Press Release

India Luggage and Bags Market to Surge at a CAGR of Around 14.4% During the Forecast Period

The India luggage and Bags Market is anticipated to grow at a CAGR of about 14.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growing middle class and increasing disposable incomes are fueling the ongoing growth in leisure tourism and further creating demand for luggage products. Furthermore, shifting consumer preferences, urbanization patterns, and the growing e-commerce industry all support market expansion by giving customers more access to a wider selection of goods.

In addition, the market is driven by innovation and diversity due to India's growing fashion consciousness and the country's need for fashionable yet useful bags and baggage. Customers look for goods that express their preferences and style in addition to providing functionality and durability. Many designs, materials, and features have emerged as a result of this trend, appealing to different demographics such as luxury-seekers and budget-conscious visitors.

Furthermore, as the tech-savvy customers in the country are increasing, the demand for luggage incorporating new technologies is projected to increase in the years to come. Hence, companies such as Safari, VIP, Samsonite, etc., have introduced bags with features such as GPS tracking, USB charging ports, etc. Hence, the development of smart and tech-enabled luggage & bags is a recent trend, further states the research report, “India Luggage and Bags Market Analysis, 2024.”

Segmentation Analysis

Online Segment Holds Significant Market Share

Based on the distribution channel, the market is further bifurcated into offline and online segments. The online distribution segment holds a significant market share and is projected to lead the India Luggage and Bags Market in the coming years as well. Due to the expanding internet connectivity and the growing popularity of e-commerce platforms, it has become easier for customers to research, compare, and buy luggage. Manufacturers and retailers can now reach a larger audience outside traditional brick-and-mortar establishments thanks to this accessibility. Online retailers also provide customers with a wide selection of goods, including both local and foreign brands, to suit a range of tastes and price points.

Furthermore, various e-commerce platforms are now focusing on establishing new verticals to enable unbranded, low-cost products to reach out to customers. This is projected to create new opportunities in the India Luggage and Bags Market in the years to come.

Duffle Bags Attract a Large Group of Customers

Due to the affordable price. Duffle bags are the preferred choice in India’s price-sensitive market. Additionally, Indian consumers favor luggage options that are easy to store when not in use, which has contributed to the increasing adoption of duffle bags, aligning well with typical living conditions in Indian households. Moreover, with the increasing number of gym enthusiasts and increased participation in sports activities, the demand for duffle bags is anticipated to surge in the years to come as well.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Safari Industry India Ltd, VIP Industries Ltd., Delsey India Pvt Ltd., Wildcraft India Pvt Ltd., Mufubu, Samsonite IP Holdings S.a.r.l., Suntop, Harrison Bags, Nath Brothers Exim International Ltd, Titan Co Ltd., Skybags, Texon Bags, LVMH Watch & Jewellery India Pvt Ltd., and others (Nekton India, Sanghavi Bags, etc.) are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2024-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?