Smart Luggage Market is expected to hit USD 6.37 Bn by 2029 at a CAGR of 19.78 percent – says Maximize Market Research

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Pune, May 26, 2023 (GLOBE NEWSWIRE) — A global research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Smart Luggage Market”. The report is a combination of primary data and secondary data and domain expert has analysed the Smart Luggage Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects, the market to grow from USD 1.8 Bn in 2022 to USD 6.37 Bn in 2029 at a CAGR of 19.78 percent.       

Smart Luggage Market Report Scope and Research Methodology

Market Size in 2022 USD 1.8 Bn.
Market Size in 2029 USD 6.37 Bn.
CAGR 19.78 percent (2023-2029)
Forecast Period 2023-2029
Base Year 2022
Number of Pages 276
No. of Tables 113
No. of Charts and Figures 112
Segment Covered Use, Distribution Channel, Price, Connectivity, Application, Technology
Regional Scope North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

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The research methodology used for the report on the Smart Luggage Market incorporates both primary and secondary research. Primary research included interviews with industry experts, while secondary sources included a comprehensive analysis of industry reports and publications, newsletters, and news sources. These methods were employed to analyze the trends and dynamics that were driving the Smart Luggage Market dynamics. The secondary research sources included annual editorials, news articles, company reports, and publications available in the public domain. These sources were used to supplement the primary interviews conducted to triangulate the final data. The qualitative and quantitative data gathered through both primary and secondary sources were further analyzed, filtered, and verified to reach market estimates. The Smart Luggage Market research report includes a detailed competitive landscape, with a comparison of key players. It also includes detailed market segmentation based on use, distribution channel, price, connectivity, application, technology and geography. The report provides an overview of the leading players in the Smart Luggage Market, a detailed analysis of key market dynamics, and a comprehensive study of the competitive landscape of the market.

Smart Luggage Market Overview 

The smart luggage market has been growing steadily in recent years as travelers seek innovative solutions to make their journeys more convenient and efficient. The integration of technology into luggage has transformed traditional suitcases into intelligent travel companions. Smart luggage often incorporates wireless connectivity, allowing users to connect their bags to smartphones or other devices via Bluetooth or Wi-Fi. This connectivity enables various functionalities like remote locking and unlocking, real-time tracking, and notifications. Many smart suitcases include GPS technology, enabling users to track their luggage in real time. This feature helps prevent loss or theft and provides peace of mind to travelers. Additionally, some luggage can send location updates to the user’s smartphone or notify them when their bag is out of range. Smart luggage offers enhanced security features such as fingerprint or keypad locks. These biometric or digital locks eliminate the need for traditional keys or combination locks, making the luggage more secure and convenient.

Smart Luggage Market Dynamics 

The smart luggage market has witnessed significant growth and evolving dynamics in recent years. The rapid advancements in technology, particularly in the fields of connectivity, the Internet of Things (IoT), and artificial intelligence (AI), have greatly influenced the smart luggage market. Smart luggage now incorporates features such as built-in GPS tracking, Bluetooth connectivity, biometric locks, digital scales, USB charging ports, and companion mobile apps for enhanced functionality and convenience. The growth of the global travel and tourism industry has been a major driver for the smart luggage market. As more people travel for leisure and business purposes, there is a growing demand for luggage that offers improved security, tracking capabilities, and convenience during travel.

The increasing regulations and restrictions imposed by airlines regarding baggage weight, size, and security have fueled the demand for smart luggage. Smart luggage with features like built-in scales to weigh bags and TSA-approved locks that can be remotely unlocked by security personnel address the challenges faced by travelers due to these regulations. With the rising instances of baggage theft and loss, consumers are increasingly seeking luggage options that provide enhanced security. Smart luggage offers features like real-time GPS tracking, anti-theft alarms, and proximity sensors that alert users if their luggage is moved or tampered with, thereby improving security and peace of mind.

