Global Luggage Market Is Anticipated To Generate More Than 38,513.8 Mn Billion In Sales, With A CAGR Of 6.3% Over The Forecast Period 2019 to 2027

 

Luggage Market

Due to a growth in leisure and business travel as well as technical advancements in the luggage sector, the global smart luggage market is predicted to expand at a significant rate during the forecast period. Additionally, the market is expanding due to the increasing prevalence of the internet of things and additional features like Bluetooth charging, GPS, and smart locks. Due to the infrastructure already in place at airports for the scanning of RFID tags, RFID is predicted to experience the highest CAGR in terms of connectivity growth during the forecast period.

The Global Luggage Market has been divided into real-time tracking, proximity sensors, remote locking, digital scaling, and others based on the application. Due to an increase in occurrences of luggage misplacement by airlines, the real-time application and remote locking categories are anticipated to develop at the fastest rate throughout the projection period. Regionally, North America dominated the market for smart baggage in 2019, and this trend is projected to persist going forward due to the region's high rate of adoption of technologically advanced items and the existence of manufacturing firms. Due to rising foot traffic and air travel, Asia Pacific is expected to experience the highest CAGR in terms of the need for smart luggage through 2027.

The Global Luggage Market Was Valued At US$ 22,467.2 Mn In 2018 And Is Projected To Increase To US$ 38,513.8 Mn By 2027, Witnessing A CAGR Of 6.3% Over The Forecast Period.

The expansion is mostly related to the expanding travel and tourist sector, shifting consumer preferences, and rising disposable income in emerging economies. Additionally, it is anticipated that over the course of the forecast period, demand for the product will increase due to the rapid urbanisation and a shift in consumer preferences toward luxury bags outfitted with cutting-edge technology, including GPS trackers, high-security locks, USB ports, sturdy wheels, and expandable capacity. In addition, it is anticipated that the expansion of the leather accessories market will be fueled by expanding educational possibilities, increased interest in outdoor and adventure sports, and rising government backing.

Barracuda, Inc., Samsonite IP Holdings S.AR.L., Horizn Studios GmbH, TraxPack LLC, Modobag, Delsey S.A., Planet Traveler USA, Away Com INC, Néit Products Ltd, RIMOWA GmbH & Co Distribution KG

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