Global Hand Luggages Market Set to Exceed $9 Billion by 2030, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Global Hand Luggages Market,” the worldwide market for hand luggage is poised for substantial growth, with a projected market value expected to exceed $9 billion by the year 2030. This growth is driven by the increasing frequency of air travel and evolving consumer preferences for stylish and functional travel accessories.
Market Overview:
Hand luggage, often referred to as carry-on luggage or cabin baggage, includes bags and cases designed to be carried by travelers onto airplanes. These pieces of luggage are subject to size and weight restrictions imposed by airlines.
Key Market Insights:
- Rise in Air Travel: The primary driver of the hand luggage market is the global increase in air travel, where passengers prefer to have essential items within reach during their journeys.
- Consumer Preferences: The market benefits from evolving consumer preferences, with travelers seeking stylish, lightweight, and durable hand luggage that complements their travel experience.
- Sustainability: The growing awareness of environmental sustainability is encouraging the adoption of eco-friendly and recyclable materials in hand luggage manufacturing.
Market Forecast and Growth Prospects:
The global hand luggage market is poised for robust growth, with a projected CAGR of over 7% during the forecast period, 2023-2030. The market, valued at approximately $5 billion in 2022, is expected to exceed $9 billion by 2030. This growth trajectory is driven by the increasing number of travelers and their demand for innovative and convenient luggage solutions.
Challenges and Opportunities:
Challenges in the hand luggage market include complying with airline regulations and managing luggage size and weight. Opportunities lie in innovation, offering smart luggage with features like GPS tracking and integrated charging ports, and catering to the growing market of eco-conscious travelers.
Regional Analysis:
- North America: North America, particularly the United States, is expected to lead the hand luggage market, driven by a robust aviation industry and frequent air travel.
- Europe: Europe represents another significant market, with a focus on design and functionality in travel accessories.
- Asia-Pacific: The Asia-Pacific region, including countries like China and India, is witnessing rapid growth in the hand luggage market, supported by a burgeoning middle-class population and increased air connectivity.
Competitive Landscape:
Prominent players in the global hand luggage market include Samsonite International S.A., Tumi Holdings, Inc., and VIP Industries Ltd., among others. These companies specialize in providing a wide range of hand luggage options, catering to the diverse needs and preferences of travelers worldwide.
Conclusion:
The global hand luggage market is essential for travelers seeking convenience and style during their journeys. With a commitment to innovation and sustainability, hand luggage manufacturers are poised to continue enhancing the travel experience for passengers across the globe.