Suitcase And Briefcase Market Size, Share & Trends Analysis Report By Product Type (Travel Cases, Business Cases), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global suitcase and briefcase market size was valued at USD 30.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2028. Rapidly growing travel and tourism, rising urbanization, changing lifestyles, and consumers' increased purchase power has led to market growth. Availability of the product in different shapes, sizes, colors, and design patterns appeals to the large consumer base, thus propelling the market growth. Suitcases and briefcases are considered to be fashion trendy products and the status symbolism of the owner for some leads to rising demand for premium products.

Briefcases are highly popular in the business world, as it is essential for carrying important documents, money, and valuables. The rising demand for briefcases from businesspeople for their stylish and convenient way of carrying important documents, and laptops from one place to another, leads to the growing demand for briefcases. Increasing sports activities across the world and the growing use of suitcases by athletes are also propelling the suitcases market growth.

Travelers are highly preferring the multipurpose luggage bags which creates escalating demand for foldable and convertible luggage carriers. Suitcases with spinning wheels have grown in demand in the global market as they are easy to carry from different places. Innovative and advanced product launches from manufacturing companies are one of the major factors responsible for the market growth.

Furthermore, the integration of RFID technology in suitcases and briefcases from manufacturers for security reasons will also be propelling the market growth. Increasing demand for premium and fashionably trendy products from millennial consumers will further boost the market growth.

The market was negatively affected by the COVID-19 pandemic. The major fall in the travel and tourism industry throughout the pandemic period is the major reason for the reduced sale of luggage globally. Due to the novel Coronavirus, the strict implementation of country-wise lockdowns and a complete ban on international traveling as well within the country hampered the market growth.

Restrictions on the import and export of product, closed production facility, reduced footprints at retail stores, and reduced demand for luggage due to low traveling, are all factor that affects the market at the global level. During the COVID era, consumers' buying behavior shifted from offline channels to online portals, which influenced positively on luggage market. However, as things get normal it is expected that the market get its momentum as in the pre-pandemic era and capture a significant market share in the coming years.

By Product Type Insights

Travel cases occupy the largest share of over 80% in the global market in 2021 and are expected to maintain their leading share position during the forecasted period. The rapidly growing travel and tourism industry are primarily responsible for the rising demand for suitcases in the global market. Furthermore, global leading athletes’ appointment as brand ambassadors for suitcases from manufacturers also propels the segment's market growth.

The business cases market expanding with the fastest growth with a CAGR of 6.2% during the estimated period. The growing use of briefcases by businesspeople or top management organizations has led to the growing demand for business cases. Availability of business cases in a variety of options, with different materials, stitching patterns, and durability with professional and casual looks appeals to the large consumer base and leads to growing demand in the global market.

By Distribution Channels Insights

Offline trading accounted for the highest market share of over 75% in the market in 2021 and is expected to grow significantly during the forecast period. The establishment of dedicated retail stores from top brands in the offline channel is propelling the segment growth. Rapid urbanization, a growing chain of dedicated retail stores, and consumers’ preference for the traditional way of buying suitcases and briefcases at the local retail market will boost the sale of these products.

Growing digitalization, easy access to smartphones and the internet, and the new generation’s inclination to buy products from online platforms will propel the online trading market growth in the estimated period. Online trading is estimated to be the fastest-growing distribution channel during the forecasting period at a CAGR of 6.1%. This can be credited to the rising demand for premium products through the e-commerce domain, the availability of products in different colors, design patterns, materials, and most importantly range of prices.

Regional Insights

The Asia Pacific accounted for the largest market share with over 35% in 2021 and is expected to continue to expand at a substantial growth rate in the forecasted period. Increased outbound travelers from this region propelling the market growth. In 2019, China has 169 million outbound travelers and India has 50 million outbound travelers. Furthermore, growing domestic traveling and tourism also propel regional growth. The rise in disposable income and consumers' increased spending on traveling luggage are also responsible for suitcases market growth.

North America is estimated to be the fastest-growing market for suitcases and briefcases, growing at a CAGR of 6.3% from 2022 to 2028. Changing lifestyles, increased inbound and outbound travelers, grown demand for fashion trendy products due to a rise in disposable income, high working population, availability of established brands, and consumer’s willingness to pay for premium brands will boost the market growth in this region.

Key Companies & Market Share Insights

The suitcases and briefcases industry is fragmented in nature with a large number of global and regional players. Manufacturing companies adopt various marketing strategies for strengthening their presence such as the expansion of distribution channels, strengthening the supply chain, and mergers and acquisitions. The rising investment by the key players in advertising campaigns, promotional activity, and social media marketing to expand their geographical presence across the globe. For an instance, LVMH and Virgil Abloh have announced a definitive agreement that the LVMH will acquire a majority stake in Off-White LLC. This acquisition involves Mr. Abloh retaining a 40% interest and continuing as creative director of the brand, and LVMH owning a 60% interest in the trademark. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. Some of the prominent key players operating in the global suitcase and briefcase market include:

• Ace Co. Ltd.

• Antler Ltd.

• Bric’s Industria Valigeria Fine SPA

• Delsey S.A

• Luggage America Inc.

• LVMH Moët Hennessy Louis Vuitton

• Nike, Inc.

• Samsonite International S.A.

• V.F. Corporation

• Valigeria Roncato

• VIP Industries Ltd.

• Briggs & Riley Travelware

Suitcase And Briefcase Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global suitcase and briefcase market report based on product type, distribution channels, and region:

• Product Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Travel Cases

  • Business Cases

• Distribution Channels (Revenue, USD Million, 2017 - 2028)

  • Offline Trading

  • Online Trading

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Russia

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia