Luggage Locks Market by Application and Product Type, Industry Forecast and Analysis 2023-2027

Luggage Locks Market Analysis Report 2023-2027:

The luggage locks market size is estimated to grow at a CAGR of 4.15% between 2022 and 2027. The market size is forecast to increase by USD 1,125.01 million. The growth of the market depends on several factors, including the growing global travel and tourism industry augmenting demand for luggage locks, increasing trade offers by key competitors, and growth in business travel worldwide

This luggage locks market report extensively covers market segmentation by application (enterprise and individual), product type (built-in luggage locks and external luggage locks), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Luggage Locks Market During the Forecast Period?

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Luggage Locks Market: Key Drivers, Trends and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Luggage Locks Market Driver

The growing global travel and tourism industry augmenting demand for luggage locks is significantly driving the market growth.  Due to the direct relationship between the growth of the two, the ever-diversifying travel and tourism industry particularly in China, South Korea, the US, Brazil, Spain, the Netherlands, Germany, and the UK has resulted in an increasing demand for luggage lockers in this region. It has also resulted in creating new employment opportunities, improved infrastructure, and global trade along with the socio-economic development of communities.  

Additionally, Baby Boomers are among the largest contributors as they spend more on leisure travel. Further subsegments such as medical tourism have also started to emerge as a trend in this population segment. Market vendors are coming up with innovative solutions to address the dive4rsified needs of consumers for business, leisure or sports purposes Therefore, the global luggage locks market is expected to witness significant growth during the forecast period, owing to the fast-growing travel and tourism industry. 

Key Luggage Locks Market Trends

The growing demand for smart luggage locks is a key trend in the market. The growing demand for smart luggage locks is expected to drive the growth of the global luggage locks market due to their advanced features and increasing popularity among travelers. Smart luggage locks offer convenient, user-friendly features, such as GPS tracking, Bluetooth connectivity, and digital scales. These features allow travelers to monitor and control their luggage remotely, offering greater peace of mind and security. Moreover, the growing trend of smart luggage is expected to boost the demand for smart luggage locks as a key component.

Additionally, smart luggage locks are increasingly being integrated with mobile applications and other digital tools, which further enhances their functionality as well as convenience for travelers. Luggage locks manufacturers are responding to this trend by investing in research and development (R&D) to create innovative products that cater to the needs and preferences of their customers. This includes developing products that are easy to use, lightweight, and durable, among other features. Thus, the increasing popularity of smart luggage locks is also expected to drive the growth of the global luggage locks market during the forecast period by attracting new customers who, previously, may not have considered purchasing luggage locks. As more travelers become aware of the benefits of smart luggage locks, they may be more inclined to invest in such technologically advanced products to protect their belongings while traveling, thereby increasing the demand for these products further and boosting the growth of the market in focus during the forecast period.

Key Luggage Locks Market Challenge

The threat of intense competition from local brands is challenging market growth. One of the main challenges that hinder the growth of the global luggage locks market is the increasing competition from local brands and the threat of counterfeit products. The presence of a number of local and unorganized brands in the market is leading to market fragmentation, resulting in issues like a lack of price standardization, an uneven competitive scenario, and market share erosion. To gain a competitive edge over international brands, local brands and manufacturers of counterfeit products design luggage locks that are almost identical to those sold by global organized players, though at much lower prices than the latter.

However, these locally manufactured or counterfeit luggage locks lack high quality and durability. This is because such manufacturers save costs on branding, advertisement, and R&D, besides using low-quality raw materials. To sustain in the market and grow their market shares, vendors focus on pricing their products competitively like local brands, despite facing erosion of their profit margins, which results in a decrease in the average selling price of luggage locks. However, only a few global brands enjoy strong brand equity, which enables them to price their products at a premium over local brands. Countries like China and India have a large number of unorganized players as well as manufacturers of counterfeit luggage locks. Therefore, the above-mentioned issues will restrict the growth of the global luggage locks market during the forecast period.

