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Luggage is the bag or container that is used to keep possessions when traveling. Luggage is constructed for the protection of the items during travel. It is either with a hard shell or a durable soft material. The luggage bags often have subdivisions or sections for the protection of the items.
Luggage has changed a lot over time. Before, the most common types of luggage were chests or trunks which were made of wood or other heavy materials.
Key Market Trends in the Global Luggage Market
The increase in the demand for luggage bags is directly proportional to the growing travel and tourism industry.
Over the past few years, the global travel and tourism industry has seen a great significant growth. At present, the tourism industry is one of the fastest-growing and most diversified sectors around the globe.
According to the World Bank Group, international tourism in terms of the number of arrivals globally has reached 1.25 billion in 2016. From the last few years, the spending on leisure travel has been increasing rapidly, which, in turn, has boosted the growth of the market.
With the growth in tourism, the demand for backpacks, travel packs, smart luggage bags, carpet bags, duffel bags, and laptop bags will also increase in the years to come.
The luggage market is projected to have a CAGR of 7.3% during the forecast period of 2021 to 2026.
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What is the impact of Covid- 19 on the market?
The COVID-19 pandemic has impacted the major part of the population around the world to sit at home. Due to travel restrictions and lockdown, the luggage industry has been hit hard by the pandemic. Most of the potential consumers have limited their spending on travel luggage, which has directly impacted the sales revenues of the top big brands in the luggage market.
As the pandemic situation improved gradually, the spending patterns of consumers have strengthened, and the market is anticipated to regain its potential, as the economies of the developing nations is improving.
The positive impact on the growth of the market during the forecast period is due to change in lifestyle, the growing travel and tourism industry, and the customer inclination toward high-end luggage.
Major Key Players in the Market
The key players play an important role in the growth of the market. Some of the major market players include- Samsonite International SA, LVMH, and VIP Industries Limited.
The key strategies that are adopted by the players in the Luggage market are the new product launches with innovative designs which is followed by mergers and acquisitions.
Expansion is also another strategy that gives an upper edge to the manufacturers to expand their consumer base globally.
The Regional Outlook of the Market
In India, the luggage market has become highly competitive with established brands, such as VIP, which is competing in the market with new players, named Da Milano. The growth of the market is set to increase due to a rise in travel and tourism activities. Other regions that have seen an increase in the Luggage Market comprises of North America, Europe, Middle East, and South America.
The Global Luggage Market can be classified on the basis of the product type and the distribution channel.
On the basis of Product Type
On the basis of Distribution Channel
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