Global Soft Luggage Bags Market Size By Product Type (Travel, Business, Sports), By Distribution Channel (Specialty Stores, Departmental Stores), By Price Range (Value And Mid-Level, Premium), By Geographic Scope And Forecast

Soft Luggage Bags Market Size And Forecast

Soft Luggage Bags Market size was valued at USD 11.2 Billion in 2022 and is projected to reach USD 21.1 Billion by 2030, growing at a CAGR of 7.8% from 2023 to 2030.

The growing customer preference for high-end luggage equipped with a GPS tracker, increasing urbanization, and rising disposable income are expected to drive the Soft Luggage Bags Market over the forecasted period. The Global Soft Luggage Bags Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Soft Luggage Bags Market Definition

Luggage is the personal belongings of a passenger carried onboard an aircraft, ship, or bus, whether checked or unchecked. Luggage is mainly comprised of bags, cases, and containers that hold a traveler’s belongings while the traveler is in transit. Traditionally, luggage was made of wood or other heavy materials. However, the shape of luggage has evolved dramatically over time. It is divided into four categoriestravel, business, sports, and others. Specialty Stores, Department Stores, Hypermarkets & Supermarkets, and Internet Sales are some of the luggage distribution channels. There are three price ranges for luggageValue & Mid-Level, Premium, and Luxury.

Global Soft Luggage Bags Market Overview

The market is expected to experience remarkable growth in the upcoming years owing to the new advancements and the accessibility of air travel. The global soft luggage market has renovated itself by offering small lightweight, colorful, and stylish bags that cater to the various needs of travelers. The growing travel and tourism industry, population migration, and rising disposable income are driving the growth rate. Furthermore, as market key trends, discount selling, comfort, bag replacement, and choice through e-commerce have been identified. People are traveling more as their disposable incomes increase. This has created new growth opportunities for market players in the Global market over the forecast period.

Global Soft Luggage Bags Market Segmentation Analysis

The Global Soft Luggage Bags Market is segmented based on Product Type, Distribution Channel, Price Range, and Geography.

Soft Luggage Bags Market, By Product Type

• Travel
• Business
• Sports
• Others

Based on Product Type, the market is segmented into Travel, Business, Sports, and Others. The travel soft luggage bags segment accounts for the highest revenue share of the Global market in 2020 and is expected to dominate the market over the forecast period owing to an increase in tourism activities. The business bags segment is expected to grow at the fastest CAGR during the forecast period due to an increase in foreign business trips.

Soft Luggage Bags Market, By Distribution Channel

• Specialty Stores
• Departmental Stores
• Hyper Markets & Supermarkets
• Internet Sales
• Others

Based on Distribution Channel, the market is segmented into Specialty Stores, Departmental Stores, Hyper Markets & Supermarkets, Internet Sales, and Others. The internet sales segment is expected to have the highest CAGR during the forecast period due to various discount offers available on e-commerce websites which will drive the market growth of the Global Soft Luggage Bags in this segment during the projected period.

Soft Luggage Bags Market, By Price Range

• Value & Mid-Level
• Premium
• Luxury

Based on Price Range, the market is segmented into Value & Mid-Level, Premium, and Luxury. The premium price range segment is expected to hold the largest revenue share of the Global market during the forecast period because of the increasing use of trendy premium office bags and travel bags.

Soft Luggage Bags Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Soft Luggage Bags Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among the regional markets, Asia Pacific accounts for the largest revenue share in the Global market in 2020 and is expected to retain its dominance throughout the forecast period. The revenue growth in the Asia Pacific market is mainly attributed to the increased demand for high-quality soft luggage bags and rising spending on living standards in this region.

Key Players

The “Global Soft Luggage Bags Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are LVMH, Adidas, V.F. Corporation, Samsonite International S.A., V.I.P. Industries Ltd., Rimowa GmbH, Hermès, Kering SA, Shanghai Taifeng Cases Co Ltd, and Safari Industries Ltd.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2021, Virgil Abloh and LVMH announced a definitive agreement in which LVMH will acquire a majority stake in Off-White LLC, the Off-White trademark owner. In the acquisition, LVMH will own a 60% stake in the trademark, while Mr. Abloh will retain a 40% stake and continue as creative director of the brand.
• In May 2021, RIMOWA collaborated with Charlotte Stockdale and Katie Lyall on a limited-edition line of suitcases and travel accessories. The signature polycarbonate grooves of the RIMOWA Essential suitcase were splashed with a bold graphic of paint dripping down the suitcase’s exterior.
• In December 2020, Away launched its newly expanded holiday collection alongside its brand new core travel collection just in time for the holidays. Three new backpack styles in a variety of colors, a nylon-and-leather zip tote bag, a laptop bag, and a messenger bag are among the new product offerings.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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