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Smart luggage represents an innovative category in the travel industry, seamlessly merging modern technology with the practicality of traditional luggage. This market segment encompasses connected Suitcases, Bags, and Backpacks integrated with mobile apps and sensors. These items offer intelligent navigation, secure storage, and the convenience of charging and interacting with mobile devices on the go. The surge in smart luggage's popularity is attributed to factors like rapid urbanization, a growing middle-class population, increased travel for leisure and business, evolving consumer preferences, lifestyle trends, and advancements in mobility solutions.
As of 2020, the global smart luggage market reached USD 7.25 billion, with a projected growth to USD 12.41 billion by 2025, indicating a Compound Annual Growth Rate (CAGR) of 9.75%. This expansion is fueled by the escalating use of the internet and smartphones, enhanced broadband connectivity, global economic growth, and the rise in leisure activities. Consumers are increasingly inclined to invest in technologically advanced products, such as connected bags and suitcases, appreciating the greater convenience and reliability they offer.
Several key trends are propelling the smart luggage market, including the rising popularity of mobile travel, a demand for lightweight products, and the widespread adoption of connected technology. Mobile travel is on the rise due to the affordability of advanced mobile phones and accessible data-enabled services. This has led to an increased demand for connected bags and suitcases equipped with the latest navigation technologies, providing a seamless user experience. Furthermore, customers now seek lightweight products, leading to a surge in demand for smart luggage bags and suitcases designed to cater to this trend.
The global smart luggage market is segmented based on product type, technology type, material type, and geography. Suitcases, bags, and backpacks constitute the product types, with the suitcase segment anticipated to experience the fastest growth. Technology-wise, Wi-Fi-enabled and Bluetooth-enabled options are available, with the Wi-Fi-enabled segment expected to dominate due to its comprehensive connectivity. Materials include plastic, synthetic, and leather, with leather projected to lead owing to its durability and widespread use in premium luggage.
Geographically, the global smart luggage market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is poised to contribute the highest revenue, driven by increasing demand for luggage, a thriving travel industry, and substantial investments in travel and leisure. Asia-Pacific, the second-largest region in revenue as of 2020, is expected to witness the fastest growth due to rising disposable incomes and an expanding middle-class population.
Prominent players in the market include:
· Delsey SA
· Sammon Group, Inc.
· Kono Design LLC
· Sentine Inc.
· CarryOn Inc.
· Samsonite International SA.
These companies focus on product innovation, interactive marketing, and strategic collaborations to enhance their market share.
Recent industry developments feature innovative product lines like sensor-powered suitcases, equipped with motion-detecting sensors to notify users of their exact location. Companies invest heavily in research and development to improve product performance, providing customers with enhanced travel experiences. Loyalty programs, reward points, discounts, and other offers contribute to a competitive environment, attracting and retaining customers.
Overall, the smart luggage market is poised for robust growth, driven by the global travel and tourism industry, increasing personal disposable income, widespread smartphone and internet usage, and continuous technological advancements in travel and mobility solutions. Rapid urbanization, changing customer preferences, and advancements in mobility solutions further contribute to the market's positive outlook. Increased investments in product innovation and interactive marketing by market players are expected to fuel this growth.
The global Smart Luggage Market size is projected to hit at USD 12.41 billion by 2025
The global Smart Luggage Market is projected to grow at a CAGR of 9.75% during the forecast period, 2023-2025.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65374
Published on :
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