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Smart Luggage Market Regional Insights

North America has been a leading market for smart luggage, primarily due to the high adoption of advanced technologies and the presence of major players in the region. The United States, in particular, has seen substantial growth in smart luggage sales, fueled by frequent air travel and a tech-savvy consumer base. Europe is another prominent market for smart luggage, with countries like the United Kingdom, Germany, and France leading the way. The region’s well-established travel industry, coupled with rising disposable incomes and a growing preference for convenient travel solutions, has contributed to the market’s expansion.

Asia Pacific is projected to be the leading region in Smart Luggage Market

The Asia Pacific region has experienced a surge in international and domestic travel, with an increasing number of people opting for air travel. This trend has led to a higher demand for smart luggage, as travelers seek innovative and convenient solutions for their journeys. The Asia Pacific region has a large and tech-savvy population that embraces innovative products. Smart luggage appeals to consumers who value convenience, security, and connectivity. Features such as GPS tracking and remote locking systems provide travelers with peace of mind and enhance their overall travel experience. As economies in the Asia Pacific region continue to grow, disposable incomes have been on the rise. This has resulted in increased consumer spending on travel-related products, including smart luggage. Consumers are willing to invest in high-quality, technologically advanced luggage to meet their travel needs. The continuous advancements in technology have facilitated the development of smart luggage with more sophisticated features. Manufacturers are integrating new technologies into their products, including biometric locks, wireless charging capabilities, and smart device integration, to cater to the evolving demands of consumers.

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Smart Luggage Market Segmentation

By Use: 

  • Business
  • Vacation
  • Others

By Distribution Channel

  • Specialty stores
  • Brand stores
  • Online
  • Others

In 2022, Online distribution channels have gained immense popularity in recent years. Consumers can conveniently browse and purchase smart luggage from various e-commerce platforms. Online retailers offer a wide selection of smart luggage options from multiple brands, providing customers with the flexibility to compare features, read reviews, and make informed purchasing decisions. Additionally, online channels may offer competitive prices and discounts, making them an attractive option for many consumers.

By Price:

  • Low
  • Mid
  • High

By Connectivity:

  • GPS
  • Wi-Fi
  • Bluetooth
  • RFID
  • Others

By Application:

  • Real-time tracking
  • Proximity sensors
  • Remote locking
  • Digital scaling
  • Others

By Technology:

  • USB Port
  • Connectivity
  • Sim card
  • Others

Smart Luggage Key Competitors include: 

• Bluesmart (USA)

• Away (USA)

• Raden (USA)

• Trunkster (USA)

• Barracuda (USA)

• Horizn Studios (Germany)

• Rimowa (Germany)

• Samsonite (USA)

• Delsey (France)

• Enkloze (Japan)

• Samsara Luggage (USA)

• Cowarobot (China)

• Travelmate Robotics (USA)

• Plevo (Australia)

• Modobag (Denmark)

• Arlo Skye (China)

• G-RO (Australia)

• FUGU Luggage (Israel)

• OneSmart Luggage (New Zealand)

• TraxPack (UK)

• Lugloc (USA)

• Kabuto (France)

• Tumi (USA)

• Carriall (India)

• Barracuda (Germany)

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Key questions answered in the Smart Luggage Market are:

  • What is Smart Luggage?
  • What was the Smart Luggage Market Size in 2022?
  • What is the expected Smart Luggage Market size during the forecast period?
  • What are the global trends in the Smart Luggage Market?
  • What are the major restraints for the Smart Luggage Market? 
  • Which segment dominated the Smart Luggage Market growth?
  • What is the demand pattern for the Smart Luggage Market?
  • What growth strategies are the players considering to increase their presence in the Smart Luggage Market?
  • What are the upcoming industry applications and trends for the Smart Luggage Market?
  • Who are the leading companies and what are their portfolios in Smart Luggage Market?
  • Which region dominates the largest market share in Smart Luggage Market?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2021)
  • Past Pricing and price curve by region (2018 to 2021)
  • Market Size, Share, Size & Forecast by different segment | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application, and Industry Vertical
  • Market Segmentation – A detailed analysis by Segment
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
      • Competitive landscape – Market Leaders, Market Followers, Regional player
      • Competitive benchmarking of key players by region
  • PESTLE Analysis 
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of Business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

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About Maximize Market Research: 

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Healthcare, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.