Smart Luggage Market in digital scaling application segment is anticipated to propel over the forecast timeline due to the escalating demand from the consumer side to analyze the total weight of the bag prior to the journey. This enables the travelers to avoid the hassles associated with the travel and also eliminates the risks associated with over packing.
The extensive proliferation of Iot has practically revolutionized almost every business sphere, smart luggage market probably being the next to gain remarkable proceeds by these technological advancements. The testimony of the fact is the sizable share of USD 630 million having recorded by the smart luggage industry in 2016. Over the past few years, sustainable and smart knowhows have provided a significant impetus to global technology marketplace, and the growth chart asserts a linear adoption curve for smart devices in the coming years.
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Smart luggage technologies are deployed to implement digital scaling, real-time tracking, remote locking systems, and proximity sensing devices. Real-time tracking technology, for instance, is heavily utilized in airports in cases of baggage loss. Luggage thefts and security violations have changed traveler preferences rapidly, enabling them to invest in smart luggage equipped with remote locking systems & proximity sensing devices. Furthermore, manufacturers have been focusing on preventing any kind of inconvenience to the traveler due to overweight baggage, which has resulted in the production of digital scaling systems. The development of unique smart technologies to be incorporated in suitcases and bags is thus certain to augment smart luggage market size.
With IoT firmly having established its predominance in the travel arena, smart luggage market is likely to emerge as one of most remunerative business spheres in the ensuing years. Companies partaking in smart luggage industry share have been hinting at incorporating a lot more user-friendly features in their products, which would considerably impel this business space. According to the Global Market Insights, Inc., smart luggage market will hit a revenue of over USD 2 billion by 2024.
Smart Luggage Market in connectivity technology segment is expected to witness growth due to the demand from the customers to access the luggage with convenience. It also enables the users to get insights on the gates, currency exchange and flight schedules. This connected smart luggage are designed such that to shut down when it is onboard and automatically switch on while landing to meet the regulations of the government regarding the usage of wireless technologies.
North America, being one of the hubs of smart technology, is a profitable growth avenue for smart luggage market. The large-scale deployment of connected baggage has prompted companies to brainstorm and develop innovative products, which would considerably impel North America smart luggage industry. In fact, estimates claim North America to account for a rather huge share in smart luggage market.
The Asia Pacific smart luggage market is expected to witness high growth owing to the rising urbanization and increase in the air traffic levels specifically in countries such as Malaysia and Singapore. Many organizations are heavily investing in the technology as it enables them to offer better customer experiences and monitor the process based on different insights.
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Key players participating in the smart luggage market include: Bluesmart, Delsey, Samsonite, Away, Trunkster, Reden, Barracuda, and Lugloc. The industry is highly consolidated due to the presence of few major companies which are constantly coming up with new technologies and tech-savvy features. Furthermore, these companies are also working towards enhancing the current range of products and new product development to gain the competitive advantage.
Glimpse of Table of Content (ToC)
Chapter 3. Smart Luggage Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Technology landscape
3.4.1. Weight sensors
3.4.2. Companion apps
3.4.3. USB charging
3.5. Luggage industry outlook
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Price trends
3.7. Regulatory landscape
3.8. Industry impact forces
3.8.1. Growth drivers
188.8.131.52. High demand for technologically advanced products in North America
184.108.40.206. Proliferation of IoT based applications in luggage industry in North America
220.127.116.11. Growing focus on innovative product design and quality in luggage segment in Europe
18.104.22.168. Rapid growth in tourist traffic and air travel in Asia Pacific
22.214.171.124. Increase in adoption of trendy luggage in Latin America
126.96.36.199. Focus of manufacturers to provide tech-savvy luggage in Middle East and Africa
3.8.2. Industry pitfalls & challenges
188.8.131.52. Lack of awareness and knowledge of the products
184.108.40.206. Data privacy concerns
220.127.116.11. High cost of products
3.9. Growth potential analysis
3.9.1. Business models
3.10. Porter’s analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Internal rivalry
3.11. Competitive landscape, 2016
3.11.1. Strategy dashboard
3.12. PESTEL analysis
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