Request Sample
Request Methodology
Description
The suitcase market is valued at USD 21 billion in 2021 and is poised to grow at a significant CAGR of 6.8% over 2022–2028. Rising urbanization, rising disposable income, and rising customer preference for high-end baggage with GPS trackers are anticipated to boost the market during the anticipated years. In practically every field of endeavour, a new revolution is anticipated as globalization strikes the world with a technological touch. The need for suitcase bags and other travel items has increased over the past few years, and this is anticipated to continue as a critical shifting trend. Traveling is now more accessible and affordable than it has ever been. The suitcase sector is not the one to miss out on this, as sustainability is currently driving practically all industries. For instance, Horizn Studios recently revealed its new line of upscale baggage to provide more sustainable and environmentally friendly goods. For tourists concerned about ethics, there is a new kind of baggage called Circle One that is made entirely of plants and decomposable. The company has also stopped using single-use plastics in its packaging and is concentrating on using cardboard and recyclable materials instead. In addition to the industry’s advancements driven by such admirable environmental goals, there is a rise in coalitions and partnerships to fulfill the needs of the travel industry’s expanding competitive environment. For instance, Go Travel and Case have collaborated, and Go Travel’s accessories are now on display in the Case store at London’s Heathrow airport, ready to take center stage. The companies have agreed on a three-year agreement, which is anticipated to be adhered to by most Case retailers. Pillows, travel adapters, and a line of travel comfort items are just a few of Go Travel’s well-known accessories. Furthermore, the smart Luggage Suitcase includes features like a digital locking system controlled by a smartphone, a GPS tracking system, a USB port for charging devices, an integrated removable battery, an LED light system, smartphone, and Bluetooth connectivity, an alert system, increased compartments for a particular item, 360-degree wheels, a telescoping handle, a foldable bag, a multipurpose bag, water-resistant material, convertible kick-style scooter suitcase, convertible seat suitcase, a suitcase box, and replacement batteries. Smart suitcase has shown the way forward for existing products.
Recent Market Developments:
In July 2021, LVMH and Virgil Abloh announced a definitive agreement through which LVMH will acquire a majority stake in Off-white LLC. Following the acquisition, LVMH will own a 60% interest in the trademark, and Mr. Abloh will have a 40% interest and continue as creative director of the brand.
In May 2021, Charlotte Stockdale and Katie Lyall partnered with RIMOWA on a limited-edition series of suitcases and travel accessories. The RIMOWA essential suitcases have signature polycarbonate grooves splashed with a bold graphic in the shape of paint dripping down the suitcase’s exterior.
Reviews
There are no reviews yet.