CAGR: 6%Current Market Size: USD 32 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The Global Suitcases & Briefcases market is expected to grow from USD 32 billion in 2022 to USD 51 billion by 2030, at a CAGR of 6% during the Projection period 2023-2030. The growth of this market is mainly driven by the increasing demand for high-end Suitcases & Briefcases.
Any personal items a traveler brings on a flight, cruise, or bus are considered Suitcases & Briefcases, whether they are checked or not. A traveler's belongings are kept in Suitcases & Briefcases, which consists of bags, cases, and containers, while they are being transported. The majority of the time, antique Suitcases & Briefcases was composed of hefty materials like wood. However, the shape of Suitcases & Briefcases has radically evolved throughout time. The categories include travel, business, sports, and others depending on the type of goods. Offline, Department Stores, Hypermarkets & Supermarkets, Internet Sales, and Others are some of the different distribution channels for Suitcases & Briefcases. Value & Mid-Level, Premium, and Luxury are the three different pricing ranges for Suitcases & Briefcases. Over time, Suitcases & Briefcases has changed. Chests or trunks made of wood or other sturdy materials were historically the most popular types of Suitcases & Briefcases. These would be transported by qualified movers. Since the Second World War, hand-carriable suitcases and bags that are smaller and lighter have taken over as the primary type of Suitcases & Briefcases.
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Market Dynamics:
Drivers:
The expansion of the travel and tourist industries is strongly correlated with the rise in demand for Suitcases & Briefcases bags. The travel and tourism sector has expanded significantly during the last few years. The tourism sector is currently one of the most dynamic and diverse businesses in the world. Strong outbound tourism is present in nations including China, the United States, South Korea, Brazil, the Netherlands, Spain, Germany, and the United Kingdom. Additionally, over the past few years, the baby boomer segment's expenditure on leisure travel has been rising quickly, which has further fueled the market's expansion. The World Tourism Organization (UNWTO) reports that 1.3 billion people visited other countries for business or pleasure in 2019.
Restraints:
The primary difficulties for makers of travel bags are the availability of locally produced, reasonably priced brands and changes in the tourism industry. There are times when the tourism industry is closed. The COVID outbreak was one such instance. During the pandemic, tourism was completely halted all around the world for about a year. This has a significant impact on the travel Suitcases & Briefcase industry as well as other tourism-related companies. Even if the pandemic is over now, the effects of the lockdown are still felt. People avoid crowded areas out of fear and prefer to travel locally or to rural locales. This is resulting in an overall fall in the market for travel bags.
Opportunities:
The market's technological developments are anticipated to increase demand for smart Suitcases & Briefcases globally. According to research published in November 2017 in the International Journal for Research in Applied Science & Engineering Technology (IJRASET), a Suitcases & Briefcases bag has a kick scooter linked to it for the convenience and comfort of the passenger. For instance, OLAF, a Slovenian company that makes scooters with backpacks, offers a 4-in-1 solution that combines a steerable kick-scooter, a strong trolley, a removable ergonomic backpack, and a wooden skateboard.
Challenges:
With continuous development in the Suitcases & Briefcases industry, the cost of production is increasing which hampers the market growth. As with developments the incorporation of technology in Suitcases & Briefcases increases their cost which hampers the global Suitcases & Briefcases market.
Segmentation Analysis:
The global Insulation board market has been segmented based on type, distribution, and others.
By Type
The type segment is travel and business. The travel segment led the largest share of the Suitcases & Briefcases market with a market share of around 62% in 2022. The rapidly expanding worldwide travel and tourism sector is largely to be responsible for the escalating need for suitcases. Additionally, the hiring of top athletes from around the world as brand ambassadors for Suitcases & Briefcases makers also contributes to the market expansion of this area.
By Distribution channel
The distribution segment includes offline and online. The offline segment led the Suitcases & Briefcases market with a market share of around 68% in 2022. The expansion of the market is being fueled by the opening of specialized retail locations from leading brands in the offline channel. The sale of these goods will be boosted by rapid urbanization, a burgeoning network of specialty retail establishments, and consumers' preference for the traditional method of purchasing Suitcases & Briefcases and briefcases at the neighborhood retail market.
Global Suitcases & Briefcases Market- Sales Analysis.
