"Overview of Sports Luggage Market"
The Sports Luggage market was valued at US$ XX Mn in 2018 and it is projected to reach more than US$ 2.6 Bn by 2027, growing with a CAGR of 3.3 % during the forecast period
The global sports luggage market has shown moderate growth since the last few years. Some of the major factors driving the growth of the global market include technological developments in the sports industry, rising investment in sporting goods from public and private sectors, and a growing number of professional sports participants.
Rising Awareness Regarding Child Obesity and Benefits of Sports for Child Growth is Driving the Growth of Global Sports Luggage market
The major factor driving the growth of the global Sports Luggage market is the rising awareness regarding child obesity, especially in developed countries. By participating in sports children can reduce the obesity epidemic. According to the Sports & Fitness Industry Association, the non-participants in sports activity are decreasing consistently which is estimated to put a positive impact on the growth of the global sports shoe market.
Moreover, promotional activities regarding fitness necessity conducted by public and private entities are favouring the growth of the global market.
Complete Mix Segment to Expand at Rapid Pace during the Forecast Period
The complete mix segment has major applications in food service industry. The end-user just needs to add water into it. The rising food service industry across the globe is helping the segment to grow at a significant pace.
Ball Sports Segment had dominated the Global Sports Luggage Market in 2018
On the basis of sports type, the ball sports segment dominates the global market by holding a larger market share in 2018. The segment is estimated to witness the fastest growth during the forecast period. The growth of the region can be attributed to the rising popularity of several ball sports such as volleyball, football, and basketball across the globe.
Bread Segment is anticipated to be the Fastest-Growing Segment
Based on distribution channels, the offline segment dominates the global market whereas the online segment is estimated to witness the fastest growth over the forecast period. The companies operating in the global sports luggage market are focused on expanding their retail outlets over the globe. This is expected to increase the consumer base in different regions which will further propel the growth of the segment.
On the other hand, the online segment is projected to grow at a highest compound annual growth rate between 2019-2027. The rising prevalence of hassle-free online shopping and advantages associated with these channels such as huge discounts, one day home delivery, and easy returns policy are expected to create new opportunities for online channels.
The Asia Pacific held a significant share in Global Sports Luggage Market in 2018
In terms of region, Asia Pacific dominates the global market by holding significant market share in 2018. The region is anticipated to maintain its dominance throughout the forecast period. The dominance of the region can be attributed to a rising number of participation in different sports activities across the region. The strong performance of Asia players in international sports events such as Rio 2016 is expected to create new opportunities for the growth of the sports luggage market in the Asia Pacific.
North America is the second-largest market in the global sports luggage market. South and Central America is the major contributor for sports luggage in the region. This is mainly due to the rising number of younger sports participants in the region.
The global Sports Luggage market consists of multiple global and regional players. The presence of several manufacturers makes the global market highly competitive that has led to need for the companies to focus in strengthening their foothold in the global market.
In October 2018, SP Plus Corporation announced the acquisition of Home Serv Delivery, LLC and Baggage Airline Guest Services, Inc. Bags is one of the leading providers of remote ait-line check-in, baggage delivery, and other related services.
In March 2019, Victorinox and SWISS announce to extend their partnership with the launch of their luggage line. The new product line consists of three different design while maintaining quality.
Some of the prominent companies operating in the global Sports Luggage market include Callaway Golf Company, Adidas AG, Bridgestone Corporation, Amer Sports, Acushnet Holdings Corp, Nike, Inc., Yonex Co., Ltd, PUMA SE, VF Corporation, and Under Armour, Inc.
Global Sports Luggage Market by Sports Type
- Rocket Sports
- Ball Sports
Global Sports Luggage Market by Distribution Channel
Global Sports Luggage Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America