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The smart luggage market is projected to grow by USD 4.48 billion with a CAGR of 20.87% during the forecast period 2021 to 2026.
The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by technology (connectivity, USB charging, and sim card) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The market report also offers information on several market vendors, including ACE Co. Ltd., Airwheel Holding Ltd., Briggs & Riley Travelware LLC, DELSEY, GOYARD SINGAPORE PTE. LTD., HS New Travel GmbH, JRSK Inc., Lugloc Inc., Modobag, Planet Traveler USA, RIMOWA GmbH, Samsara Luggage, Samsonite International S.A., Travelpro Products Inc., VF Corp., Victorinox AG, and VIP Industries Ltd. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market. During the COVID-19 pandemic, the market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Smart Luggage Market Driver
Premiumization through product innovation is one of the key drivers fueling the market's growth. Various players in the market are developing innovative smart luggage products with features such as built-in scales, proximity servers, alarm systems, and water-resistant accessories. The prime advantage of a smart carry-on bag is that it ensures hassle-free travel. The bag also has a light-emitting diode (LED) light system that automatically switches on in dark or low-light conditions. Moreover, the suitcase comes with a detection system paired with an application that alerts the concerned person when the suitcase is being carried far away or when it is being opened out of range. All these factors are expected to fuel the growth of the market during the forecast period.
Key Smart Luggage Market Trend
Enforcement of the weight regulations on luggage by airline companies is one of the key market trends propelling the market growth. With the introduction of the basic economy fare, most commercial airlines are restricting heavyweight luggage inside the aircraft. Most airlines restrict luggage that is more than 12 inches tall or wide. Customers who wish to carry such luggage are required to pay a fee of $25-$35. Smart luggage with built-in scales helps consumers abide by the regulations that are set by airline companies. Some popular vendors offering smart luggage with built-in scales are JRSK Inc (Away), Horizn Studio GmbH, and Samsonite International SA. With such restrictions and regulations being followed by multiple airline operators, the use of smart luggage with built-in scales, which display the weight of the bag is expected to increase during the forecast period.
Key Smart Luggage Market Challenge
High costs associated with smart luggage are one of the factors limiting the market's growth. Smart luggage that is launched in the global market is incorporated with the most advanced technologies to facilitate continuous connectivity. Although it possesses advanced features and technologies, it is not reasonably priced as smart luggage caters to the premium customer segment. Thus, most of the population cannot afford smart luggage. Most of the smart luggage launched by leading vendors is priced at $200-$550. The affordability of such items, therefore, is low for most people. Thus, the high price of smart luggage makes it difficult for consumers to purchase, which is anticipated to hamper the growth of the market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global smart luggage market as a part of the global apparel, accessories, and luxury goods market within the textiles, apparel, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the smart luggage market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market’s growth will originate from North America during the forecast period. The US is the key market for smart luggage in North America. Market growth in this region will be slower than the growth of the market in South America.
Growing Internet penetration will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The COVID-19 pandemic slowed down manufacturing and transportation activities, along with other industrial activities, in the region. However, with the lifting of travel restrictions, there was a moderate demand for smart luggage from consumers in 2021 when compared with 2020. Therefore, these factors are anticipated to foster the growth of the regional market during the forecast period.
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The market share growth in the connectivity segment will be significant during the forecast period. In 2021, the connectivity segment was the largest technology segment of the global market. The integration of smart devices, including global positioning systems (GPS), radio-frequency identification (RFID), and others, are driving the growth of the connectivity segment of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Smart Luggage Market Scope |
|
Report Coverage |
Details |
Page number |
118 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.87% |
Market growth 2022-2026 |
$4.48 billion |
Market structure |
Fragmented |
YoY growth (%) |
20.65 |
Regional analysis |
North America, Europe, APAC, the Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key consumer countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
ACE Co. Ltd., Airwheel Holding Ltd., Briggs & Riley Travelware LLC, DELSEY, GOYARD SINGAPORE PTE. LTD., HS New Travel GmbH, JRSK Inc., Lugloc Inc., Modobag, Planet Traveler USA, RIMOWA GmbH, Samsara Luggage, Samsonite International S.A., Travelpro Products Inc., VF Corp., Victorinox AG, and VIP Industries Ltd. |
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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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