The suitcases & briefcases marjet expanded at a CAGR of 34.6% from 2016 to 2022.
Traveling is steadily gaining popularity among all people. Everyone has travel plans, whether they be for a domestic or international journey. Travel is becoming a popular way for people to unwind and get away from their mundane everyday lives. One issue that every traveler consistently faces is Suitcases & Briefcases. Planning what is crucial to pack and bring on a trip is never easy. Travelers prefer larger or several baggages to avoid such hassle. The demand for travel bags will increase as tourism increases. The travel bag market will therefore continue to be active as long as the tourism industry is performing well.
Travelers constantly strive to choose the greatest travel bag for their needs, and manufacturers are always prepared to meet these requests. Since each traveler has unique needs, bag manufacturers offer a variety of features, designs, qualities, and functionalities in their products. As tourism grows and more people travel, whether it is for pleasure or business, a lengthy journey or a short one, bags are also evolving. All of these factors have led to an increase in the market for Suitcases & Briefcases.
By Regional Analysis:
The regions analyzed for the Suitcases & Briefcases market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the Suitcases & Briefcases market and held a 41% share of the market revenue in 2022.
Global Suitcases & Briefcases Market- Country Analysis:
Germany's Insulation board market size was valued at USD 3.6 billion in 2022 and is expected to reach USD 5 billion by 2030, at a CAGR of 4.2% from 2023 to 2030. Both domestic and international travel is on the rise in Germany, which is experiencing a surge in the tourist industry. Due to the epidemic and travel restrictions, outbound tourism from Germany was significantly lower than the previous year. Now that the restrictions have been lifted, however, German visitors are eager to travel again. People from Germany spend the most on business and leisure travel abroad. Germans favor robust, lightweight trolley bags since foreign flights have restrictions on baggage weight. There is always a risk of theft or missing Suitcases & Briefcases, so German travelers invest in Suitcases & Briefcases with smart locks and built-in GPS.
China’s Suitcases & Briefcases market size was valued at USD 5.8 billion in 2022 and is expected to reach USD 8.56 billion by 2030, at a CAGR of 5% from 2023 to 2030. One of the nations with the highest COVID awareness is China, which has restricted visitor entry. All tourists are now welcome within the nation's borders. It is also anticipated that domestic tourism will increase. This implies that businesses for suppliers of travel bags will grow. The simplicity and minimalism that Chinese people are famed for extend to their travel bags as well. Chinese travel bags have a straightforward appearance but are stuffed with distinctive features and vast storage capacities. Not only are vast storage spaces and practical features offered for larger bags, but also for backpacks.
India's Suitcases & Briefcases market size was valued at USD 4.8 billion in 2022 and is expected to reach USD 6.87 billion by 2030, at a CAGR of 4.6% from 2023 to 2030. India's baggage sector has seen a significant increase in competition as newcomers like Da Milano and established companies like VIP compete for customers. A rise in travel and tourism activities as well as an increase in business travelers are predicted to fuel market growth and increase demand for travel and business bags. Around 26.92 million Indians visited abroad in 2019, up 11.66% from the previous year, according to the Indian Ministry of Tourism. This suggested that there was more demand for Suitcases & Briefcases.
Key Industry Players Analysis:
To increase their market position in the global Suitcases & Briefcases business, top companies focus on tactics such as adopting new End-User, mergers & acquisitions, Type developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6% |
Market Size |
32 Billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Ace Co. Ltd., Antler Ltd., Bric’s Industria Valigeria Fine SPA, Delsey S.A, Luggage America Inc., LVMH Moët Hennessy Louis Vuitton, Nike, Inc., Samsonite International S.A., V.F. Corporation, Valigeria Roncato, VIP Industries Ltd., and Briggs & Riley Travelware |
By Type |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Suitcases & Briefcases Market by Type:
Global Suitcases & Briefcases Market By Distribution channel:
Global Suitcases & Briefcases Market by Region:
The Asian Suitcases & Briefcases market was projected to gain a global market share of 41% in 2022.
The Distribution segment includes Offline and Online.
Global Suitcases & Briefcases market is being driven by increasing usage of Suitcases & Briefcases for traveling.
The global Suitcases & Briefcases market is expected to grow with a 6% CAGR during the Projection period.
