Global Luggage Market 2018-2022
Luggage is one of the essential products of the travel and tourism industry. It is used during travels to keeps items like clothes, toiletries, and other trip necessities.
Technavio’s analysts forecast the global luggage market to grow at a CAGR of 6.28% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global luggage market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Luggage Market 2018-2022
Technavio recognizes the following companies as the key players in the global luggage market: adidas, LVMH, Nike, Samsonite International, VF Corporation, and VIP Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is introduction of convertible and foldable luggage. Key competitors are introducing different types of luggage bags due to the growing preference for multipurpose luggage among customers. They are introducing products that can be converted into multipurpose luggage such as collapsible spinners, trolley bags, tote bag, duffle bags, and others.”
According to the report, one driver in the market is growing global travel and tourism industry augmenting growth. The travel and tourism industry is witnessing growth. This in turn, leads to an energizing business, trade, employment, developing infrastructure, and stimulates the social development of different communities.
Further, the report states that one challenge in the market is high product replacement cycle. Most popular brands design luggage made of high-quality raw-materials, which make them more durable. The high cost and long lifespan of luggage are anticipated to negatively influence the year-on-year growth of the market during the forecast period.
adidas, LVMH, Nike, Samsonite International, VF Corporation, and VIP Industries.