Global luggage bag market will reach 23 billion US$ by the end of 2025

Publisher: QYResearch

Published Date: 2019/7/29

The global market for luggage bag is currently valued at 13 billion USD in 2018 and is forecast to grow by 8% annually, reaching an estimated $23 billion by 2025. Total consumption of luggage bag is expected to reach about 386000 K Units by the end of 2025, with a forecast CAGR of 6% from 2018.

The favorable economic environment in the China has fostered rapid growth, which has contributed to strong growth in the travel and tourism industry. According to the China National Tourism Administration, China currently has the largest tourism industry in the world, based on total number of travelers.

Hypermarket channel continues to witness the strongest growth amongst all channels suggesting that global consumers are showing preference towards affordable luggage and convenience of modern shopping formats which are clean and air conditioned. E-commerce is another channel to look for in the near future as it rapidly expands with Indian consumers. Affordable luxury brands continue to grow well in global.

According to the statistical data, worldwide luggage bag demand market is growing in line with GDP. Regionally, the driver of this growth will be the Asia Pacific market, where China consumption of Luggage Bag is expected to increase by a slow speed of around 7% annually over the forecast period. This will be offset by relatively stable development in North America and European demand and slow growth in other regions. China, USA and Europe are also leading production market.

Currently most of the leading Luggage Bag manufacturers has its own mature sales networks. Through retailer and resells, their authorized distributors or their partners, those Luggage Bag manufacturers keep keen on expanding their Luggage Bag sales. To achieve better sales businesses, Luggage Bag manufacturers usually invest on their marketing channel infrastructure every year.

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