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Sports Luggage Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global sports luggage products market was valued at USD 18.9 billion in 2022 and is projected to expand at a CAGR of 7.5% from 2023 to 2030. The rising popularity of outdoor activities such as camping, trekking, and adventure sports is driving the demand for sports luggage products. The growing popularity of outdoor activities is due to the rising popularity of e-sports and the increasing number of adventure travelers worldwide. In addition, the increasing number of sports competitions and events such as the Olympics and the FIFA World Cup are expected to drive the demand for sports luggage products. Furthermore, the rising trend of fitness and yoga among men and women is expected to boost the market growth.
Moreover, technological advancements in sports luggage products are driving the market growth. For instance, in April 2021, Victorinox, a leading Swiss luggage maker, launched a new collection with a security feature that enables customers to lock their luggage with a single press of a button. The company has incorporated a new smart lock technology in this collection, which allows customers to securely lock their luggage and also track their bag in real-time. Furthermore, the increasing number of collaborations between sports luggage manufacturers and airlines is expected to drive the market growth. For instance, in August 2021, Samsonite and American Airlines announced a new collaboration to create a line of custom-designed luggage for the airline’s customers.
The increasing demand for lightweight and durable luggage is further driving the market growth. Manufacturers are focusing on using high-quality materials to make lightweight luggage products. For instance, in June 2021, Rimowa launched a new collection of luggage made from 100% recycled ocean plastic. The company has incorporated a unique blend of recycled ocean plastic and new high-performance polymers to make the luggage. The company is also focusing on launching eco-friendly luggage to reduce its carbon footprint.
Furthermore, the increasing number of retail stores selling sports luggage products is expected to fuel the demand for the market. The growing number of online stores selling sports luggage products coupled with the increasing number of discounts and offers is expected to drive the sales of sports luggage products. For instance, in October 2021, Away, a leading online luggage store, announced the launch of its first pop-up store in New York City. The store will offer customers a wide range of luggage products, including hard and soft-sided suitcases, duffel bags, and backpacks.
In addition, the introduction of new product features such as waterproof material, dust-proof zippers, and scratch-resistant material is expected to drive the market growth. Furthermore, the increasing demand for ergonomic and innovative designs such as wheeled luggage and backpacks is expected to fuel the market growth.
Product Insights
The duffel bags segment accounted for the largest share of the sports luggage market in 2022. The growing popularity of duffel bags among athletes and travelers has been driving the segment’s growth. Increasing demand for lightweight and durable bags for sports activities is augmenting the demand for duffel bags. Moreover, expanding product portfolio, rising advertising and promotional activities, and increasing availability of duffel bags in the online retail channel are some of the factors driving the growth of the segment.
The backpacks segment is expected to expand at the fastest CAGR of 8.7% over the forecast period. Growing demand for backpack-style bags for sports activities is driving the segment’s growth. Backpacks are usually preferred by athletes to carry sports apparel or equipment. Furthermore, the increasing number of college and school-going students, along with the rising trend of outdoor activities is driving the demand for backpacks. Additionally, availability of backpacks in various styles and colors is another factor driving the segment’s growth.
Distribution Channel Insights
The offline segment accounted for the major share of the global sports luggage products market in 2020. The segment is expected to continue its dominance over the forecast period owing to the presence of a large number of retail stores, such as departmental stores, specialty stores, and supermarkets & hypermarkets. Furthermore, the increasing popularity of sports activities and the growing awareness about the importance of having specific luggage for sports activities are some of the major factors driving the demand for sports luggage products from offline stores.
The online segment is expected to register the highest CAGR of 11.2% during the forecast period. Online platforms, such as Amazon, Flipkart, and Myntra, are gaining popularity among consumers as they provide access to a wide variety of products at competitive prices. The growth of the segment is mainly driven by the rising number of shoppers who prefer to shop online due to convenience and time-saving benefits. Furthermore, the increasing number of e-commerce stores and the increasing trend of cashless transactions are expected to further drive the segment growth.
