Resurgence in Travel and Tourism Spurs Growth in the Global Luggage Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Luggage markets. Global market for luggage is forecast to reach US$42 billion by 2018, buoyed by the resurgence in global travel and tourism and the ensuing increase in rail, road, and air passenger traffic.
San Jose, California (PRWEB) October 16, 2013
Follow us on LinkedIn – Demand in the luggage market is strongly linked to consumer disposable incomes and global and regional economic health. The market is therefore prone to cyclical fluctuations and volatility. Travel luggage, the largest revenue generating market segment in the global luggage market, is highly dependent on volume and frequency of passenger traffic in roadways, railways, waterways and air-transport. The travel and tourism industry was among the major casualties of the 2007-2009 recession. The period witnessed a decline in global demand for travel luggage and accessories. The market rebounded in the year 2010 in sync with the recovery in the travel sector, and improvements in global economic conditions. Increase in credit availability, improvement in consumer purchasing power and buying confidence, and higher employment rates were factors that supported the resurgence in demand during the year. The current outlook for the travel and leisure sector is promising with the rise in consumer spending on travel and tourism for both holiday and business trips.
Global passenger air-traffic is increasing at a steady pace, with positive outcomes for the travel luggage market. Notably, Asia spearheaded by China is emerging as a significant market for both inbound and outbound tourism. Increasingly stringent airline and airport security regulations are forcing luggage manufacturers to develop more compact Airline Baggage that meet regulatory norms. The trend is being driven by the rising popularity of low-cost carriers (LCC) particularly in developing countries, with most LCCs limiting the number of luggage pieces and total weight of check-in luggage per passenger. Japan is the sole exception, with the recent relaxation in airline baggage limits boosting consumption of travel luggage in the domestic market.
Healthy R&D investments in the luggage market is fostering continuous innovation and refinement in luggage designs, build and features. Manufacturers are currently focusing on developing luggage designs that improve user comfort. Innovations hold the key to reducing the lengthy consumer purchase cycles in the sector. Availability of new, innovative products in a variety of colors and designs has the potential to increase the frequency of purchase and shorten the replacement period. The market is also expected to benefit from improvements in handle technology and wheel design. Convertible luggage, compactable & foldable luggage, ultra-lightweight bags and 360 degree ‘spinner' wheel models represent the most current fads that are capturing the appeal of consumers across the world. After progressively losing market share to softside luggage for several years, the hardside luggage segment is making a strong comeback aided by the development of improved polycarbonate materials.
With more and more women taking to travel for both business and leisure, the luggage industry is poised to woo women with new trendy products and accessories. The market for fashionable luggage products for men is witnessing growth, as reflected by the healthy increase in sales of male backpacks, totes and handbags. Backpacks continue to gain popularity in the school and college environment with manufacturers constantly striving to improve the diversity and functionality of offerings to capture a bigger slice of the pie. Demand for lifestyle luggage products is also picking up primarily driven by the increasing fashion and brand consciousness among consumers of all age-groups.
As stated by the new market research report on Luggage, the United States represents the largest market worldwide. Developed economies such as the Japan, United States, and Western Europe continue to remain under duress due to prevailing fiscal uncertainty and sovereign debt crisis. Global growth is increasingly shifting towards developing countries, especially the emerging BRIC and CIVET economies which are experiencing relatively stronger GDP growth, and rise in disposable incomes. Asia-Pacific, led by China, is thereby expected to emerge as the fastest growing market with a projected CAGR of 10.5% over the analysis period.
Major players covered in the report include Ace Co. Ltd., Antler Ltd., Boyt Harness Company LLC, Bric's Industria Valigeria Fine SPA, Delsey SA, Etienne Aigner AG, Luggage America Inc., Moët Hennessy Louis Vuitton, Nike Inc., Rimowa GmbH Samsonite International SA, Targus Group International Inc., Travelpro International Inc., Atlantic Luggage Co., Tumi Inc., V.F. Corporation, Valigeria Roncato SPA, and VIP Industries Ltd., among others.
The research report titled “Luggage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of major growth drivers, challenges, trends, and strategic corporate developments of major companies worldwide. Market estimates and projections are provided for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Thailand, Taiwan and Rest of Asia-Pacific), Middle East and Latin America. Product markets analyzed include Casual/Regular Use Bags, Suitcases/Travelling Bags, and Business/Computer Bags.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Luggage_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
For the original version on PRWeb visit: http://www.prweb.com/releases/luggage_market/airline_baggage_market/prweb11237246.htm