According to a new market research report published by Credence Research “Smart Luggage and Tracking Technologies Market (By Product Type – Smart Suitcases and Bags and Smart Trackers; By Mobility: Motorized and Manual) - Growth, Future Prospects, Competitive Analysis and Forecast 2017 - 2025”, the global smart luggage and tracking technologies market was valued at US$ 613.1 Mn in 2016 and is expected to grow at a CAGR of 25.6% during the forecast period from 2017 to 2025.
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Factors such as rising international travel coupled with increasing expenditure of luxury travelling goods and products have fueled the rise of smart luggage and tracking technologies market. Consumers have been spending heavily towards acquiring latest travelling products to ensure enhanced security and safety of their belongings. In addition, such advanced products have proved as an effective style statement for high-end consumers. Thereby, the smart luggage have gained immense popularity in the recent years. Other factors such as decreasing costs of sensors and tracking technologies are further expected to drive innovation in product design. However, high costs and technological glitches in the newly released products have somehow curtailed the adoption of smart luggage and tracking technologies.
The global smart luggage and tracking technologies market is fairly niche with leading manufacturers of smart luggage and tracking technologies working towards innovation and new product designs. Major developers in the smart luggage industry have been working towards offering innovative features and effective use cases. Some of the key manufactures of smart luggage and tracking technologies include Bluesmart, Raden, Inc., TRAXPACK LLC, Néit, Modobag, Aster (Lumos), Planet Traveler, Pluggage (Delsey), Samsara, Barracuda, Inc., E-CASE, COWAROBOT, Floatti, lnc., G-RO (Travel-Light, Ltd.), Trakdot, LugLoc and Tile, Inc.
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- Market is primarily driven by growing demand from developing economies especially in China
- Manufacturers have been investing heavily to increase production capacity and to offer smart luggage and tracking technologies at affordable prices
- Innovative products especially in the carry-on luggage segment expected to drive the overall market
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