Luggage: A Global Strategic Business Report
San Jose, California (PRWEB) March 20, 2015
Follow us on LinkedIn – Luggage sales are heavily dependent on the travel and tourism industry. Over the past 50 years, the global tourism sector recorded steady growth with the exception of a few years that were marked by major political or economic turbulence or disease outbreaks. Tourism is today one of the fastest growing and most diversified sectors accounting for a sizable chunk of the global GDP besides energizing business, trade, employment, infrastructure development, and stimulating social development of communities. The face of travel is changing with consumers preferring to travel in style. The luggage industry is employing state-of-art technology and scientific research to develop sophisticated products with innovative designs that effectively reduce neck pain, back stress and shoulder fatigue during travel. Almost all types of bags, suitcases and backpacks are fitted with wheels, specifically designed with the concept of carrying more with less strain on the traveler.
New luggage design solutions poised to benefit the market in the near term include smarter pockets, sturdier handles and smoother wheels that address the most common grievances of travelers. 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. While lightweight luggage is the continuing trend, there is increasing demand from business travelers for usability and durability of the product. Frequent flyers are ready to pay a premium for a bag that guarantees the robustness to endure many years of high-frequency, high-volume travel. Healthy R&D investments in the luggage market are fostering continuous innovation and refinement in luggage designs, build and features. 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. Asia-Pacific, led by China, ranks as the fastest growing market with a projected CAGR of 11.4% over the analysis period. Robust international travel, expanding Asian appetite for mass consumption, globalization of the industry, rising standards of living to complement aspirational travelling, the casualization of travel gear, and increasing business travel, represent key growth drivers in the region.
Major players covered in the report include Ace Co. Ltd., Antler Ltd., 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., 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, 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 click here
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 1500+ 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.
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