According to Blueweave Consulting, Smart Luggage Market has reached USD 1.23 Billion in 2019 and is projected to reach a valuation of above USD 2.5 billion by the year 2026 by growing at a CAGR of above 11% during the forecast period 2020-2026.
The market is growing due to various factors includes technological innovations in luggage that make the customer’s journey comfortable and hassle-free. Rapid urbanization, increased awareness of branded products, and increased recreational & adventurous activities have become an essential part, thus increasing the rate of adoption of smart luggage. These opportunities push luggage companies to integrate technological features into their products to remain in the ever-changing business climate. The convenience that smart luggage provides has increased the need for smart luggage. The customer’s changing desires and expectations have replaced conventional luggage with smart luggage. Online sales of smart luggage see a tremendous rise in the industry due to an increase in online transactions and the trend towards the cashless transaction.
Increasing travel & tourism, product design & quality innovations, and rising demand for IoT-based applications, are pushing organizations to focus on incorporating the innovative technology features into their current offerings. Smart luggage also allows users to get the insight into currency exchange and schedules of flight. Smart luggage is designed to shut down when it’s onboard and turn on automatically when landing to comply with government regulations on wireless technology use. The increasing penetration of the Internet is also the main driver for introducing technology applications in the luggage industry. Growth is attributed to rising per capita income and a change in consumer demand for comfortable lifestyles. In the next few years, the need for user-friendly luggage for practical applications will increase.
Mishandling of luggage at the airport is the key factor driving the Global luggage Market
It’s a nightmare for frequent travelers to lose, damage, or receive delayed baggage while in transit. Airport authorities also find it difficult to keep track of and manage the numerous baggage, with a rise in the vast number of travelers worldwide each year. Using real-time tracking of smart luggage can solve these issues. It is estimated that the smart luggage market will grow in the projected time to get rid of these problems.
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User-friendly applications of smart luggage are the driving factor for the Global Luggage Market
In upcoming years, the demand for user-friendly luggage will increase rapidly. Growth is accredited to rising disposable income and shifting consumer demands for comfortable lifestyles. As smart luggage is easy to use, luggage-related anxiety during any part of the trip reduces significantly, thanks to technology. In the travel industry, smart luggage is a game-changer with built-in features such as GPS locators, USB ports to charge your devices, and remote locking systems will make traveling convenient.
The RFID in the technology segment is expected to have the fastest growth during the forecast horizon
Due to the existing infrastructure for scanning RFID tags at the airports, RFID offers a quicker and more accurate automated solution than barcode scans, which is expected to grow at the highest CAGR during the prediction period. RFID tags applied to baggage are read before, and the bags can be identified and tracked after each flight at the airports without the need for human intervention.
North America is anticipated to grow at a remarkable rate in the global smart luggage market during the anticipated period.
The global Smart Luggage Market separated through geography into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America will have the greatest growth in the market, mainly thanks to technological advances and smart luggage acceptance. The growing urban population base and people’s spending power will drive the region’s demand even further. The smart luggage market in Europe is expected to grow over the next seven years, due to increased tourism and people’s willingness to adopt new technologies. Asia-Pacific is expected to have the fastest-growing market in the forecast horizon after North America, with growing urbanization and an increase in travelers from countries such as China, India, Malaysia, and Singapore, as well as increasing air traffic rates. Increasing demand for fashionable and diverse baggage pieces, various modern and intelligent suitcase categories have also increased demand for these products.
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