTATION
Luggage by Product
- Casual bags
- Travel bags
- Business bags
Luggage by Distribution Channel
- Specialist Retailers
- Factory outlets
- Internet sales
Luggage Market by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Rest of the World (ROW)
- Rest of ROW
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