Type Insights
The travel segment dominated the market with the largest revenue share of 61.3% in the year 2022. This is owing to the increasing trend of weekend trips and holidays among the working-class population. The growing number of travelers in the world has increased the demand for sports luggage products. For instance, according to the World Tourism Organization (UNWTO), in 2019, the number of international tourists worldwide was 1.5 billion and it is expected to reach 1.8 billion by 2030. Furthermore, the increasing disposable incomes in emerging countries has led to an increase in leisure activities such as holidays, which has further propelled the demand for sports luggage products.
The sports segment is expected to register the highest CAGR of 8.6% during the forecast period. This is owing to the increasing demand for multipurpose luggage products that can be used for different purposes such as travel as well as sports activities. The rise in popularity of sports activities such as tennis, golf, and football among people of all age groups has increased the demand for sports luggage products. Additionally, the growing trend of online shopping has led to an increase in the availability of sports luggage products, which is further driving the segment growth.
Regional Insights
North America and Europe are expected to hold a significant share in the global sports luggage products market. This is attributed to the rising number of sports enthusiasts, especially among the millennial population. In addition, the presence of well-established companies in these regions is further expected to spur the growth of the market. For instance, in August 2021, the U.S.-based luggage brand, Away, launched a new collection of sports-inspired luggage.
Asia Pacific is expected to be the fastest-growing region in the coming years. Increasing disposable incomes, coupled with the rising number of sports events, is expected to drive the demand for sports luggage products in the region. Moreover, the launch of innovative and lightweight products is also expected to fuel the market growth. For instance, in April 2021, Victorinox, a Switzerland-based manufacturer of sports luggage products, launched a new range of lightweight backpacks in the Asia Pacific region.
Financial Projections
In this part of the sports luggage products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts will include cash flow projections and capital requirements for your sports luggage products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a sports luggage products business comes from the sale of its products. Here you will find a list with a description of each of the products and other possible sources of profit such as bulk orders, advertising sales, and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the sports luggage products business running will be described. The list of operating expenses includes staff wages, inventory costs, marketing expenses, utilities, rent, insurance policies, research & development costs, and other related expenses.
Key companies & market share insights
Some of the key companies operating in the sports luggage market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Samsonite International SA launched the Omni PC suitcase designed to provide superior protection and durability.
– In October 2022, Delsey SA launched the Hyperlite range of lightweight suitcases, designed for easy mobility and durability.
– In November 2022, High Sierra launched the Sportour collection of sports luggage featuring a unique ventilation system.
Some of the prominent players in the sports luggage market include:
– Samsonite International SA
– Delsey SA
– High Sierra
– American Tourister
– RIMOWA GmbH
– Briggs & Riley Travelware
– Travelpro Products, Inc.
– TUMI, Inc.
– Eagle Creek
– Victorinox AG
Global Sports Luggage Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global sports luggage products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Backpacks
– Duffel Bags
– Totes
– Suitcases
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Sports Luggage Products?
[A]: Sports luggage products are gaining traction in the global market due to the growing popularity of sports and outdoor activities. The growing demand for lightweight and durable luggage products across the globe has provided an impetus to the growth of the market. The increasing disposable incomes of the consumers and the growing trend of online shopping have further driven the growth of the market.
[Q]: Who are the Key Players in the Sports Luggage Products Market?
[A]: The key players in the sports luggage products market include The North Face, Samsonite International SA, VF Corporation, Cotopaxi, American Tourister, and Eagle Creek.
[Q]: Which Region Offers the Largest Opportunity for Sales of Sports Luggage Products?
[A]: The Asia Pacific region is expected to be the largest market for sports luggage products due to the increasing disposable incomes in countries such as India, China, and Japan.
[Q]: What are the factors driving the sports luggage products market?
[A]: Factors such as the increasing trend of online shopping, increasing disposable incomes, growing popularity of sports and outdoor activities, advancements in technology, and the increasing demand for lightweight and durable luggage products are expected to drive the growth of the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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