Luggage Market to Witness Robust Growth in 2024-2029 Driven bySurge in Online Advertising and Rising Demand for Smart Luggage

The global luggage market, which was valued at $37.34 billion in 2024, is expected to witness robust growth in the next five years, reaching $56.87 billion by 2029, according to a report by Research and Markets. The report attributes this growth to two main factors: the surge in online advertising and the rising demand for smart luggage.

Online advertising has become a key strategy for luggage manufacturers and retailers to reach and attract more customers, especially in the emerging markets of Asia Pacific and Latin America. The report estimates that the online sales of luggage will account for 28.7% of the total market share by 2029, up from 21.5% in 2024. Online platforms also offer more convenience, variety, and personalization options for consumers, as well as lower prices and discounts.

Smart luggage is another major trend that is driving the growth of the luggage market, as consumers seek more functionality, security, and connectivity from their travel accessories. 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. The report forecasts that the smart luggage segment will grow at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2029, outpacing the overall market CAGR of 8.8%.

The global luggage market is undergoing a dynamic and innovative phase, as it adapts to the changing consumer preferences and behaviors, as well as the challenges and opportunities posed by the COVID-19 pandemic. By leveraging online advertising and smart luggage, the market can create more value and competitive advantage for itself and its customers.