Luggage Market to Reach $101 Billion, Globally, by 2035 at 8.3% CAGR: Allied Market Research

Increase in frequency of global travel, technological innovations such as smart luggage, and growing popularity of lightweight and durable designs drive thr growth of the global luggage market. Furthermore, the convenience of e-commerce platforms and rise in emphasis on sustainable and specialized luggage options contribute to the market growth.

WILMINGTON, Del., May 28, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Luggage Market by Type (Casual Luggage, Travel Luggage, Business Luggage, Sports Luggage, and Others), Form (Traditional Luggage and Smart Luggage), Material Type (Hard Luggage, Soft Luggage, and Hybrid Luggage), and Distribution Channel (Offline Channel and Online Channel): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, The global luggage market was valued at $38.8 billion in 2023, and is projected to reach $101 billion by 2035, growing at a CAGR of 8.3% from 2024 to 2035.

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Prime determinants of growth

Increase in prevalence of travel, driven by rise in incomes, globalization, and rapidly expanding middle-class populations, drives the necessity for luggage. Technological advancements have introduced innovative features in luggage designs, such as smart capabilities such as GPS tracking and USB charging, appealing to tech-savvy consumers. The trend toward experiential travel and adventure tourism further boosts the demand for specialized luggage tailored to specific activities such as hiking or sports.

Moreover, the convenience of e-commerce platforms facilitates easy access to a wide range of luggage options, further boosting market demand. In addition, rise in awareness and emphasis on sustainability in consumer choices are further prompting the development of eco-friendly luggage solutions, aligning with evolving preferences.

Report coverage & details

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The travel luggage segment to maintain its leadership status during the forecast period 

By type, the travel luggage segment held the highest market share in 2023, accounting for nearly one-third of the global luggage market revenue and is estimated to maintain its leadership status during the forecast period. Increase in affordability and accessibility of travel opportunities has encouraged more people to explore domestic and international destinations, driving the need for reliable travel luggage solutions. Evolving travel preferences, such as the rise of experiential and adventure travel, require luggage that can withstand diverse environments and activities.

Moreover, advancements in design and technology have led to innovative features in luggage, such as lightweight materials, built-in charging ports, and smart tracking systems, enhancing convenience and functionality for travelers. In addition, changes in lifestyles, including the growth of remote work and digital nomadism, have created a demand for versatile luggage options that cater to both professional and leisure travel needs.

The traditional segment to maintain its leadership status during the forecast period 

By form, the traditional segment held the highest market share in 2023, accounting for more than four-fifths of the global luggage market and is estimated to maintain its leadership status during the forecast period. The growth of the travel and tourism industry has significantly increased the need for reliable and functional luggage solutions. As more people travel for leisure, business, and other purposes, there is a continuous demand for traditional suitcases and bags that can securely transport belongings. Advancements in transportation infrastructure, such as airports, railways, and highways, have made travel more accessible to a broader population. The ease of accessibility, in turn, has further driven the demand for traditional luggage that can withstand the rigors of various modes of transportation.

The soft luggage segment to maintain its leadership status during the forecast period  

By material type, the soft luggage segment held the highest market share in 2023, accounting for nearly half of the global luggage market and is estimated to maintain its leadership status during the forecast period. The lightweight and flexible construction of soft luggage has made it easier to plan and pack, appealing to travelers who prioritize convenience and versatility. Soft luggage also tends to be more affordable than hard shell options, which makes it accessible to a broader range of consumers.

In addition, soft luggage often features expandable compartments, that allows travelers to maximize packing space when needed. The fabric exterior of soft luggage provides some level of flexibility that makes it easier to fit into overhead compartments or tight spaces. Thus, the factors such as affordability, versatility, and practicality drives the continued demand for soft luggage in the travel industry.

The offline segment to maintain its leadership status during the forecast period

By distribution channel, the offline segment held the highest market share in 2023, accounting for more than three-fifths of the global luggage market and is estimated to maintain its leadership status throughout the forecast period. The tactile nature of luggage products allows customers to physically inspect the quality, design, and features before making a purchase decision.

The hands-on experience available in offline stores is often preferred by consumers, especially when it comes to items such as luggage, which are considered significant investments for travel. Offline stores provide opportunities for personalized customer service, where sales staff can offer expert advice, recommendations, and assistance in selecting the right luggage for individual needs. Moreover, the level of interaction builds trust and confidence in the purchase, leading to higher conversion rates.

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Asia-Pacific to maintain its dominance by 2035

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2023 and is likely to dominate the market during the forecast period. Rise in middle class popultion and rise in disposable incomes have increased domestic and international travel in the region, driving the need for reliable and stylish luggage solutions. As more people engage more on leisure trips, business travel, and educational journeys, there is a growth in demand for suitcases and bags that offer durability, functionality, and aesthetic appeal. The rapid urbanization and expansion of transportation infrastructure across Asia-Pacific countries have facilitated travel accessibility, further boosting the demand for luggage products. In addition, the rise of e-commerce platforms and digital marketplaces has made it easier for consumers to access a wide range of luggage options, providing convenience and flexibility in shopping in Asia-Pacific region.

Leading Market Players: - 

• Ace Co.,Ltd.
• Adidas AG
• LVMH
• Nike Inc.
• Samsonite International S.A
• Travelpro Products, Inc.
• VF Corporation
• Victorinox
• VIP Industries Limited
• United States Luggage Company LLC

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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SOURCE Allied Market Research