(MENAFN- PR Newswire) The market for ride-on luggage is expected to experience growth due to the rising consumer demand for comfortable and convenient travel options, as well as the increasing interest in travel technology. As consumers prioritize these factors in their travel experiences, ride-on luggage is poised to gain greater adoption and market share.
PORTLAND, Ore., March 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, ' ride-on luggage market
by Type (Conventional and Motorized), By End User (Adults and Children), and Distribution Channel (Offline Channels and Online Channels): Global Opportunity Analysis and Industry Forecast 2022–2031'. According to the report, the global ride-on luggage industry was valued at $182.3 million in 2021, and is estimated to reach $304.2 million by 2031, registering a CAGR of 5.4% from 2022 to 2031.
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Prime determinants of growth -
The global ride-on luggage Market is experiencing growth due to various factors such as an increase in disposable income worldwide, the growth of the travel and tourism industry, and the convenience of traveling with ride-on luggage. However, the market growth is hindered by airport security regulations on luggage with batteries and the high cost of ride-on luggage. Despite these limitations, the market has opportunities for growth due to the growing impact of social media on travel and advancements in technology.
Covid-19 Scenario
The ride-on luggage market faced significant challenges during the COVID-19 pandemic, as travel restrictions and the closure of international borders had a negative impact on sales. With the tourism industry coming to a halt, consumers were less likely to purchase expensive luggage items, and instead, redirected their spending toward essential products. Additionally, smaller manufacturers struggled to keep up with production due to financial constraints, resulting in further setbacks for the ride-on luggage market. However, the market has now recovered slowly and steadily.
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The conventional ride-on luggage segment to maintain its dominant status throughout the forecast period
By type, the conventional segment accounted for the largest share in 2021, holding more than four-fifths of the global ride-on luggage market revenue. This is due to lower product prices and the lack of restrictions on the use of such types of luggage at airports. The motorised segment, on the other hand, would display the fastest CAGR of 6.0% from 2022 to 2031. This is attributed to the ease of riding the luggage as well as the convenience associated with the type of luggage.
Children's ride-on luggage segment to maintain its leadership status throughout the forecast period
By end-user, the children held the major share in 2021, accounting for nearly three-fourths of the global ride-on luggage market revenue. This is due to children getting easily tired while traveling. The adults segment, at the same time, would showcase the fastest CAGR of 5.7% from 2022 to 2031. This is attributed to the growing number of adult travelers preferring comfort and ease of traveling with rideable luggage.
The offline channels segment will maintain its dominance throughout the forecast period.
By distribution channel, the offline channels segment held nearly two-thirds of the global ride-on luggage market share in 2021, and is expected to rule the roost by 2031. This is because offline sales channels have been the most popular means of purchase for ride-on luggage due to several benefits, including the ability to buy and return products quickly, as well as in-person inspection of the apparatus and its components. The online channels segment, however, would cite the fastest CAGR of 5.9% from 2022 to 2031. This is because while shopping through online channels, the buyers can spend a significant amount of time looking through a wide array of different options.
North America garnered the major share in 2021-
By region, North America generated the major share in 2021, holding more than two-fifths of the global ride-on luggage market revenue in 2021. Rapid adoption of ride-on luggage across the region in order to aid in traveling drives the market growth. Asia-Pacific, simultaneously, would portray the fastest CAGR of 6.3% from 2022 to 2031. This is due to the increasing expenditure of people on travel and leisure across the province.
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Leading Market Players: -
Elan Travel System LLC Hebei Faye Co., Ltd. Airwheel Holding Limited Kiddietotes Kids Luggage Store Modobag Ningbo zhongdi Stereo luggage manufacturing co. LTD Micro Mobility Systems AG Olaf scooter Rydebot LLC Stokke AS Trunki Pretty Coast Plastic Toys Co., Ltd. TUCCI DISEGNO YOUNGLINGZ
The report analyzes these key players in the global ride-on luggage market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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