Smart Luggage Market worth over $2bn by 2024
Published Date: September 6, 2017 Author: Global Market Insights, Inc.
Smart Luggage Market size is set to exceed USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc.
The smart luggage market is expected to grow at a significant pace, owing to continuous technological innovation in the baggage segment. Proliferation of IoT (internet of things) is expected to fuel the industry growth over the forecast timeline. Frequent air travelers need the technology that help them reduce check-in times, avoid mishandling of baggage, and remain updated about their itinerary. Furthermore, constantly rising baggage costs by the airlines is expected to aid the smart luggage market growth. Proliferation of online distribution channels and factory outlets play significant role in proliferation of these products.
Steady growth in the tourism industry and increased frequency of international travel is expected to provide workable growth opportunities to the market. However, increased concerns over security and safety is expected to be a major restraining factor, over the forecast timespan.
Browse key industry insights spread across 130 pages with 85 market data tables & 9 figures & charts from the report, “Smart Luggage Market Size By Technology (Connectivity [Wi-Fi, Bluetooth, GPS, RFID], Sensors, SIM Cards, USB Charging), By Application (Real-Time Tracking, Proximity Sensors, Remote Locking, Digital Scaling), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, Australia, Brazil, Mexico), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Sensors are expected to play a key role in the adoption of smart baggage. Tracking the misplaced or lost luggage is expected to boost the demand for proximity sensors. Miniaturization trend in the electronics segment is expected to positively impact the smart luggage market.
Real-time tracking applications are forecast to witness growth owing to the increase in instances of luggage misplacement by the airlines. The companion application, compatible with Android and iOS and that comes with the intelligent bag is expected to gain customer attention, owing to the features such as locking & tracking and information updates regarding flight schedules. Increase in security is expected to drive the demand for locking applications.
The Asia Pacific smart luggage market is expected to witness significant growth, owing to growing demand for baggage with attractive design, high quality, and comfortable products. The increasing urban population base and disposable income of the people will further drive the demand in the region. The Europe smart luggage market is expected to gain momentum over the next seven years, owing to increase in tourism and readiness of the people to adopt new technologies.
Some of the prominent players in the smart luggage industry include Bluesmart, Neit, Away, Trunkster, LugLoc, TraxPack, and Barracuda. Many startups are expected to enter the market, owing to the availability of funding on crowdsourcing platforms and huge potential. The manufacturers are continuously investing in R&D to add more features, to make it user-friendly for practical applications. For instance, Modobag is a suitcase that van alternately be used as a motor scooter with built-in seat and footrests. The device has a GPS system to keep a track of itself and two USB ports to keep the device charged.
Smart luggage market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
Smart Luggage Market By Technology
- SIM cards
- USB charging
Smart Luggage Market By Application
- Real-time tracking
- Proximity alerts
- Remote locking
- Digital scaling
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa