High Growth of the Luggage Market Owing to Increased International Travel and Tourism
SWOT Analysis
Strength: The luggage market has a large consumer base as luggage is used by travelers worldwide. It has various product segments like duffle bags, suitcases, backpacks, and trolleys which provide options to consumers. Manufacturers offer advanced features like lightweight yet durable materials, multiple compartments, digital locks, and GPS trackers in luggage.
Weakness: Changing consumer preferences and rise of minimalistic travel trends have reduced demand for large, bulky luggage. Frequent changes in airline baggage policies regarding weight and size restrictions pose challenges. The market also faces issue of counterfeit and low-quality products being sold.
Opportunity: Growing tourism industry globally is driving the need for travel luggage. Increase in business travel and rising middle class in developing nations present an opportunity. Manufacturers can launch sustainable and eco-friendly luggage made from recycled materials. Development of smart luggage with connectivity features through integration of IoT and electronics opens new avenues.
Threats: Economic slowdowns and uncertainties negatively impact discretionary spending on luggage. Strict regulations regarding import tariffs pose threats. Rising raw material costs of plastics and metals used in luggage can squeeze profit margins of manufacturers. Changing trends where people carry handbags or backpacks instead of conventional luggage also poses challenge.
Key Takeaways
Global Luggage Market Demand is expected to witness high growth on the back of rising international tourist arrivals worldwide and greater emphasis on experiences during travel over possession of goods.
Regional analysis: The Asia Pacific region accounts for around 35% share of the global luggage market led by countries like China, Japan and India. China is the largest luggage producer as well as consumer globally. Rising international visitations to destinations like Thailand and Bali has augmented the sales of travel luggage products across APAC. Countries like Indonesia and Vietnam are emerging markets expected to drive fastest growth.
Key players operating in the luggage market are Thermo Fisher Scientific, Danaher Corporation, Merck KGaA, BD Biosciences, Promega Corporation, Bio-Techne Corporation, Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd, QIAGEN N.V., Sartorius AG, PerkinElmer, Miltenyi Biotec, Cell Signaling Technology, BioLegend, Abcam, Takara Bio, Fluidigm Corporation, NanoString Technologies, 10x Genomics, Bethyl Laboratories.
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