This statistic depicts the compound annual growth rate of the luggage market's retail sales worldwide between 2021 and 2025, by product category. During that period, the compound annual growth rate of backpack luggage retail market was estimated at 7.3 percent.
Global Luggage MarketTraveling has increased to a great extent with the rise in urbanization and leisure activities. People are becoming more inclined toward branded and fashionable travel accessories including luggage. The present day meaning of luggage has evolved from a traditional clothes packing medium into a more comfortable, convenient and multi-purposeful travel-companion. Luggage has now become a part of travel apparel which defines personality of the traveler. Nowadays, apart from clothes, luggage bags include shoes, laptops, cameras as well as other related electronic accessories, food items, water bottles, and business files.
The
global luggage market was estimated to generate sales close to 23 billion U.S. dollars by 2025. The rising global economy and increasing per capita income are some of the key drivers of the global luggage market. The luggage market can be segmented into three major categories, namely casual bag, travel bag, and business bag. These categories can be further fragmented into backpacks, computer bags, wheel bags, business carry-on tool bags, and sports bags. The casual bag segment, which includes backpacks and wheel bags, is the fastest-growing segment.
Samsonite is one the world's largest travel goods players. In 2021, the
total revenue of Samsonite was around 2 billion U.S. dollars; with
just over a third of its net sales being generated by its Asian region. The top four players of the industry are ACE, Samsonite, Tumi, and VF Corp. although there are several emerging players in developing countries, who operate at the local level.