A recent report published by
Infinium Global Research on the smart luggage market provides an 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.
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.
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.
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.
The report provides deep insights
into 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 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 the 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 insight into
the market share of the leading players.