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Smart Luggage Market (Technology - Sim Card, Connectivity, and USB Charging; Application - Real-time Tracking, Digital Scaling, Remote Locking, Proximity Sensors, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : July, 2021

  • Rep Id : ICT00254

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on smart luggage market provides in-depth analysis of segments and sub-segments in the global as well as regional smart luggage market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart luggage market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart luggage market. According to the report, the global smart luggage market is projected to reach a value of over USD 2890 million in 2027 from USD 885 million in 2021 with a CAGR of 21.8% over the forecast period of 2021-2027.

 

Market Insight

Technology has penetrated every sphere of human activity including traveling. Luggage is an important accessory during traveling and smart luggage has proven to be very beneficial. It offers several advantages such as charging of smart devices, location tracking, anti-theft protection and others. Smart luggage is being adopted by many frequent travelers and is appealing to the consumer from all age groups especially to the youth. Smart luggage being offered with new styles and unique color patterns and combinations is attracting fashion geeks. New features are being incorporated by the manufacturers to make their respective products more appealing to the consumers.

 

The growing travel and tourism industry is fuelling the growth in the smart luggage market. Luggage is a critical accessory while traveling. There has been increase in the number of travelers for business and tourism purposes in recent times. Thus, the widespread adoption of smart luggage is expected. Rising internet penetration is also driving the market. Smart luggage can be connected to a smartphone through an internet connection. Thus the increased internet penetration would allow the smart luggage to always stay connected. According to travelstatesman.com in 2018 25 million bags were mishandled out of which 1.25 million bags were either stolen or lost. The total cost of these 1.25 million bags was assumed to be worth USD 1.25 Billion. The cases of luggage thefts and mishandlings are increasing. Thus, consumers are moving towards smart luggage as this type of luggage greatly reduces the risk of luggage getting lost or stolen. The only factor that is retraining the market the high cost of smart luggage. New opportunities are expected to arise as technological advancements are expected to take place in the market.

 

North America is expected to dominate the market over the forecasted years. Asia-Pacific is projected to grow with the fastest growth rate in the market. The North American region has the highest number of air travelers in the world. The spending power of consumers is high in the region. Thus, they spend highly on tourism and travel activities. The region also has the presence of market players such as Planet Traveler USA, JRSK, Inc., and others. Consumers are also highly tech-savvy in North America. The travel and tourism industry is expected to skyrocket in the Asia-Pacific region. The local manufacturers offering smart luggage are growing rapidly in the region.

 

Segment Covered

The report on global smart luggage market covers segments such as technology, and application. On the basis of technology, the sub-markets include sim card, connectivity, and USB charging. On the basis of application, the sub-markets include real-time tracking, digital scaling, remote locking, proximity sensors, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as JRSK, Inc., Samsara Luggage, Barracuda, Inc., Samsonite IP Holdings S.AR.L, Delsey SA, LugLoc, Inc. , Planet Traveler USA, Néit Products Ltd, RIMOWA GmbH & Co Distribution KG, and AirBolt Pty Ltd.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart luggage market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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