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? Think of it as your stuff – all the personal belongings you take with you on a plane, boat, or bus, whether you check it or carry it on! It's mostly made up of bags, cases, and containers, all keeping your stuff safe while you're on the move. Back in the day, luggage used to be made of heavy things like wood. But hey, the shape of luggage has changed a lot since then! Now you can find it in four main categoriestravel, business, sports, and, well, others. You can grab luggage at all sorts of places too, like Specialty Stores, Department Stores, Hypermarkets & Supermarkets, and of course, Internet Sales. And when it comes to price, luggage comes in three levelsValue & Mid-Level, Premium, and if you're feeling fancy, Luxury.

Global Soft Luggage Bags Market Overview

Get ready! The soft luggage market is taking off! We're seeing some serious growth in the next few years, mainly because air travel is getting easier and there are so many cool new advancements. Think about it – soft luggage has totally reinvented itself. Now we've got these small, lightweight, colorful, and stylish bags perfect for every kind of traveler. What's fueling all this? Well, the travel and tourism industry is booming, more people are moving around, and everyone seems to have a bit more cash to splash. Plus, watch out for these key trendsdiscount deals, super comfy bags, people replacing their old stuff, and the amazing choice you get online thanks to e-commerce. Basically, with those incomes going up, people are hitting the road (or the skies!) more often, opening up tons of new opportunities for companies in the global soft luggage market over the next few years.

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

We dig deep, looking at the market through both numbers and real-world trends, breaking it down into different segments based on all sorts of things – not just the money stuff. You'll get the market value (in USD Billion!) for each of these segments, and we'll point out which areas and segments we think are going to be the fastest growing and the most dominant. We'll also break down each region, showing you where the product/service is being used and what's impacting the market there. See who's on top with a look at the competitive landscape, including major players' rankings, plus details on recent launches, partnerships, expansions, and acquisitions. Get the inside scoop with company profiles offering overviews, insights, product comparisons, and even SWOT analyses for the big names. We'll give you the current and future outlook of the industry, highlighting opportunities, drivers, challenges, and restraints in both emerging and developed regions. Plus, we use Porter's Five Forces to really get under the hood of the market. You'll also gain insights into the market through the value chain. Finally, we'll lay out the market dynamics and the growth opportunities we see coming down the road, and we'll back it all up with 6 months of post-sales support from our analysts. Learn More

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