The luggage market has garnered $38.55 billion revenue in 2021, and it is projected to advance at 7.45% from 2021 to 2030, to generate $73.60 billion revenue in 2030. It is ascribed to the changing consumer lifestyles, rising travel & tourism industry, and surging disposable income in developing countries. 

In addition, rapid urbanization, with rising consumer preference for luxury bags with advanced technologies, including high-security locks, GPS trackers, expandable capacity, and sturdy wheels is projected to propel the demand for the product in the coming years.

Moreover, the rising education opportunities with growing participation in adventure and outdoor sports, including government support for leather accessories are projected to boost the advancement of the industry in the near future.

Browse detailed report - Luggage Market Analysis and Demand Forecast Report

Moreover, the improving living standards, combined with the worldwide surging disposable income, are projected to fuel the growth of online stores.

The rising travel and tourism industry boosts the travel baggage demand. Presently, the tourism sector is the most dynamic and diversified business in countries such as Germany, China, South Korea, India, the U.S., the U.K., the Netherlands, and Brazil. 

The major companies operating in the industry are; Adidas AG, VIP Industries Limited, LVMH, MCM Worldwide, VF Corporation, VIP Industries Limited, and United States Luggage Company LLC. 

Therefore, the expansion of the travel and tourism industry sector boosts the luggage industry's growth.