The global luggage market Growth Accelerated by Increased Domestic and International Travel

 

The luggage market consists of various bags such as duffel bags, travel bags, suitcases, and other bags that are used to carry clothing, toiletries, and other personal items during travel. Luggage provides easy portability and storage of essential travel items and comes in various designs, sizes, and materials to suit different travel needs. The increasing domestic and international travel is fueling the demand for high-quality, durable, and stylish luggage options among customers.

The global luggage market is estimated to be valued at US$ 102.83 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the luggage market is the rising domestic and international travel. According to the World Travel & Tourism Council, the global travel & tourism sector contributed US$ 9.6 trillion to the global GDP in 2022. The recovering economies, rising disposable incomes, and increasing business trips are fueling the travel sector growth worldwide. Further, several countries have eased travel restrictions post-COVID-19 pandemic which is encouraging more people to travel within and outside their countries. This significant rise in travel is generating high demand for quality luggage among customers for convenient luggage storage and handling during domestic and international trips.

Segment Analysis

The global luggage market is dominated by the travel bags & luggage segment. This segment holds the major market share as travel bags and luggage are majorly used for domestic as well as international travel. The increasing tourism and business travel across the globe has propelled the demand for travel bags and luggage. Within travel bags & luggage segment, trolleys dominate as they are more preferred for airport transit due to their ease of maneuverability.

Key Takeaways

The global luggage market is expected to witness high growth owing to the tourism and travel industry growth post pandemic across regions. The global luggage market is estimated to be valued at US$ 102.83 billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024-2031.

Regional analysis:
The Asia Pacific region dominated the global luggage market in 2024 with a share of over 35%, followed by North America and Europe. The growth in the Asia Pacific region can be attributed to strong economic growth in countries such as China and India coupled with rising disposable income that has propelled domestic as well as international travel.

Key players:
Key players operating in the luggage market are Samsonite International S.A., VF Corporation, Louis Vuitton Malletier SAS, Egtravel Industry Co Ltd, Delsey Luggage Inc, Rimowa GmbH, Victorinox Swiss Army. The major players are focused on expanding their product portfolio and global footprint through mergers and acquisitions to strengthen their market position.

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