Luggage Market, By Product Type (Travel bags, Trolley & Duffle Bags, Backpack, Lifestyle Bags, Garment Bags, Business Cases, Briefcases, Business Backpacks, and Attache Cases, and Others (Causal bags, etc.)), By Distribution Channel (Wholesale & Specialty Stores, Hypermarkets, Supermarkets, Online Stores, and Others (Factory Outlets, etc.)), By Price range (Mid Range, Low Range, and Premium Range), By Category (Soft-side and Hard-side), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 20.93 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 7.9% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Global Luggage Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
The COVID-19 pandemic has had a significant impact on the global luggage market. Initially, the industry experienced a substantial decline in sales due to travel restrictions and lockdowns. However, there has been a gradual rebound in luggage sales as travel resumed, with some companies reporting strong recovery in 2021, surpassing pre-pandemic levels. Despite this recovery, the full industry recovery has been hampered by factors such as inflationary pressures, the war in Ukraine, and continued restrictions in certain regions
Global Luggage Market: Recent Developments
- In August 2022, Samsonite International S.A, a leading company in the luggage and travel accessories industry that offers a wide range of products including durable and innovative luggage, business cases, backpacks, and travel accessories, launched a new line of luggage, "Magnum Eco," made from yogurt cups and plastic bottles. The lining of this new line of luggage is made from plastic mineral water bottles that have been converted into the exterior of hard-side cases.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Luggage Market”- Forecast to 2031, Global Luggage Market, By Product Type (Travel bags, Trolley & Duffle Bags, Backpacks, Lifestyle Bags, Garment Bags, Business Cases, Briefcases, Business Backpacks, Attache Cases, and Others (Causal bags, etc.)), By Distribution Channel (Wholesale & Specialty Stores, Hypermarkets, Supermarkets, Online Stores, and Others (Factory Outlets, etc.)), By Price range (Mid Range, Low Range, and Premium Range), By Category (Soft-side and Hard-side), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/luggage-market-1436
Key Takeaways of the Global Luggage Market
- Global luggage market is estimated to be valued at US$ 20.93 Bn in 2024 and is forecast to reach a value of US$ 35.67 Bn by 2031 at a CAGR of 7.9% between 2024 and 2031
- Major players operating in the global luggage market include Tapestry Inc., Rimowa GmbH, Louis Vuitton Malletier, S.A., Victorinox Swiss Army, Inc., Samsonite International S.A, Coach Inc, VF Corporation, Antler Limited, Delsey S.A., Bric's Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited
- Key players operating in the global luggage market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio.
