The Global Luggage Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Travel and Tourism

Luggage Market


Luggage consists of bags, cases and containers which hold personal belongings while traveling. Common type of luggage includes duffel bags, suitcases and backpacks. Luggage offers convenience to travelers for smoothly carrying their belongings from one destination to another in an organized manner. The increasing number of people opting for leisure and business travels has augmented the demand for high quality, durable and aesthetic luggage solutions.

The global luggage market is estimated to be valued at US$ 177.03 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing travel and tourism is one of the major opportunities propelling the growth of the luggage market. Travel and tourism industry has witnessed a consistent rise over the past few decades on the back of increasing disposable incomes, growing adventure sports trends, expanding airline networks and ease in travel documentation processes. Countries worldwide are promoting their tourist spots to attract more tourists. This has tremendously boosted both domestic and international tourism activities. With the growth in number of tourists travelling globally each year, the demand for luggage from travelers is also growing significantly. The luggage market players can capitalize on this opportunity by developing innovative and technologically advanced luggage products catering to the diverse needs of various tourist demographics. This will help them enhance their revenue streams from the growing travel and tourism industry.

Porter’s Analysis
Threat of new entrants: The luggage market have moderate threat of new entrants due to high capital requirements for manufacturing units and distribution channels. However, new players can enter the market through e-commerce platforms with low investment.
Bargaining power of buyers: Buyers have high bargaining power due to availability of variety of luggage brands and product options. Buyers can easily switch to alternatives based on price and quality.
Bargaining power of suppliers: Material suppliers have low to moderate bargaining power due to availability of substitutes. However, suppliers of niche and innovative materials may have some pricing power.
Threat of new substitutes: Threat from substitutes is moderate as alternatives like hand bags, backpacks offer convenience. However, suitcases and travelling trunks are still the most used substitutes for luggage.
Competitive rivalry: The luggage market has high competitive rivalry with the presence of leading global brands. Companies compete based on price, quality, product features, and innovation to gain market share.

SWOT Analysis
Strength: Luggage market caters to growing travel and tourism industry. Leading brands have strong brand recognition and loyal customer base.
Weakness: Seasonal demand and dependency on discretionary consumer spending. Rising raw material prices can squeeze margins for companies.
Opportunity: Emerging markets in Asia Pacific and Middle East regions offer huge growth potential. Increasing medical and corporate travel also presents opportunities.
Threats: Economic slowdown can dampen consumer spending on discretionary purchases like luggage. Growing online retail threatens brick-and-mortar stores.

Key Takeaways
Global Luggage Market Demand is expected to witness high growth during the forecast period of 2023 to 2030 supported by recovering travel industry post pandemic. The market size for luggage touched US$ 177.03 Bn in 2023 and is projected to reach over US$ 300 Bn by 2030 at a robust CAGR of 12%.

Regional analysis of global luggage market pointed towards Asia Pacific as the fastest growing region primarily driven by China, India and Southeast Asian countries. The region accounted for around 30% of total luggage sales worldwide in 2024. North America represented the largest luggage market globally with United States at the forefront supported by frequent business and leisure travel from citizens.

Key players operating in the global luggage market include Samsonite International S.A., VF Corporation, Rimowa GmbH, Louis Vuitton Malletier S.A., PVH Corp., VIP Industries Ltd., Delta Galil, Etienne Aigner AG and Crumpler among others. Major players are focusing on strengthening their distribution channels particularly online and coming up with innovative material and designs to enhance product portfolio. 

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