Industrial revolution and scientific, social and political developments in the past century have changed the pattern and quantum of travelling forever. Being a necessary part of travelling, the demand for luggage also inevitably witnessed a tremendous leap. Last few decades have also seen the use of luggage in diverse applications giving a remarkable boost to the luggage market at global level. Amid the recent global economic downturn, the worldwide luggage industry witnessed reduced demand as people were forced to cut down expenses on travel and tourism. However, the improved economic prospects for 2010 translated into higher luggage sales for the period. Furthermore, in the wake of favorable market conditions the global luggage market is projected to grow at a CAGR of about 4.5% during 2011-2014.
North America and Europe are the largest luggage markets, collectively accounting for a lion's share of the global luggage sales. The Asian region including Japan closely follows as other significant regional market, with China and India witnessing the maximum growth. The emerging regions of the world are expected to record rapid growth in the luggage market over the long term, given the escalating demand for the same as a result of increased spending on travel and tourism. The casual bag product category holds the largest share of the overall luggage market.
Luggage manufacturers across the globe are increasingly focusing on targeted advertising and promotion activities as well as on research, development, and designing of new products. Further, luggage as a fashion accessory has recently become a norm in the global market leading to its increased usage. This in turn has encouraged the global suppliers of luggage to constantly innovate in order to meet the evolving needs of consumers. Moreover, lately, the need for better and expanded distribution network with new points of sale has also gained importance. Travel and tourism activity, inevitably, remains the major growth driver of luggage market, coupled with economic health of the country and people's buying power.
The global luggage market is highly fragmented and intensely competitive with numerous branded as well as unbranded or unorganized players operating in the market. Samsonite remains the undisputed leader in the worldwide luggage market, followed by VF Corporation, Tumi, Ace, Delsey, VIP, and Rimowa, among others. Competition is largely based on the brand name; product pricing, quality, and design; product technology; and advertising, among other such factors.
The report analyzes the global luggage market. Also, the North American, European, Asian and Latin American markets are being presented in the report. The report discusses the key drivers and issues related to the global luggage market. The major players of the industry have also been profiled in the report.
By combining SPSS Inc.s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.