Luggage Market | Growing Travel and Tourism Industry to Boost the Market Growth | Technavio

The luggage market size is poised to grow by USD 16.67 billion during 2020-2024, progressing at a CAGR of about 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

The growing travel and tourism industry is significantly driving the global luggage market growth. The travel and tourism industry is witnessing growth on a global level because of the increasing rate of employment, business, trade, and better infrastructure of different countries. As a result, the demand for different varieties of luggage, which can fulfill the need of customers, is also increasing, driving the global luggage market growth.

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Report Highlights:

• The major luggage market growth came from the travel luggage segment. The increasing popularity of tourism, outdoor sports, and adventure tours, especially in emerging nations, is augmenting sales of travel luggage products such as suitcases and carry-ons. The luggage market share growth by the travel luggage segment will be slower than the growth of the market by the business luggage segment.
• APAC was the largest luggage market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing population, the increasing disposable income, and the adoption of high fashion will significantly influence luggage market growth in this region.
• The luggage market is fragmented. adidas AG, Delsey SA, LVMH Moët Hennessy - Louis Vuitton, MCM Products AG, Nike Inc., PUMA SE, Samsonite International SA, Tapestry Inc., VF Corp., and VIP Industries Ltd. are some of the major market participants. To help clients improve their market position, this luggage market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the luggage market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Introduction of Convertible and Foldable Luggage will be a Key Market Trend

The introduction of convertible and foldable luggage is one of the key luggage market trends. With time and evolution of technology, the preference for multipurpose luggage has increased, which raises the demand for convertible and foldable luggage among consumers who prefer traveling with a hard-side bag. Thus, the growing travel and tourism industry, coupled with the introduction of convertible and foldable luggage, is driving market growth during the forecast period.

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Luggage Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist luggage market growth during the next five years
• Estimation of the luggage market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the luggage market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of luggage market vendors

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Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five Forces Summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Customer landscape

• Overview

Drivers, Challenges, and Trends

• Market drivers
• Volume driver - Demand led growth
• Volume driver - Supply led growth
• Volume driver - External factors
• Volume driver - Demand shift in adjacent markets
• Price driver - Inflation
• Price driver - Shift from lower to higher priced units
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• adidas AG
• Delsey SA
• LVMH Moët Hennessy - Louis Vuitton
• MCM Products AG
• Nike Inc.
• PUMA SE
• Samsonite International SA
• Tapestry Inc.
• VF Corp.
• VIP Industries Ltd.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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