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Smart Luggage Market Report Scope & Overview:

Smart Luggage Market Revenue Analysis

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Smart Luggage Market Size was valued at USD 1.38 Billion in 2023 and is expected to reach USD 6.90 Billion by 2032 and grow at a CAGR of 19.6% over the forecast period 2024-2032.

Any useful bag or suitcase with high-tech features is referred to as smart baggage. Smart baggage has sophisticated features such as clothes and accessory storage in addition to traditional uses. GPS locators, USB connections for charging your electronics, solar-powered batteries, and remote lock systems are all aspects of smart baggage. Instead, of carrying an external charger, people may just charge their phones or other gadgets by plugging them into their luggage.

The fundamental reason for replacing traditional baggage with smart luggage is the changing needs and wants of customers. The goal of creating smart baggage is to not only offer innovation but also to make it user-friendly. Smart luggage and bags are available in a variety of colors and sizes. Smart baggage may be a terrific travel companion for both experienced and inexperienced travelers. It provides you with considerable peace of mind while allowing you to enjoy yourself.

Smart Luggage Market Dynamics:

KEY DRIVERS:

  • With the rise of the Internet of Things (IoT) and the need for IT-based applications, technical innovation is on the rise.

  • The fast-expanding travel and tourism business has reached maturity.

RESTRAINTS:

  • lack of knowledge about smart baggage.

  • Smart baggage is expensive, and there is a scarcity of these bags.

OPPORTUNITY:

  • Smart baggage goods combined with analytics are projected to give sustainable business potential.

CHALLENGES:

  • Smart baggage with non-removable lithium batteries has been banned by airlines because the lithium battery is unsafe and can cause fire, according to airline lithium regulations.

IMPACT OF COVID-19:

The COVID-19 issues have had a significant impact on the desire for smart baggage. People are remaining in their houses due to the lockdown, and all tourist attractions are closed. This has an impact on smart baggage sales. Travel is also restricted as a result of COVID-19, which has an influence on the travel market's financial status. Retail outlets have been shuttered as a result of the lockdown, which has harmed company sales. Prior to the COVID-19 pandemic, the corporate and leisure travel markets were growing. Due to the increasing elimination of regional and worldwide travel limitations, the travel sector is likely to be on track in the next years. During the forecast period, the expanding travel sector around the world is likely to boost the smart baggage market. Consumers like the ease and enjoyment that smart baggage delivers. Consumers may enjoy their travel without difficulty thanks to the built-in features. As a result, the smart baggage market is predicted to develop throughout the forecast period.

Smart Luggage Market Overview

Customers may now enjoy their travel with a high level of comfort thanks to technological advancements. During the projected period, connectivity technology is estimated to account for the majority of smart baggage sales. Because of the current infrastructure of RFID scanning in airports, RFID is predicted to increase rapidly based on connection. By use of connectivity technology Because of the rising penetration of IoT devices and the comparatively cheap prices and maintenance needs of the sensors, the proliferation of sensor-based smart luggage items is predicted to be a major trend. A companion application connects the smart baggage to the user. These apps offer a simple and intuitive travel experience, as well as information on flight schedules, currency conversion, destination, gates, and weather. The smart baggage sector is projected to benefit from the use of SIM cards to access the internet.

Due to an increase in the number of cases of luggage loss by airlines, real-time monitoring systems are predicted to acquire popularity throughout the forecast timeline. Baggage thefts and security breaches have prompted users to purchase smart luggage with remote locking and proximity warning features. Consumers are likely to pay more attention to digital scaling in smart baggage systems since it eliminates the last-minute headache of a traveler traveling with excess luggage. When the bag is empty, the weight sensors in the bag adjust themselves. When the packed bag is lifted up, the entire weight of the bag is displayed. The demand for smart baggage is predicted to be driven by ease of use and perks such as companion apps. During the forecast period, however, excessive costs and a lack of knowledge about the goods are projected to stymie the growth of the smart baggage market.

Smart Luggage Market Regional Analysis

In terms of incorporating technological advancements into products, North America leads the industry. People in North America prefer technologically sophisticated items, and public awareness of these products' benefits is expected to drive the smart baggage market in North America over the projected period.

Europe receives a large number of travelers each year since it is the most popular tourist destination. Furthermore, when compared to people from other areas of the world, Europeans travel the most. As a result, Europe's smart baggage sector has enormous potential. During the projected period, the region is likely to occupy a significant proportion of the worldwide smart baggage market.

Smart-Luggage-Market-Regional-Analysis-2023

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KEY PLAYERS

The major key players are Samsonite International S.A., Away, Trunkster, Raden, Bluesmart Black Edition, International, Horizon, Delsey, Planet Traveler, Ready Traveler, TraxPack & Other Players

Smart Luggage Market Report Scope:

Report Attributes Details
Market Size in 2023  USD 1.38  Billion
Market Size by 2032  USD 6.90 Billion
CAGR   CAGR of 19.6% From 2024 to 2032
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Technology (Sensors, SIM Cards, USD Charging and Connectivity Technology)
• by Connectivity (GPS, Wi-Fi, RFID, Bluetooth)
• by Application (Remote Locking, Digital Scaling, Real-time Tracking, Proximity Sensors, Others)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Samsonite International S.A., Away, Trunkster, Raden, Bluesmart Black Edition, International, Horizon, Delsey, Planet Traveler, Ready Traveler, and TraxPack
Key Drivers • With the rise of the Internet of Things (IoT) and the need for IT-based applications, technical innovation is on the rise.
Market Opportunities • Smart baggage goods combined with analytics are projected to give sustainable business potential.

 

Frequently Asked Questions

Ans: - The Smart Luggage market size was valued at USD 1.42 Bn in 2022.

Ans: - Smart baggage goods combined with analytics are projected to give sustainable business potential.

Ans: - North America leads the industry in terms of market share.

Ans: - The primary growth tactics of Smart Luggage market participants include merger and acquisition, business expansion, and product launch.

Ans: - The study includes a comprehensive analysis of Speech-to-text API Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Smart Luggage Market Segmentation, by Technology

8.1 Sensors

8.2 SIM Cards

8.3 USD Charging

8.4 Connectivity Technology

9. Smart Luggage Market Segmentation, by Connectivity

9.1 GPS

9.2 Wi-Fi

9.3 RFID

9.4 Bluetooth

10. Smart Luggage Market Segmentation, by Application

10.1 Remote Locking

10.2 Digital Scaling

10.3 Real-time Tracking

10.4 Proximity Sensors

10.5 Others

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

12. Company Profiles

12.1 Samsonite International S.A.

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Away

12.3 Trunkster

12.4 Raden

12.5 Bluesmart Black Edition International

12.6 Horizon

12.7 Delsey

12.8 Planet Traveler

12.9 Ready Traveler

12.10 TraxPack.

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share Analysis

13.3 Recent Developments

14. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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KEY MARKET SEGMENTATION

On The Basis of Technology

  • Sensors

  • SIM Cards

  • USD Charging

  • Connectivity Technology

On The Basis of Connectivity

  • GPS

  • Wi-Fi

  • RFID

  • Bluetooth

 On The Basis of Application

  • Remote Locking

  • Digital Scaling

  • Real-time Tracking

  • Proximity Sensors

  • Others

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REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

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With the given market data, SNS Insider offers customization as per the company’s specific needs. The following customization options are available for the report:

  • Product Analysis

  • Criss-Cross segment analysis (e.g. Product X Application)

  • Product Matrix which gives a detailed comparison of the product portfolio of each company

  • Geographic Analysis

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  • Company Information

  • Detailed analysis and profiling of additional market players (Up to five)


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