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

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.

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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.

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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.

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