Our in-depth analysis has segmented global anti-theft luggage market into the following segments:
By Product Type
By Distribution Channel
Global anti-theft Luggage market is further classified on the basis of region as follows:
Global anti-theft luggage market is anticipated to flourish at a significant CAGR during the forecast period. Further, the market is expected to garner noteworthy revenue by the end of 2024. Additionally, rise in tourism is expected to supplement the growth of the anti-theft luggage market during the forecast period.
In the regional platform, North America accounted for the highest share in overall market of the anti-theft luggage market in 2016. Further, North America is expected to continue its dominance over the forecast period. High disposable income of the population is expected to drive the growth of the anti-theft luggage market during the forecast period. Growth in corporate travel and enhanced design are the key factors behind the growth of anti-theft luggage in the North America region. Moreover, presence of the major anti-theft luggage manufacturers in the region is anticipated to garner the growth of the market in the North America region. U.S. captured the largest market share of North America anti-theft luggage in 2016. Europe held the second position in global anti-theft luggage market in 2016. Increasing number of traveller coupled with rising expenditure on travel & tourism is expected to positively affect the demand for anti-theft luggage in the Europe region. Germany, France and U.K. are the major contributors to the growth of the anti-theft luggage market in the Europe region.
Asia Pacific anti-theft luggage market is anticipated to showcase significant growth during the forecast period. Increasing concern regarding the protection of the belongings is envisioned to garner the growth of the anti-theft luggage market. China, Japan and India are anticipated to be the prominent market for the anti-theft luggage during the forecast period. Latin America and Middle East & Africa are projected to grow at decent pace over the forecast period.
On the basis of distribution channel, global anti-theft luggage has been segmented into online store and offline store. Additionally, online store segment accounted for the largest market share of anti-theft luggage market and is anticipated to witness highest CAGR during the forecast period.
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Growing tourism across the globe coupled with rising disposable income is one of the major driving factors of anti-theft luggage market. Additionally, rising awareness about anti-theft luggage products and its benefits such as safe and smart travelling is resulting in higher adoption of anti-theft luggage products. These factors are envisioned to bolster the growth of anti-theft luggage market during the forecast period.
Technological advancements such as GPS integrated backpacks, RFID protection, lockable zips, slash proof construction and others are believed to accelerate the growth of the anti-theft luggage market in the next few years. Moreover, major players such as Travelon and others are engaged in the enhancement of design anti-theft luggage products and accessories. This factor is anticipated to garner the growth of the global anti-theft luggage market.
On contrary, high cost of anti-theft luggage products is believed to dampen the growth of the global anti-theft luggage market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.