Global Suitcases & Briefcases market size was USD 32 billion in 2022
Political Factors- The growth and development of suitcases & briefcases are supported by powerful political institutions and organizations. Government stability also enables the international expansion of sectors like suitcases & briefcases. Due to political strength and stability, trade links with foreign nations enable sectors like suitcases & briefcases to sustain offshore commercial affiliations simply and seamlessly. The citizens, businesses, and suitcases & briefcases industry must abide by the laws and regulations created by the government and legislators. Such laws may have a significant negative effect on a company's earnings and revenue. The price of goods and services would rise if the government increased the sales tax. People would then start making more selective decisions, which would result in a decline in overall sales. Fewer sales equal less revenue. The supply chain for goods and services would be disrupted if there were any changes in the political climate of the nation, such as protests, blockages, or restrictions. Therefore, if there is a conflict in local politics, businesses cannot operate effectively.
Economical Factors- It is projected that increasing demand for the product in the business and travel industries will drive the market for suitcases & briefcases. The economy requires a moderate pace of inflation in order for industries like suitcases & briefcases to flourish. A moderate rate of inflation will also support business growth and have a favorable impact on consumer confidence and spending habits. The economy will expand as a result, and there will be more money available to spend generally. A higher inflation rate could have an impact on businesses and organizations, erode consumer confidence, and lead to less discretionary spending, which would slow down overall expansion. A decline in inflation will lead to a considerable increase in disposable money, which will likely increase competitiveness, especially through pricing strategies that can lead to unethical price wars that unfairly favor the consumer.
Social Factor- A larger share of the younger population is beneficial for the industry producing suitcases & briefcases since it will provide the company access to a larger consumer base. Additionally, a younger population will supply the suitcases & briefcases industry with more skilled and educated laborers, thereby broadening and deepening the talent pool. The upper middle class and middle class, who are already consumers and supporters of suitcases & briefcases, are equally important. This group encourages young people to become dedicated customers by promoting suitcases & briefcases as a brand. The travel and tourism sector has expanded significantly during the last few years. The tourism sector is currently one of the most dynamic and diverse businesses in the world. Strong outbound tourism is present in nations including China, the United States, South Korea, Brazil, the Netherlands, Spain, Germany, and the United Kingdom. Additionally, over the past few years, the baby boomer segment's expenditure on leisure travel has been rising quickly, which has further fueled the market's expansion. The World Tourism Organization (UNWTO) reports that 1.3 billion people visited other countries for business or pleasure in 2019.
Technological Factors- A strong technological foundation supports country-by-country examination. Technical innovation and progress are happening quickly. Companies like suitcases & briefcases are increasingly using technological innovation and advancement to increase their efficacy and efficiency. The market's technological developments are anticipated to increase demand for smart suitcases & briefcases globally. According to research published in November 2017 in the International Journal for Research in Applied Science & Engineering Technology (IJRASET), a suitcases & briefcases bag has a kick scooter linked to it for the convenience and comfort of the passenger. For instance, OLAF, a Slovenian company that makes scooters with backpacks, offers a 4-in-1 solution that combines a steerable kick-scooter, a strong trolley, a removable ergonomic backpack, and a wooden skateboard.
Environmental Factors- Environmental sustainability and recycling are getting increasing attention. Consumers are becoming more and more insistent that products be recycled before being thrown away. Consumers are also growing more and more interested in purchasing recycled goods. The suitcases & briefcases industry should affiliate with and register with waste management institutions and authorities in order to adhere to regulations, maintain checks, and avert any future concerns. Market players should introduce a green product line that differs from their current products. The business plans to gradually increase the weight of its green product line to increase its impact on environmental sustainability.
Legal Factors- Only a handful of these include laws governing employment, antitrust, health and safety, and consumer protection. These elements could have an impact on a company's operations, expenses, and product demand. Failure to follow the new rules and legal procedures controlling single-use assembly could lead to an organization's and a market's abrupt collapse. There are strict regulations pertaining to the health and safety of employees while at work. Reputable organizations and groups often audit companies to check that safety nets, drills, and other preventative measures are being used. The safety and health of employees encompass not only their physical health but also their emotional and mental wellness. According to national regulations, businesses must construct legally enforceable employment contracts. The respected governmental bodies have approved these agreements, which cover every area of work. Employability agreements foster good relations between all parties and avoid misunderstandings or collusion.
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