Utilities Industry Today

Rapid Urbanization to Propel Global Luggage Market to US$43.4 Bn by 2020, by PMR

According to the China Development Research Foundation, urban population in China is expected to increase from 52.6% in 2012 to 70% by 2030. Urbanization is growing at a swift pace across Asia Pacific. Pacific countries such as Australia and New Zealand already have high urbanization.
Published 26 August 2015

New York City, New York, August 26, 2015: Rise in number and value of high net-worth individuals across the globe and the need to fulfill their lavish lifestyle are the key factors fueling the growth of the luggage market, states Persistence Market Research in its latest report. The study is titled “Global Market Study on Luggage: Travel Bags to Witness Highest Growth by 2020” and is available for sale on the company website.

According to the report, the global luggage market is set to develop at a 5.8% CAGR from 2014 to 2020, reaching a value of US$43.4 billion by 2020.

Buy Full Report: http://www.persistencemarketresearch.com/market-research/luggage-market.asp

Rapid urbanization and changing lifestyles are the two key factors driving the global luggage market. In developing countries, luggage is considered to be a lifestyle product. Earlier just one type of luggage was used for all purposes – tour, travel, or business. However, urbanization and rise in disposable incomes have brought about a change in lifestyle in developing countries, thereby reflecting in the sales of purpose-based luggage. The China Development Foundation has forecast that the urban population in China will rise from 52.6% in 2012 to an astounding 70% in 2030. Urbanization is a growing phenomenon not only in Asia Pacific countries such as New Zealand, Australia, and India, but also across major African countries.

Rise in disposable incomes has also had an impact on changing recreation patterns and increasing tours and travels, which fuels the demand for luggage. People in countries such as Finland, the U.S., and Sweden are known to be the most frequent domestic and international travelers. During the period 2010 to 2013, Europe was the largest tourism destination, followed by Asia Pacific.

Luggage, like every other consumer good, is sold via different distribution channels, the most recent one being online shopping sites. The boom in e-commerce has boosted the sales of luggage at a significant pace.

Other factors such as rise in business activities, increasing number of educational courses, and technological advances have also contributed to the growth of the luggage market.

The report segments the global luggage market on three fronts: product, distribution channel, and geography. On the basis of product, the luggage market is divided into travel bags, casual bags, and business bags. On the basis of distribution channel, the luggage market is fragmented into factory outlets, specialist retailers, internet sales, and others. On the basis of region, the luggage market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

Request Sample Report: http://www.persistencemarketresearch.com/samples/3846

The major vendors operating in the global luggage market include Louis Vuitton Malletier S.A., Goyard, Briggs & Riley Travelware, Tumi Holdings, Inc., Samsonite International S.A., Rimowa GmbH, VIP Industries, VF Corporation, ACE Co, Ltd., and MCM Worldwide. These companies are profiled in the report on the basis of attributes such as company overview, financial performance, products and services, and recent developments.

About Us

Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.

PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.


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