May 28, 2020 2:40 PM ET
iCrowd Newswire – May 28, 2020
According to Blueweave Consulting, Smart Luggage Market has reached USD 1.23 Billion in 2019 and is projected to reach a valuation of above USD 2.5 billion by the year 2026 by growing at a CAGR of above 11% during the forecast period 2020-2026.
The market is growing due to various factors includes technological innovations in luggage that make the customer’s journey comfortable and hassle-free. Rapid urbanization, increased awareness of branded products, and increased recreational & adventurous activities have become an essential part, thus increasing the rate of adoption of smart luggage. These opportunities push luggage companies to integrate technological features into their products to remain in the ever-changing business climate.
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Increasing travel & tourism, product design & quality innovations, and rising demand for IoT-based applications, are pushing organizations to focus on incorporating the innovative technology features into their current offerings. Smart luggage also allows users to get the insight into currency exchange and schedules of flight. Smart luggage is designed to shut down when it’s onboard and turn on automatically when landing to comply with government regulations on wireless technology use. The increasing penetration of the Internet is also the main driver for introducing technology applications in the luggage industry.
It’s a nightmare for frequent travelers to lose, damage, or receive delayed baggage while in transit. Airport authorities also find it difficult to keep track of and manage the numerous baggage, with a rise in the vast number of travelers worldwide each year. Using real-time tracking of smart luggage can solve these issues. It is estimated that the smart luggage market will grow in the projected time to get rid of these problems.
In upcoming years, the demand for user-friendly luggage will increase rapidly. Growth is accredited to rising disposable income and shifting consumer demands for comfortable lifestyles. As smart luggage is easy to use, luggage-related anxiety during any part of the trip reduces significantly, thanks to technology. In the travel industry, smart luggage is a game-changer with built-in features such as GPS locators, USB ports to charge your devices, and remote locking systems will make traveling convenient.
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The global Smart Luggage Market separated through geography into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America will have the greatest growth in the market, mainly thanks to technological advances and smart luggage acceptance. The growing urban population base and people’s spending power will drive the region’s demand even further. The smart luggage market in Europe is expected to grow over the next seven years, due to increased tourism and people’s willingness to adopt new technologies. Asia-Pacific is expected to have the fastest-growing market in the forecast horizon after North America, with growing urbanization and an increase in travelers from countries such as China, India, Malaysia, and Singapore, as well as increasing air traffic rates.
The major market players in the smart luggage are Samsonite. Bluesmart Black Edition, Horizn Studios GmbH, TraxPack LLC, Modobag, Delsey S.A., Planet Traveler USA, Away Com INC, Néit Products Ltd, Trunkster, RIMOWA, Modobag, Airbolt, Arlo Skye, Shelfpack, Progo, Genius Pack, Away Carry-on, Néit Collapsible Suitcase and, Other Prominent Players.
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