Leather Goods Segment Dominates the Global Luggage and TravelBags Market, Accounting for More Than 50% of the Market Share in 2023

The global luggage and travel bags market, which was valued at $165. 6 billion in 2019, is expected to witness a moderate growth in the next four years, reaching $197. 4 billion by 2023, according to a report by Research and Markets. The report identifies the leather goods segment as the dominant and fastest-growing segment of the market, accounting for more than 50% of the market share in 2023.

Leather goods, such as luggage, handbags, wallets, and purses, are popular among consumers due to their durability, quality, style, and prestige. The demand for leather goods is driven by the rising disposable income, improved living standards, changing fashion trends, and growing domestic and international tourism. The report also highlights the increasing preference for genuine leather over synthetic leather, as consumers seek more eco-friendly and ethical products.

The leather goods segment is expected to benefit from the innovation and diversification of products, such as smart luggage, vegan leather, and customized leather goods. Smart luggage refers to luggage that incorporates various technological features, such as GPS tracking, USB charging, remote locking, Wi-Fi hotspot, digital scale, and biometric recognition. Vegan leather refers to leather that is made from plant-based or synthetic materials, such as cork, pineapple, mushroom, or recycled plastic. Customized leather goods refer to leather products that are personalized according to the customer’s preferences, such as color, design, size, and monogram.

The global luggage and travel bags market is facing some challenges, such as the COVID-19 pandemic, which has disrupted the supply chains and reduced the demand for travel and fashion accessories. The market is also facing pressure to reduce its environmental impact, such as carbon emissions, water consumption, and waste generation, and to adopt more ethical and transparent practices, such as fair labor, animal welfare, and circular economy. The report suggests that the market can overcome these challenges by using more eco-friendly materials, such as recycled, organic, or biodegradable fabrics, and by promoting its sustainability initiatives and certifications.