Smart luggage market to hit $2.35 million by 2022

Shifting consumer attitude toward leisure lifestyle, which boosts the travel and tourism industry, coupled with technological innovations and demand for IoT-based applications, are propelling the global smart luggage market to become a $2.35 million industry by 2022. According to a recent study by Ireland-based business intelligence firm Research and Markets, the industry is expected to post a 26.4 percent CAGR from 2017 to 2022.

Consumers are travelling more, giving rise to the need to keep their things secure and be connected with family and friends while on the road. These factors are driving luggage manufacturers to integrate technological features in their releases. Security functions such as GPS tracking, digital scaling, remote locking and fingerprint scanning, and connectivity features, including Bluetooth and Wi-Fi compatibility, are increasingly being incorporated in new products.

With more new players entering the market, key luggage companies are trying to acquire them to gain technical knowledge needed to better their product portfolio. At present, Samsonite, Delsey, Bluesmart, Raden, Away, Trunkster, and Lugloc are among the industry's leaders.

North America, the US and Canada in particular, are the largest market for smart luggage. This is because most technologies are being developed in the region. The Asia-Pacific region and Europe rank second and third, respectively. These areas, on the other hand, invest heavily on manufacturing.