Luggage Locks Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Luggage Locks Market Customer Landscape

Who are the Major Luggage Locks Market Companies?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Decathlon SA - The company offers luggage locks such as Retractable cable combination padlock travel TSA.

The research report also includes detailed analyses of the competitive landscape of the market and information about 14 market vendors, including:

• Alpine Rivers
• ATR Brands Ltd
• DELSEY
• DOCOSS
• Fosmon Inc.
• Hampton Products International Corp.
• Master Lock Co. LLC
• Outpac Designs Inc.
• Safe Skies Locks LLC
• Samsonite International S.A.
• Sinox Co. Ltd.
• VIP Industries Ltd.
• Targus

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What are the Largest-Growing Segments in the Luggage Locks Market?

The enterprise segment is estimated to witness significant growth during the forecast period. This segment includes businesses in the hospitality, travel, tourism, and transportation industries that require luggage locks for their employees or clients. The demand for luggage locks from this segment has been increasing over the years due to an increase in global trade, increasing concerns regarding the safety of their employees, clients, and their belongings during travel. Hence, luggage lock options have diversified to provide solutions for the protection of confidential documents during transit. They provide an economical means to ensure safety and security, which help businesses specifically those in the hospitality industry to improve customer satisfaction and retain customer loyalty.

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The enterprise segment was the largest segment and was valued at USD 2,654.66 million in 2017. Furthermore, with modern technology, luggage locks have become smarter, some even offer Bluetooth connectivity which gives an option to use smartphones to lock and unlock luggage. This improves the appeal of luggage locks to businesses through innovative solutions. Therefore, an increase in global trade and business along with newer and smarter solutions for safety and security will boost the growth of the global luggage locks market through the enterprise segment during the forecast period.

Which are the Key Regions for the Luggage Locks Market?

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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American market is expected to grow during the forecast period due to increasing global travel and trade activities and demand for smarter luggage locks. As people traveling to various destinations is increasing, a demand for TSA - approved locks has arisen which has made built-in luggage locks that can be unlocked by Transportation Security Administration (TSA) officials highly popular.

Additionally, e-commerce is also boosting market growth as it provides consumers a means to purchase luggage locks online, giving a variety of options and a convenient shopping experience. The trend of smart luggage has also played a significant role in driving the growth of the regional market. Smart luggage includes built-in luggage locks equipped with features like digital scales, GPS tracking, and Bluetooth connectivity, which make it more convenient and secure. The increasing demand for smart luggage is expected to create opportunities for luggage lock manufacturers to innovate and produce technologically advanced luggage lock solutions. The increasing demand for reliable and secure luggage, the growing popularity of online shopping, and the rise in demand for technologically advanced luggage locks will drive the growth of the regional luggage locks market during the forecast period.

The COVID-19 pandemic has negatively impacted the North America luggage locks market as the travel and tourism industry slowed down, directly impacting the demand for luggage locks. However, large-scale COVID-19 vaccination drives and the restoration of supply chain operations helped the regional market regain its growth momentum in 2021. Furthermore, the resumption of domestic travel and increased sales of luggage locks from online channels boosted the growth of the regional market in 2021 and 2022.

Segment Overview

The luggage locks market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook (USD Million, 2017 - 2027)
  • Enterprise
  • Individual

• Product Type Outlook (USD Million, 2017 - 2027)
  • Built-in luggage locks
  • External luggage locks

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Argentina
    • Brazil
    • Chile

Luggage Locks Market Scope
Report Coverage	Details
Page number	143
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.15%
Market growth 2023-2027	USD 1,125.01 million
Market structure	Concentrated
YoY growth 2022-2023(%)	3.74
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 37%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Alpine Rivers, ATR Brands Ltd, Decathlon SA, DELSEY, DOCOSS, Fosmon Inc., Hampton Products International Corp., Master Lock Co. LLC, Outpac Designs Inc., Safe Skies Locks LLC, Samsonite International S.A., Sinox Co. Ltd., VIP Industries Ltd., and Targus
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Luggage Locks Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of market vendors

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