Global Suitcase And Briefcase Market Ascends at a Healthy CAGR of 5.56%

Introduction

The majority of what we consider to be luggage consists of Suitcases and Briefcases, travel bags, business cases, and several other types of casual bags. There are many producers, both organised (global) and disorganised (local), that produce a wide variety of suitcases to cater to a variety of varied travel and business requirements. Luggage is a very significant consumer commodity all over the world.

Market Dynamics

The expansion of the market may be attributed to factors such as the burgeoning travel and tourist industry, increasing urbanisation, consumers' evolving lifestyles, and their greater purchasing power. The fact that the product may be purchased in a variety of forms, dimensions, hues, and pattern configurations is attractive to the vast majority of customers, which in turn drives the expansion of the market.

In the realm of business, briefcases are quite popular since they are required for transporting crucial items such as money, important papers, and valuables. The increasing demand for briefcases is a direct result of the increasing number of entrepreneurs who want to use them since they are an attractive and practical method to transport essential papers and computers from one location to another. The expansion of sports activities all over the world and the rising demand for bags from athletes are both contributing factors to the expansion of the suitcases market.

Travelers have shown a strong preference for versatile travel bags, which has led to an increase in demand for luggage carriers that can fold up or transform into another shape. On the international market, there has been a rise in demand for suitcases that feature spinning wheels because they are simple to transport between various locations.

A further factor that will contribute to the expansion of the market is the incorporation of radio frequency identification (RFID) technology into carry-on luggage and business bags by various manufacturers. A further factor that will contribute to the expansion of the market is the growing desire among millennial customers for premium and stylishly fashionable items.

Regional Overview of Suitcase and Briefcase Market

The Asia Pacific region had the highest market share in 2021, with more than 35 percent, and it is anticipated that this region will continue to increase at a significant growth rate throughout the course of the anticipated period. The expansion of the market is being driven in large part by the rise in the number of passengers leaving this region. In 2019, China has 169 million people travelling outside the country, whereas India has 50 million people travelling outside the country.

It is anticipated that the market for bags and briefcases would expand at a compound annual growth rate (CAGR) of 6.3 percent from the years 2022 through 2028 in North America.

 

Key Highlights

• The global market for suitcase and briefcase was valued at USD 29.23 billion in 2021 and is expected to reach USD 164.95 billion in 2030 expanding at a compound annual growth rate (CAGR) of 5.65% from 2022 to 2028.
• Increasing demand for briefcases is a direct result of the increasing number of entrepreneurs.
• Travelers have shown a strong preference for versatile travel bags, which has led to an increase in demand for luggage carriers thereby boosting the market.
• The market for suitcase and briefcase us segmented into the following categories: Product Type, Distribution Channel, Region.
• Based on product the market is divided into the: Travel Cases and Business Cases. It is anticipated that travel cases will continue to hold their leading share position during the time that is being projected as they now have the greatest proportion of the market, which is over 80 percent in 2021.
• Based on distribution channel the market is divided into: Offline Trading and Online Trading. The biggest market share in 2021 was held by offline trading, which was over 75% of the total, and it is anticipated that offline trading would experience considerable growth over the course of the projection period.
• Based on region the market is divided onto: North America, Europe, Asia Pacific, Latin America, and Middle East.
• The Asia Pacific region had the highest market share in 2021, with more than 35 percent, and it is anticipated that this region will continue to increase at a significant growth rate throughout the course of the anticipated period.

Competitive Players

Competitors in Suitcase and Briefcase Market

• Ace Co. Ltd.
• Antler Ltd.
• Bric’s Industria Valigeria Fine SPA
• Delsey S.A
• Luggage America Inc.
• LVMH Moët Hennessy Louis Vuitton
• Nike, Inc.
• Samsonite International S.A.
• F. Corporation
• Valigeria Roncato
• VIP Industries Ltd.
• Briggs & Riley Travelware

Recent Developments

Recent Development by key players

A final deal between LVMH and Virgil Abloh was revealed in July 2021. According to the terms of the agreement, LVMH will purchase a controlling ownership in Off-white LLC. After the transaction is complete, LVMH will have a sixty percent ownership interest in the trademark, while Mr. Abloh will have a forty percent ownership interest in the trademark and continue to serve as the creative director of the brand.

Charlotte Stockdale and Katie Lyall teamed together with RIMOWA in May 2021 to create a limited-edition range of bags and travel accessories. The RIMOWA essential bags have distinctive polycarbonate grooves that are adorned with a striking pattern in the form of paint pouring down the exterior of the luggage.

The freshly enlarged holiday collection of Away was made available for purchase in December of 2020, along with the debut of the brand-new core travel collection. A nylon-and-leather zip tote bag, a laptop bag, and a messenger bag are included in the new product line, in addition to three new designs of backpacks available in a variety of colours.

Segmentation

Segmentation of Suitcase and Briefcase Market

By Product

• Travel Cases
• Business Cases

By Distribution channel

• Offline Trading
• Online Trading

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East