The Asia Pacific Suitcase And Briefcase Market would witness market growth of 6.8% CAGR during the forecast period (2023-2030).
In the corporate world, briefcases are very common because they are necessary for transporting valuables, cash, and critical documents. The increased demand for briefcases is a result of businesspeople's growing demand for them as a chic and practical method of transporting computers and necessary documents. The rise of the sports industry and athletes' increasing use of bags are both contributing to the suitcase business.
The design and functionality of briefcases have evolved to accommodate the needs of modern business travelers, including features like TSA-approved locks, organization compartments, and laptop sleeves. Changes in travel regulations and security measures at airports and other transportation hubs can influence luggage design. For example, rules regarding carry-on size and weight restrictions have led to the development of compact and lightweight suitcase designs.
APAC countries offer many tourist destinations, including historical sites, cultural attractions, and natural beauty. The tourism industry has boomed, with tourists from around the world and within the region traveling by air to explore these destinations. The International Air Transport Association reports that Asia-Pacific airlines saw a 283.1% rise in traffic in March 2023 compared to March 2022, continuing the region's strong momentum following the removal of travel restrictions. The capacity climbed by 161.5%, while the second-highest load factor among the regions—84.5%—rose by 26.8 percentage points. As the Asia Pacific region continues to evolve and grow, so does the market for suitcases and briefcases to meet the diverse needs of consumers and professionals.
The China market dominated the Asia Pacific Suitcase And Briefcase Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,345.7 Million by 2030. The Japan market is registering a CAGR of 6.2% during (2023 - 2030). Additionally, The India market would experience a CAGR of 7.6% during (2023 - 2030).
Based on Product Type, the market is segmented into Travel Cases, and Business Cases. Based on Distribution Channel, the market is segmented into Offline Trading, and Online Trading.Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Suitcase And Briefcase Market is Predict to reach $50.7 Billion by 2030, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include VF Corporation, Samsonite International S.A., Hermes International S.A., Kering S.A, Ace Co. Ltd., Bric’s Industria Valigeria Fine SPA, Nike, Inc., LVMH SE, Valigeria Roncato S.p.A., and VIP Industries Limited.
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