Asia-Pacific Luggage Market Research Report, 2027

In emerging economies of Asia Pacific region, the unorganized luggage market players are posing several challenges for major players in the organized sector. The manufacturing cost of luggage is lower, owing to easy availability of raw materials such as plastics, leather, and others. Furthermore, local luggage manufacturers from the unorganized sector usually offer their products at a lower price, as they save on several additional costs, such as research and development, advertising, branding, and costs for procuring high quality raw materials. According to the report, “Asia-Pacific Luggage Market Research Report, 2027” published by Actual Market Research, the market is anticipated to attain more than USD 28 Billion market size with around 6% CAGR for 2022-2027. The market has been growing over the past few years, due to factors such as growing travel and tourism spending, rapid urbanization, growth of E-commerce, rise in student enrolment, rising purchasing power, rising youth population, rising middle class population and spending, etc. In addition to that, boom in the travel and tourism sector would provide a boost to the demand for luggage, particularly travel bags. Luggage is essential in the journeys because it allows safely storing and transporting goods. As the travel industry expands, so does the demand for various types of luggage that meet the expectations of customers. On the other hand, the market is projected to grow at a fast pace during the forecast period, due to various latest trends such as surge in online advertising, rising demand for smart luggage, growing inclination towards branded products, use of luggage as fashion accessory, advancement in luggage and adoption of organic leather products. Further, demand for smart luggage has increased because smart luggage enables the travellers to keep a track of their luggage, thus helping in ensuring the safety of their belongings throughout the journey. Also, availability of the product in different shapes, sizes, colors, and design patterns appeals to the large consumer base, thus propelling the market growth. Suitcases and briefcases are considered to be fashion trendy products and the status symbolism of the owner for some leads to rising demand for premium products across APAC region. The Asia Pacific accounted for the largest market share with over 40% in 2021 and is expected to continue to expand at a substantial growth rate in the forecasted period. Increased outbound travellers from this region are propelling the market growth. In 2019, China had 169 Million outbound travellers and India had 50 Million outbound travellers. Furthermore, the rise in disposable income and consumers' increased spending on traveling luggage are also responsible for suitcases market growth. The market is driven by the growing economy, rise in middle-class population, and meanwhile increase in disposable income as well as per capita consumption of consumers and the high demand for fashion bags. Demand for bags and luggage in India fall as a result of COVID-19, as travelling for both work and leisure ceased, and consumers began to work from home. Increased working from home and more informal working culture also contributed to reduced demand, accelerating trends seen prior to COVID-19. In the last few years, Asia-Pacific region has witnessed an increase in the share of the organized sector in overall market revenue. This is primarily due to companies such as Lavie, Caprese, etc. This pace of development is due to the opening up of new hypermarkets and departmental stores which lead to an increase in brand visibility. The luggage market is concentrated among few players with Louis Vuitton, Burberry and Gucci as some international brands and HI design and Da Milano as major domestic brands. It has been observed that e-commerce has brought a rise in the shopping trend across various emerging economies. Online luggage sales have showcased an increasing trend by growing. Along with expanding consumer base of fashion-conscious consumers worldwide, Asia-Pacific is expected to sustain the growth of the market in the foreseeable future. The market segmentation is based on verticals product innovations, expansions, mergers and acquisitions. Moreover, it is crucial for players to continuously innovate, in order to operate and grow in the market, due to the rapidly changing consumer demands and preferences. Some of the materials used in luggage include plastic, aluminum, fabric, and iron. Unstable prices of these raw materials adversely affect the income margins of luggage manufacturers. The largest market for travel bags in 2014 was Asia-Pacific. The African and Asian countries are anticipated to experience highest urban growth in the forecast period. Covid-19 Impacts: The COVID-19 pandemic, travel restrictions, national and local lockdowns have impacted many countries across the world. Like many other industries the global luggage industry also experienced a slowdown, especially during the first half of 2020. During the lockdown, the operations of numerous industries were temporarily halted or were functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The Asia-Pacific luggage market is no different, and this factor impacted the supply chain and that led to high cost associated with branded luggage. Due to the impact of the COVID-19, travel and tourism have slowed to a trickle. Therefore, the luggage industry has been severely impacted. The majority of potential customers restrained their spending on travel bags, which had a direct impact on the luggage market's top big brands' sales earnings. In 2021, the pandemic situation stabilized, consumer purchasing patterns strengthened, and the market began to reach its full potential as the economies of developing countries improved. People started traveling as travel restrictions were removed and demand for luggage were returned to pre pandemic level. Considered for the Report: Geography: Asia-Pacific Base Year: FY 2016 Estimated Year: FY 2022 Forecast Year: FY 2027 Objective of the study: • To present a global luggage industry • To analyse and forecast the market size of Asia-Pacific Luggage, in terms of value • To define, classify and forecast Luggage market on the basis of segments like Travel Bags, Casual Bags and Business Bags • To strategically profile leading players, those are operating in the Luggage industry of World. Approach for the Report: Actual Market Research performed primary as well as secondary research for this study. Initially, a list of manufacturers and suppliers operating in the Luggage market of the world were sourced through secondary sources. With the identified companies and consumers, primary research was carried out which included conducting online surveys, competitor analysis and exhaustive personal interviews - both face to face as well as telephonic basis, to extract maximum information from participants like industry executives/ distributors or consumers. Primary research gave us an idea of company revenues, export, pricing, geographical presence, channel partner model, USP etc. and also helped us to identify various small players who otherwise have less presence on the web. Actual Market Research seeks secondary data from third-party sources such as published articles, company websites, magazine articles, associations, trade journals, annual reports, government official websites and other paid database sources. In addition, data is also mined from a host of reports in our repository, as well as a number of paid databases of Indian government. Using both primary and secondary information, Actual Market Research calculated the market size through a bottom-up approach, where manufacturers’ value sales data for different types of luggage were recorded and subsequently forecasted for the future years. Scope of the Report: “Asia-Pacific Luggage Market Research Report, 2027” discusses the following aspects of pet care market in the world: - Global Luggage Market Research Report - Global Travel Luggage Market Size By Value & Forecast - Global Casual Luggage Market Size By Value & Forecast - Global Business Luggage Market Size By Value & Forecast - Global Luggage Market Segmental Analysis: By Company, By Country, By Region, By Segment, By Sales Channel - Asia-Pacific Luggage Market Research Report - Asia-Pacific Travel Luggage Market Size By Value & Forecast - Asia-Pacific Casual Luggage Market Size By Value & Forecast - Asia-Pacific Business Luggage Market Size By Value & Forecast - Asia-Pacific Luggage Market Segmental Analysis: By Country, By Segment - China Luggage Market Research Report - Japan Luggage Market Research Report - India Luggage Market Research Report - South Korea Luggage Market Research Report - Australia Luggage Market Research Report - Rest of Asia-Pacific Luggage Market Research Report - Key Vendors in this market space Intended Audience: This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to pet industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.