Increasing Usage of Sensors, RFID Tags, and Bluetooth Devices in Luggage is Driving the Smart Luggage Market to Aggregate $2.4 Billion by 2022
Surge in tourist traffic & air travel, consumer's shift toward high standard living, innovation in product design & quality, and rising demand for IoT-based applications are driving the smart luggage market growth. The leading technology segment — connectivity — is expected to grow at a CAGR of 26.7% during the forecast period.
Bangalore, India, May 12, 2017 (Newswire.com) - According to Infoholic Research, the smart luggage market will experience a significant growth during the forecast years owing to:
- an increase in international traveling,
- demand for comfortable, attractive design & quality products,
- rising airports baggage costs, and
- growing affluence of middle-class people.
Steady growth in the global tourism industry will also contribute to the market growth with the arrival of international tourists expected to cross 1.76 billion people by 2030. The market is expected to grow at a CAGR of 26.4% during the forecast period 2016–2022 to touch an aggregate of $2,353.2 million by 2022.
“Currently, the smart luggage market will enable travelers to make use of the most innovative technologies and applications in their luggage for avoiding mishandling of bags, reduce check-in time, and remain updated about the trip during the journey. The market is an attractive space for technology providers, device manufacturers, and OEMs to expand their business in various regions. The technology segment holds enormous opportunities in the next 3–4 years due to increasing internet penetration and innovation in big data and IoT technologies,” said Praveen Kumar S, Research Analyst at Infoholic Research
Factory outlets distribution channel is playing a significant role in offering innovative and high-quality products to the customers. Also, rapid urbanization, rising awareness about branded products, and an increase in recreational & adventurous activities have become an essential part, thereby increasing the rate of smart luggage adoption. The internet sales are witnessing a huge growth in the market due to rise in online transactions and the trend of go-cashless, which is expected to grow at a CAGR of 27.0% during the forecast period.
The mounting demand for implementation of IoT-based applications, increasing internet penetration, and need for product and quality enhancements create significant opportunities for connectivity technologies. Sensors will play a major role in tracking lost or misplaced luggage at the airports. A lot of small and medium technology providers are expected to enter the market within the next decade.
The real-time tracking application is considered a significant technology in smart luggage market mainly due to the increase in time for baggage check-in for travelers and authorities in airports. The remote locking application is more advantageous and helps to lock or unlock the baggage with an integrated application. In the next 2 years, it is expected that remote locking and digital scaling applications will be more rigorously adopted by the major smart luggage vendors.
The Americas is set to be the leading region for smart luggage market growth, followed by Asia Pacific. In Europe, the market will improve due to the leisure lifestyle and increasing disposable income. RoW is set to be the emerging region for smart luggage market growth. The rising investments from regional governments and increasing urban population in the developing countries are expected to drive the market growth in the region during the forecast period.
Source: Infoholic Research