The global suitcase and briefcase market size was valued at USD 29.23 billion in 2021 and is expected to reach USD 47.94 billion in 2030 expanding at a compound annual growth rate (CAGR) of 5.65% from 2022 to 2030.
The majority of what we consider to be luggage consists of Suitcases, Briefcases, travel bags, business cases, and several other types of casual bags. There are many producers, both organized (global) and disorganized (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.
The expansion of the market may be attributed to factors such as the burgeoning travel and tourist industry, increasing urbanization, 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. Many people perceive briefcases and suitcases to be fashion-forward objects, and the status symbols associated with their ownership contribute, in some situations, to an increase in demand for luxury goods.
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. One of the primary reasons for the expansion of the market is the introduction of more technologically advanced and innovative products by firms that manufacture goods.
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.
The pandemic due to the COVID-19 virus had a detrimental impact on the market. The significant decline in the travel and tourist business that occurred throughout the pandemic is the primary factor behind the worldwide drop in the number of suitcases purchased. As a result of the newly discovered Coronavirus, the expansion of the market was delayed by the stringent installation of country-wide lockdowns as well as a total restriction on overseas travel as well as travel inside the country.
At the worldwide level, the market is impacted by a number of factors, including restrictions placed on the import and export of products, the closure of production facilities, smaller footprints at retail outlets, and a decrease in the need for baggage as a result of fewer people traveling. The COVID period was marked by a movement in consumer purchasing behavior away from traditional offline channels and toward internet portals, which had a favorable impact on the market for baggage.
The suitcase and briefcase market we segmented into the following categories: Product Type, Distribution Channel, and Region.
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. The constantly expanding travel and tourism sector is the primary driver behind the increased demand for luggage in markets throughout the world. In addition, the hiring of world-renowned sportsmen as brand ambassadors for several luggage manufacturers contributes significantly to the expansion of the market for bags.
The market for business cases is expected to rise at the quickest rate throughout the anticipated time period, posting a compound annual growth rate of 6.2 percent. An increasing number of businesses and firms that employ senior management are carrying briefcases, which has resulted in an increase in the need for business cases. A huge customer base is attracted to the availability of business cases in a number of alternatives, with varying fabrics, stitching patterns, and durability with professional and casual designs. This leads to increased demand in markets all over the world.
Based on the 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. The expansion of the market is being driven in large part by the offline creation of specialized retail locations run by leading brands in that channel. Rapid urbanization, an expanding network of specialized retail establishments, and customers' preference for the traditional method of purchasing luggage and briefcases at the neighborhood retail market will all contribute to an increase in the sale of these items.
The expansion of digitalization, the proliferation of readily available smartphones and internet connections, as well as the propensity of the younger generation to shop for goods via online marketplaces, are all factors that are expected to drive growth in the online trading market over the next few years. At a (CAGR) of 6.1 percent throughout the course of the projection period, it is anticipated that online trade would be the distribution channel with the greatest rate of expansion. This may be attributed to several factors, including the increasing demand for luxury items that can be purchased through e-commerce, the availability of products in a variety of colors, design patterns, materials, and, most crucially, price ranges, and the accessibility of these factors.
Based on region the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East.
The Asia Pacific region held 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 traveling outside the country, whereas India has 50 million people traveling outside the country. In addition to this, an increase in internal travel and tourism also contributes to the expansion of the region. The rise in customers' discretionary income and their increasing expenditure on travel bags are two more factors that have contributed to the expansion of the suitcases industry.
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. Changing lifestyles, an increase in the number of people traveling both in and out of the country, growing demand for fashion trendy products as a result of an increase in disposable income, a high working population, the availability of established brands, and the willingness of consumers to pay more for premium brands will all contribute to the growth of the market in this region.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
A final deal between LVMH and Virgil Abloh was revealed in July 2021. According to the terms of the agreement, LVMH will purchase 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 colors.