Luggage Market to record USD 11.06 Bn growth | 49% of growth to originate from APAC | Technavio

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Jan 26, 2022, 03:30 ET

NEW YORK, Jan. 26, 2022 /PRNewswire/ -- The global luggage market is expected to have substantial growth in the coming years. With the evolution of technology and awareness, consumers are increasing their preference for multipurpose luggage carriers. These products can store more luggage and do not consume too much space. This is encouraging vendors in the market to introduce a wide range of multi-purpose innovative designs to attract consumer interest.

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Attractive Opportunities in Luggage Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2021-2025

Key Luggage Market Report Highlights:

Market growth 2020-2025: USD 11.03 billion
Growth momentum & CAGR: Accelerate at a CAGR of 7.68%
YoY growth (%): 4.35%
Performing market contribution: APAC at 49%
Key consumer countries: the US, China, the UK, Germany, and Canada

Regional Market Analysis

With 49% of the growth originating from APAC, this region will record a faster growth rate during 2020-2025.

The rapid rise in population and increasing outbound tourism are driving the growth of the luggage market in APAC. In addition, the increasing number of working women and the rise in dual-income households are expected to foster the growth of the regional market.

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Key Vendors and Vendor Strategies

AG, DELSEY, Groupe Artemis, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Nike Inc., Tapestry Inc., VF Corp., and VIP Industries Ltd. are some of the dominant players in the luggage market.

The luggage market is fragmented due to the presence of a large number of players. The vendors in the market are constantly adopting various organic and inorganic growth strategies to remain competitive in the market. Vendors are focusing on launching innovative products to gain an edge over their rivals.

For instance:

adidas AG: The company offers a wide range of luggage bags such as essential backpacks, prime backpacks, duffel bags, and others.

DELSEY: The company offers suitcases in a variety of colors and sizes.

Groupe Artemis: The company offers a wide range of trolly bags under the brand Puma.

LVMH Moet Hennessy Louis Vuitton SE: The company offers horizon soft, a new line of innovative luggage created with designer Marc Newson.

MCM Products USA Inc.: The company offers luggage and travel accessories for all kinds of travel.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the luggage market.

Growing travel and tourism industry:

The global travel and tourism industry has been witnessing healthy growth over recent years. The growth of the industry has been significantly influenced by the presence of the baby boomer population that travels frequently, both domestic and international. The spending on leisure travel by the general public has also been on the rise. In addition, the increase in business activities, trade, employment, and infrastructure development are expected to fuel the growth of the global luggage market during the forecast period.

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Laptop Carry Case Market by Distribution Channel and Geography Forecast and Analysis 2022-2026

Luggage Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 7.68%
Market growth 2021-2025	USD 11.03 billion
Market structure	Fragmented
YoY growth (%)	4.35
Regional analysis	APAC, North America, Europe, South America, and MEA
Performing market contribution	APAC at 49%
Key consumer countries	US, China, UK, Germany, and Canada
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	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.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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