[April 15, 2018]

Top Factors Driving the Global Luggage Market | Technavio

Technavio market research analysts forecast the global luggage market to grow at a CAGR of above 6% during the period 2018-2022, according to their latest report.

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Technavio has published a new market research report on the global luggage market from 2018-2022. (Photo: Business Wire)

This market research report segments the global luggage market into the following products, including travel, casual, business, and sports and key regions, including the Americas, APAC, and EMEA.

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In this report, Technavio analysts highlight the growing global travel and tourism industry as the driving factor for the global luggage market:

Growing global travel and tourism industry augmenting growth

The growth in the sales of luggage is directly proportional to the growing travel and tourism industry. For over four to five decades, the global travel and tourism industry has witnessed significant growth. Presently, the travel and tourism industry is one of the fastest-growing and most diversified sectors, which results in good business, trade, employment, developing infrastructure, and stimulating the social development of different communities. Countries such as China, South Korea, the US, Brazil, Spain, the Netherlands, Germany, and the UK have strong outbound tourism. Thus, the travel and tourism industry will augment growth in the global luggage market.

According to a senior analyst at Technavio for research on luggage, "There has been a significant amount of contribution from baby boomers towards the travel and tourism industry. People in this demographic travel frequently, both for domestic and international travel. Over the last few years, the spend on leisure travel by this segment of the population is increasing rapidly. Medical tourism is also growing in this segment."

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Global luggage market segmentation

Of the four major products, the travel segment held the largest market share in 2017, accounting for nearly 43% of the market. The market share for this product is expected to increase by 2022. The fastest growing product is business, which will account for nearly 16% of the total market share by 2022.

APAC was the leading region for the global luggage market in 2017, accounting for a market share of nearly 44%. By 2022, APAC is expected to continue dominating the market and register a growth rate of nearly 2%.

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