October 25, 2021
According to a recent study titled ‘Global Luggage Market (2021 Edition) - Analysis by Product Type (Travel Bags, Casual Bags, Business Bags), Price Segment, Distribution Channel, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global luggage market was worth USD 45 billion in 2020 and is anticipated to garner notable returns by 2026.
Increasing disposable income, along with surge in domestic and international travel are primarily driving the sales in global luggage market. Moreover, rising adoption of advanced electronic products, and preference for premium variants will propel the market share in the coming years.
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With the occurrence of Covid-19 pandemic, the brick & mortar sales have dropped due to rapid digitalization, leading to consumer inclination towards the e-commerce platforms. This is encouraging companies to increase their internet sales by opting to e-commerce platforms like Amazon, eBay, Flipkart, etc., thereby generating revenues for the market.
Based on product type, the market is categorized into travel bags, casual bags, and business bags. Out of which, travel bags segment has grown at a significant rate in recent years and is likely to continue to do so over the forecast period.
On the basis of price range, worldwide luggage marketplace is divided into value & mid-level, premium, and luxury. Among these, value & mid-level segment is predicted to hold a momentous industry share over the forecast period. Meanwhile, rising demand for various types of luggage in the premium range is expected to boost the premium segmental share in the coming years.
As per the distribution channel, the market is segmented into specialty store, departmental store, internet sales, and others.
Elaborating the regional landscape, global luggage market spans across North America (USA, Canada), Europe (France, Germany, UK), Asia Pacific (Japan, India, China). As per the report, Asia Pacific industry is poised to register strong CAGR through 2026, on account of presence of OEMs (original equipment manufacturers) and ODMs (original design manufacturers) in the region, alongside demand for value & mid-level and premium range products.