FELTON, California, March 11, 2019 /PRNewswire/ -- The global luggage market is expected to reach USD 54.61 billion by 2025. Growth in the domestic and international tourism industry of developing countries including China and India is expected to promote the market. Furthermore, the rising number of passenger on a global level on account of increased tourist flow to countries such as U.S., Germany, China, Japan, and Australia is expected to remain a key driving factor over the next eight years.
The growth in medical tourism has also added to the growth in the market. According to Explore Productive Chamber of Commerce (EPCC), Asia Pacific medical tourism industry was valued at around USD 15.0 billion to USD 17.0 billion in 2016. The emergence of countries including, India, Sri Lanka, Maldives, Singapore, Malaysia, and Thailand as key destinations of medical tourism is expected to remain one of the key trends.
The market for sports luggage products is projected to reach more than USD 10.0 billion by the end of 2025, growing at a CAGR of over 17.0% from 2017 to 2025. The sports industry is expected to remain lucrative over the next eight years. The majority of countries in the Asia Pacific will host global sports events including the Olympics and Cricket world cup. For instance, Japan and India will host Summer Olympics 2020 and World Cup Cricket 2023, respectively. The above-mentioned events are projected to increase travel to these countries, which will add to market growth over the next few years.
Browse full research report with TOC on "Luggage Market Size and Forecast, By Product (Travel, Business, Sports), By Distribution Channel (Offline, Online), By Region, And Trend Analysis, 2015 - 2025" at: https://www.hexaresearch.com/research-report/luggage-market
The offline channel continues to dominate the luggage market contributing a higher value compared to the online channel. Hypermarkets and supermarkets continue to dominate the offline space along with specialty stores. Specialty stores are a preferred destination for sourcing luggage as these stores stock a wide variety of luggage brands in various categories including travel, business, and sports.
However, the online channel is expected to grow at a fast pace in the coming years. The online channel is expected to grow at a CAGR of more than 17.5% during 2017-2025. Convenience, product and price comparison feature, and customer review coupled with the facility to shop while on-the-go tend to favor the online channel.
North America is expected to generate revenues of more than USD 12.40 billion by the end of 2025. According to the International Air Transport Association (IATA), with the addition of 484 million new passengers from 2015 to 2035, the total number of air passenger in the U.S. will reach 1.10 billion. This increase in the number of passengers in domestic and foreign travel in the U.S. is expected to increase the demand for travel luggage in the near future.
In the Asia Pacific region, much of the growth is expected from developing countries such as India and China, which has seen a surge in domestic and international travel. In India, government initiatives aimed at promoting sports infrastructure is expected to have a strong impact on associated markets including sports luggage. For instance, in 2018, the Ministry of Youth Affairs and Sports, India launched 'Khelo India Programme' which is expected to increase spending on the sports market at large including sports luggage.
The luggage market is highly competitive with the presence of multiple established vendors such as LVMH Moët Hennessy - Louis Vuitton, Rimowa GmbH, and VIP Industries Ltd. In the coming years, companies are expected to focus on new product launches with innovative features.
For instance, smart luggage with features including portable device charging, GPS tracking, and auto locking and unlocking. Some of the key manufacturers in the market include Delsey SA, LVMH Moët Hennessy - Louis Vuitton, Rimowa GmbH, VIP Industries Ltd, Kering SA, Hermès, and Safari Industries Ltd and Shanghai Taifeng Cases Co Ltd.
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Hexa Research has segmented the luggage market report based on product, distribution channel and region:-
Segmentation by product
- Travel luggage
- Business luggage
- Sports luggage
Segmentation by distribution channel
Segmentation by region
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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SOURCE Hexa Research