The global smart luggage market was valued at USD 1.2 Billion in 2021 and it is anticipated to grow up to USD 12.1 Billion by 2031, at a CAGR of 26.0% during the forecast period.
New York, According to a new market research report published by Global Insight Services “Smart Luggage Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Smart luggage is a type of luggage that is equipped with advanced features and technology. These features can include GPS tracking, remote locking, and weight sensors. Smart luggage is designed to make traveling easier and more convenient for users. Many smart luggage products also come with built-in chargers for devices such as laptops and phones.
Market Trends and Drivers
Consumer shift towards lifestyle, leisure, and style-quotient is expected to drive the smart luggage market for the next seven years. Growth in internet penetration and increase in international air travel is expected to drive the technological innovation. Growing penetration of Internet of Things (IoT) has compelled the players in the baggage segment to equip the luggage with smart features such as traceability and advanced locking system. This is expected to attract tech-savvy customers to a large scale over the forecast timeframe. The technological advancements such as location & proximity alerts, automated locking, tracking system, and connectivity with smartphones have transformed the regular baggage to an intelligent subsystem that can be linked to the smartphones. For instance, the range of baggage from Bluesmart consist of a digital handle that is a digital scale to measure the weight of the bag. Furthermore, the case is protected with a digital lock which gets activated when it is moved away from the phone.
Market Restraints and Challenges
The key restraints and challenges in Smart Luggage market are there is still a lack of awareness about smart luggage and its benefits among consumers, which is hindering the growth of the market. Smart luggage is still considered to be a luxury item due to its high cost, which is another challenge for the market. Moreover, some smart luggage products still have limited features compared to traditional luggage, which is another challenge for the market.
Major Players in the Global Smart Luggage Market
The key players in the smart luggage market Samsonite International S.A., Away, Trunkster, Raden, Bluesmart Black Edition International, Horizn, Delsey, Planet Traveler, American Tourister, and TraxPack, among others.
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Reasons to buy Smart Luggage Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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