Global smart bags market is expected to show robust growth with an impressive CAGR in the forecast period, 2024-2032 on the account of surge in the demand of the product following recent trends. Future growth of the consumer toward business and leisure travelling is expected to drive the growth of the global smart bags market in the upcoming five years. Moreover, involvement of technologies like internet connectivity, RFID pockets, and USB connection, etc. is further supporting the growth of the global smart bags market in the next five years. The luggage industry overall is booming on the backbone of latest innovation like tracking system, automated locking, and Bluetooth features creating a further lucrative growth for global smart bags market in the future five years. New market players are actively investing in the technical advancements and their incorporation in the luggage bags making them appropriate for your smart travels, this consistent advancement along with start-up fundings and private investments is expected to propel the growth of global smart bags market in the forecast period.
Smart bags are the technologically influenced commodity for the consumers. It is often application-specific design that is intelligent enough to carry out various functions like USB charging, built-in weighing scales, TSA-approved lock and anti-theft features. GPS enabled designs are able to transmit their location through smart phones and GPS systems. Latest innovations of adding solar panels on the smart bags helps in charging the power banks, powering the whole bluetooth and GPS systems. RFID technology incorporated in the smart bags retailers data about the required items and has emergency services that sends alerts via text messages to three pre-registered emergency numbers in case of any threat or emergency situations.
The global smart bags market is segmented by product type, technology, distribution channel, competitional landscape, and regional distribution. Based on product type, the market is further bifurcated into bag packs, duffel bags, handbags, laptop bags, and others. Laptop bags are anticipated to dominate the market with largest amounts of revenue share in the upcoming five years. The market growth can be attributed to rapidly increasing consumers. Surge in the demand for the laptop bags for the adult generation as well as young teenage generation is expected to drive the growth of the market segment, that would influence the growth of global smart bags market in the next five years. Bag packs are expected to register significant growth on the backbone of rapidly increasing number of tech-savvy travelers. Technologically advanced features like GPS, power bank charging, RFID technology are all favorable tech for solo or group travelers, thereby enunciating the demand from the consumers and driving the growth of the global smart bags market in the forecast years.
Holding the major shares of the global smart bags market are Barracuda, Inc., Samsonite IP Holdings S.A.R.L, Horizn Studios GmbH, TraxPack LLC, Modobag, Delsey S.A., Planet Traveler USA, Away Com INC, Néit Products Ltd, RIMOWA GmbH & Co Distribution KG, among others. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through smart bags. Further advancement would aid the market value and brand establishment in the future five years.
Years considered for this report
Historical Years2016 – 2019
Base Year2020
Estimated Year2021
Forecast Period2022 – 2026
Objective of the Study
- To analyze the historical growth of the market size of global smart bags market from 2016 to 2019.
- To estimate and forecast the market size of global smart bags market from 2020 to 2026 and growth rate until 2026.
- To classify and forecast global smart bags market based on product type, technology, distribution channel, competitional landscape, and regional distribution.
- To identify dominant region or segment in the global smart bags market.
- To identify drivers and challenges for global smart bags market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global smart bags market.
- To identify and analyze the profile of leading players operating in global smart bags market.
- To identify key sustainable strategies adopted by market players in global smart bags market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers, suppliers, and distributors across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufactures and service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufactures, distribution channels and presence of all major players across the country.
TechSci Research calculated the market size of global smart bags market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience
- Manufacturers, service providers, end users, and other stakeholders
- Distributors and suppliers of products & services and other stakeholders
- Organizations, forums, and alliances related to smart bags
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, service providers, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
