Analysis of the market size and development trend of the luggage industry

Analysis of the market size and development trend of the luggage industry in 2020, China's growth rate leads the world

From 2009 to 2019, the overall market size of the global luggage industry showed an upward trend. In 2019, global luggage sales reached 156 billion U.S. dollars, of which China and the United States accounted for 24% of the market share. In recent years, my country's luggage industry has grown rapidly. In 2019, the market size reached about 253 billion yuan, with an average annual compound growth rate of nearly 10%. From the perspective of the growth rate of the market scale, the growth rate of the market scale of China's luggage industry is ahead of the world. From the perspective of the development trend of the global luggage industry, the expansion of the Chinese luggage market will lead the global industry to continue to rise; on the other hand, the recovery of the tourism market after the epidemic will further promote the development of the industry. The global market is expected to reach approximately US$211.2 billion by 2025.

The global scale of the industry is rising, with China and the United States taking the lead

According to data from Euromonitor, global luggage sales reached US$156 billion in 2019, with an average annual compound growth rate of 5% from 2009 to 2019. In terms of regions, the Asia-Pacific region has the largest market, contributing 46% of sales, with an average annual compound growth rate of 8% in the past 10 years.

According to the analysis of the proportion of sales in various countries, according to Euromonitor data, the sales of China's luggage market in 2019 was 37.4 billion U.S. dollars (approximately 253 billion yuan), accounting for 24% of the global luggage market share. The market share is same as USA. Japan, South Korea, the United Kingdom and France followed closely, with a combined market share of approximately 52%.

China's luggage market breaks through 250 billion, and the growth rate is ahead of the global

The luggage market in China is huge, and it has been in a period of sustained and accelerated growth in recent years. According to Euromonitor statistics, from 2012 to 2019, the market size of my country's luggage industry increased from 130.2 billion yuan to about 253 billion yuan, with an average annual compound growth rate of 9.96%.

Comparing the growth rate of the global and Chinese luggage industry market size, it can be seen that the market size growth rate of China's luggage industry in 2013-2019 is ahead of the global market. In 2019, the market size of China's luggage industry grew by 22.64%, which was a significant increase from previous years. In 2019, the growth rate of the global luggage industry market grew steadily to 6.9%.

China leads global growth, and the recovery of the tourism market further promotes the expansion of the luggage industry

According to estimates by the World Tourism Organization, the average annual compound growth rate of the global tourism market from 2010 to 2030 is 3%-4%, and suitcase sales are highly positively correlated with passenger trips. The development of the tourism market will promote the further expansion of the luggage industry . Under the influence of the COVID-19 in 2020, the growth rate of global passenger travel is expected to slow down in 2020, but in the long run, the prospects for the global travel industry, especially in China, are still promising. Based on this, it is predicted that in 2020, the growth rate of the luggage industry will slow down, and the market size will be approximately US$161.9 billion. By 2025, the global luggage industry market size is expected to reach approximately US$211.2 billion.