The Global Suitcase And Briefcase Market size is expected to reach $50.7 billion by 2030, rising at a market growth of 6.3% CAGR during the forecast period.
The corporate landscape often embraces the practice of corporate gifting. Companies frequently provide their employees with briefcases, laptop bags, or luggage sets as a gesture of appreciation or to enhance their professional image. Therefore, the business cases segment would procure approximately 1/5th share of the market by 2030. The upswing in business activity contributes to a higher volume of corporate gifting, thereby boosting the demand for these products. Additionally, businesses seek to align their corporate identity and branding efforts by opting for customized briefcases and luggage. This inclination toward customization results in bulk orders, which support manufacturers and customization services within the market. Some of the factors impacting the market are growing urbanization in developing nations, rising disposable income and use of E-commerce, and competition from backpacks and counterfeit products.
According to the World Urbanization Prospects 2018 report from the United Nations, urban regions are home to 55% of the world's population, more than rural areas. By 2050, the proportion of the world's population living in urban areas is expected to rise to 68%. Northern America (82%), Latin America and the Caribbean (81%), Europe (74%), and Oceania (68%) were the geographical areas with the highest urbanization rates. Approximately 50% of Asia's population lived in urban areas in 2018. The rise of urbanization can encourage the development of specialized products. For instance, there may be a greater demand for compact, easily maneuverable luggage options suitable for urban travelers who frequently use public transportation systems. Additionally, with higher incomes, consumers are more inclined to seek premium and luxury luggage brands that offer superior craftsmanship, durability, and design. Luggage manufacturers have expanded their product offerings to cater to consumer preferences and travel needs. The e-commerce sector thrives, offering consumers convenient and diverse luggage options. Online retail platforms provide a wide selection of luggage and briefcase options, making it easier for consumers to explore products, compare prices, read reviews, and make informed purchases. E-commerce platforms often feature competitive pricing and promotions. Consumers with rising incomes can take advantage of discounts, special offers, and bundled deals when purchasing luggage and briefcases online. These trends will continue to drive market growth and innovation in the coming years.
However, competition from backpacks and counterfeit products poses significant challenges to the market. The rise of backpacks as a popular and versatile alternative to traditional business bags has diverted consumer preferences away from briefcases and suitcases. Backpacks are often favored for their ergonomic design, comfort, and adaptability, particularly among younger consumers and professionals. This competition has created a market environment where traditional suitcase and briefcase manufacturers must innovate to maintain relevance in the face of shifting consumer preferences. Thus, competition from backpacks and the proliferation of counterfeit products create substantial obstacles for the market.
Based on distribution channel, the market is bifurcated into offline trading and online trading. The offline trading segment acquired the largest revenue share in the market in 2022. The development of specialized retail locations from leading brands in the offline channel is accelerating the segment's growth. Rapid urbanization, a burgeoning network of specialized retail outlets, and consumers' inclination for the traditional method of purchasing luggage and briefcases at the neighborhood retail shops will help these products sell more.
On the basis of product type, the market is divided into travel cases and business cases. The business cases segment procured a considerable growth rate in the market in 2022. The need for business cases has increased due to the increased use of briefcases and suitcases by businesspeople or senior management groups. Business cases are readily available in various options, with various fabrics, stitching designs, and durability in both formal and informal styles. This appeals to a sizable customer base and fuels rising demand in the international market.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 31.4 Billion |
| Market size forecast in 2030 | USD 50.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.3% from 2023 to 2030 |
| Number of Pages | 174 |
| Number of Table | 240 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed the maximum revenue share in the market in 2022. Increased outward travel from this region is driving market expansion. The expansion of domestic travel and tourism also contributes to regional growth. The increase in consumer expenditure on travel accessories and discretionary income are other factors driving the expansion of the suitcases industry. Rapid urbanization in Asia-Pacific cities has led to increased commuting and the need for professional bags like briefcases and messenger bags. Urban professionals rely on these bags for daily work commutes.
Free Valuable Insights: Global Suitcase And Briefcase Market size to reach USD 50.7 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include VF Corporation, Samsonite International S.A., Hermes International S.A., Kering S.A, Ace Co. Ltd., Bric’s Industria Valigeria Fine SPA, Nike, Inc., LVMH SE, Valigeria Roncato S.p.A., and VIP Industries Limited.
By Product Type
By Distribution Channel
By Geography
This Market size is expected to reach $50.7 billion by 2030.
Rising disposable income and use of E-commerce are driving the Market in coming years, however, Competition from backpacks and counterfeit products restraints the growth of the Market.
VF Corporation, Samsonite International S.A., Hermes International S.A., Kering S.A, Ace Co. Ltd., Bric’s Industria Valigeria Fine SPA, Nike, Inc., LVMH SE, Valigeria Roncato S.p.A., and VIP Industries Limited.
The expected CAGR of this Market is 6.3% from 2023 to 2030.
The Travel Cases segment is leading the Market by Product Type in 2022 thereby achieving a market value of $38.8 Billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $19.1 Billion by 2030.
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