What Importance Does Luggage Hold when it comes to Travel & Tourism Activities?
The tourism industry has been witnessing significant growth since the past few years. As the disposable income of people has risen considerably, particularly in developing countries, larger number of people are now investing in travel and tourism activities. Other than this, the lifestyle patterns of people across the globe have been changing for the better as well and people now consider travelling as a defining experience in their lives. Because of this, the tourism industry has become a prominent industry all across the globe.
This rise in
the number of travel and tourism activities is also resulting in the growth of
the global luggage market. Luggage
is an important part of travel activities and owing to the increasing
disposable income of people, they are now able to afford quality luggage. The
market is further registering growth due to the rise in business activities.
Because of globalization, people these days are not just engaging travel
activities for leisure purposes but also for business activities.
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Companies
have started expanding their business over whole countries and across the world
as well. This requires a lot of employees to engage in business travel
activities, which is further resulting in the rising demand for luggage. People
these days have also started demanding for ultra-lightweight luggage, since it
will be easier to handle and carry.
Owing to
this, companies in the domain are making use of different type of raw
materials, including polycarbonate resins, for decreasing the weight of
end-products. Polycarbonate and other high-tech plastics are used for forming
the hard sides for luggage, since they are light in weight and strong. In
addition to this, lightweight luggage also aid in decreasing the overweight
charges on airplanes. The luggage market
is expected to generate a revenue of $43,356.0 million in 2020, increasing from
$30,967.0 million, progressing at a 5.5% CAGR during the forecast period
(2015–2020).
On the basis
of product, the market is divided into business bags, casual bags, travel bags,
and others, out of which, the travel bags division accounted for the major
share of the market in 2014. The rising number of travel and leisure activities
are resulting in the growth of this division. Other than this, the casual bags
division is also expected to account for a significant share of the market in
the years to come. In terms of distribution channel, the market for luggage is categorized
into internet sales, specialist retailers, factory outlets, and others.
Geographically,
in the luggage market, the
Asia-Pacific region is expected to register the fastest growth during the
forecast period. The increasing consumer spending that is resulting in the
growth of the travel and tourism industry is the major factor leading to the
growth of the regional domain. The major shares of the regional market is being
held by China, Japan, and India.
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In
conclusion, the market is being driven by the growth of the travel and tourism
industry, need for lightweight luggage, and increasing business activities.
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