The tourism industry has been witnessing significant growth since the past few years. As the disposable income of people has risen considerably, particularly in developing countries, larger number of people are now investing in travel and tourism activities. Other than this, the lifestyle patterns of people across the globe have been changing for the better as well and people now consider travelling as a defining experience in their lives. Because of this, the tourism industry has become a prominent industry all across the globe.
This rise in the number of travel and tourism activities is also resulting in the growth of the global luggage market. Luggage is an important part of travel activities and owing to the increasing disposable income of people, they are now able to afford quality luggage. The market is further registering growth due to the rise in business activities. Because of globalization, people these days are not just engaging travel activities for leisure purposes but also for business activities.
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Owing to this, companies in the domain are making use of different type of raw materials, including polycarbonate resins, for decreasing the weight of end-products. Polycarbonate and other high-tech plastics are used for forming the hard sides for luggage, since they are light in weight and strong. In addition to this, lightweight luggage also aid in decreasing the overweight charges on airplanes. The luggage market is expected to generate a revenue of $43,356.0 million in 2020, increasing from $30,967.0 million, progressing at a 5.5% CAGR during the forecast period (2015–2020).
Geographically, in the luggage market, the Asia-Pacific region is expected to register the fastest growth during the forecast period. The increasing consumer spending that is resulting in the growth of the travel and tourism industry is the major factor leading to the growth of the regional domain. The major shares of the regional market is being held by China, Japan, and India.
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In conclusion, the market is being driven by the growth of the travel and tourism industry, need for lightweight luggage, and increasing business activities.