Suitcase and Briefcase Market Share, Revenue, Trends, CAGR Status, Key Players, Growth Strategy, Challenges and Future Opportunities till 2033: SPER Market Research
A suitcase is a big, handle-equipped bag that is frequently rectangular in shape and is used to transport clothing and other personal items when traveling. Suitcases and briefcases, travel bags, business cases, and several other casual bag types make up the majority of what we think of as luggage. To meet a wide range of travel and business needs, numerous producers both organized (global) and disorganized (local) make a large variety of suitcases. Around the world, luggage is a very important consumer good. In the corporate world, briefcases are very common since they are necessary for transporting valuables, cash, and critical documents. The growing demand for briefcases is a result of business people’s increasing desire for them as a fashionable and practical means of transporting computers and critical documents.
According to SPER Market Research, ‘Suitcase and Briefcase Market Size- By Product, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Suitcase and Briefcase Market is estimated to reach USD 56.87 billion by 2033 with a CAGR of 5.86%.
Drivers:
Athletes’ increasing use of bags and the rise in sports activities worldwide are also driving the expansion of the suitcase market. The need for foldable and convertible luggage carriers is rising as a result of travelers’ strong preference for versatile luggage bags. Due to their ease of portability, suitcases with spinning wheels have become more and more popular worldwide. Manufacturing businesses’ introduction of cutting-edge and inventive products is one of the main drivers of the market’s expansion. The use of radio frequency identification (RFID) technology by different manufacturers in business and carry-on baggage is another element that will support industry growth. The increasing demand for high-end and fashionable products among millennial consumers is another element that will support market growth.
Restraints:
However, the market faces serious obstacles due to competition from backpacks and fake goods. The popularity and adaptability of backpacks as a substitute for conventional business bags has caused consumers to shift their preferences away from briefcases and luggage. Because of their comfort, versatility, and ergonomic design, backpacks are frequently preferred, especially by younger customers and professionals. In order to stay relevant in the face of changing consumer tastes, traditional bag and briefcase makers must innovate in the market climate generated by this competition. As a result, the market faces significant challenges due to competition from backpacks and the spread of fake goods. The main cause of the global reduction in suitcase sales is the notable downturn in the travel and tourism industry that transpired during the epidemic.
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The COVID-19 epidemic had a detrimental impact on the market. The primary cause of the decline in luggage sales worldwide is the significant decline in the travel and tourism sector during the epidemic. Strict country-by-country lockdowns and a total prohibition on both domestic and international travel were implemented in response to the new coronavirus, which hindered market expansion. Restrictions on goods import and export, shuttered production facilities, smaller retail footprints, and decreased demand for luggage as a result of less travel are all factors that have an impact on the worldwide market. The luggage market benefited from consumers’ purchasing habits shifting from offline to internet channels during the COVID era.
The United States dominates the Global Suitcase and Briefcase Market due to its high consumer demand base and strong presence of leading luggage brands. Major players in the market are Ace Co. Ltd, Antler Ltd, Brics Industria Valigeria Fine SPA, Delsey S.A., Luggage America Inc, and Others.
Global Suitcase and Briefcase Market Segmentation:
By Distribution Channel: Based on the Distribution Channel, Global Suitcase and Briefcase Market is segmented as; Offline Trading, online trading.
By Product: Based on the Product, Global Suitcase and Briefcase Market is segmented as; Travel cases and Business CASES.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
For More Information, refer to below link: –
Suitcase and Briefcase Market Forecast
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