India Luggage and Bags Market Poised for Robust Growth, forecasted to Expand at 14.4% CAGR from 2024-30

MarkNtel Advisors has released its latest report highlighting strong growth in The India Luggage and Bags Market size is estimated to grow at a CAGR of around 14.4% during the forecast period, i.e., 2024-30.

Report Coverage

This report offers a comprehensive analysis of the India Luggage and Bags Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2023
• Forecast Years: 2024-30
• Historical Years: 2019-22

India Luggage and Bags Market Overview

The luggage and bags industry in India demonstrates robust growth prospects fueled by several factors. One of the key factors includes the growth in domestic and international tourism and government initiatives. Other countries that promote tourism have increased the travel of residents abroad and domestically. Along with this, the growing middle-class population and rising disposable income have increased the inclination of consumers towards high-quality luggage and bags for travel and daily use. In addition, changing lifestyles, urbanization trends, and booming e-commerce are further fueling market expansion and providing consumers with greater access to a wide range of products. Additionally, India's evolving fashion consciousness and desire for stylish yet functional suitcases and bags are driving innovation and diversity in the market. Consumers seek products that not only offer durability and convenience but also reflect their style and preferences. This trend has led to the emergence of a plethora of designs, materials, and features, catering to various segments of the population, from budget-conscious travelers to luxury-seeking individuals.

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India Luggage and Bags Market Segmentation Outlook

The India Luggage and Bags is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Market Structure

• Organized
• Unorganized

By Product Type

• Bags
  • Cross Body Bags
  • Bags and Backpacks
  • Business Bags
  • Duffle Bags
  • Clutches
  • Others (Tote Bags, Wallet and Coin Pouches, Other Small Bags, etc.)
• Luggage
  • Soft Luggage
  • Hard Luggage
  • Wheeled Luggage
  • Non-Wheeled Luggage

By Price Category

• Luxury
• Mass/Economy
• Premium

By Application

• Travel
• Business

By Distribution Channel

• Offline
  • Dealers & Distributors
  • Retail Stores
• Online

By Region

• North
• South
• West
• East
• North-East

India Luggage and Bags Market Driver

Increasing Availability of Counterfeit Products to Restrict Market Growth – In India, there is a substantial inclination of customers towards luxury and high-end branded bags and luggage. However, the high cost of these bags makes them beyond the reach of the majority of consumers, owing to which there is a lucrative market for counterfeit bags and luggage in India. Moreover, advancements in technology are making it easier to produce high-quality replicas. As the availability of these duplicate products surges, this would reduce the revenue of legitimate brands, thereby posing a challenge to market players.

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Top India Luggage and Bags Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies 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 as key players shaping the market landscape.

India Luggage and Bags Market News

• In 2023: VIP Industries Ltd. expanded its manufacturing capabilities for luggage production in India with enhanced cost efficiencies across the value chain and a shift to in-house manufacturing.
• In 2022: Safari Industry India Ltd. focused on premium luggage of USD 482.04+ as its next growth lever to capture and gain the luggage e-commerce market in India.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2030?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

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