Global Luggage Market Report: 2014 Edition
- Report Description Table of Contents
The worldwide luggage market includes a wide range of products that vary in quality and prices. Premium luggage bags are costly, high quality, full-featured products and have selective distribution. In addition, there is a broad middle market in which products are differentiated by features, brand name and price. Both organized and unorganized players operate in this segment. Within this market, sales are largest at mid and low product price levels. Product differentiation decreases and breadth of distribution increases at lower price levels. At the lower end of the luggage market, unbranded or private label products with few differentiating features are sold in significant volumes and at low margins, competing primarily on the basis of price.
Further, the report states that the increasing competition from local brands and counterfeit products is one of the main challenges hindering the growth of the market. This competition has led to market fragmentation, which has, in turn, resulted in several issues such as lack of price standardization, an uneven competitive scenario and market share erosion.
The key factors driving growth of the global luggage industry include rising global economy, increasingly improving travel and tourism industry, escalating disposable income, increasing urban population and accelerating market and promotional efforts. Some of the noteworthy developments of this industry include changing product trend, increasing demand of ultra-light weight materials made up of polycarbonate resins, new innovations and increasing contribution of travel and tourism, which includes luggage market as well, in the global economy. However, the growth of luggage industry is hindered by the adverse economic conditions, acts of counterfeiting and trade restrictions.
This report offers a comprehensive analysis of the worldwide luggage market, along with an in-depth study of the regional markets including the US, China, India and Japan. The competition in the respective market is intense with few large players viz Samsonite, VF Corporation, Tumi Holdings and VIP Industries, among others. The competitive landscape of the global luggage markets, along with the company profiles of the leading players are also discussed in detail.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.