About Luggage Locks
Luggage locks are low security locks that are used to prevent luggage from being opened by accident, though the locks serve as a security tools as well against potential thieves. The manufacturers are focusing on improving product range and smart technology enabled locks are finding popularity among consumers.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.67% |
Competition among existing players is due to the Luggage Locks market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Luggage Locks Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Luggage Locks market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hampton products International [United States], Samsonite [Hong Kong], Master Lock [United States], Safe Skies [United States], Skybags [India], Alpine Rivers [United States], Sinox [Taiwan], American Tourister [United States], Delsey [France] and FOSMON.com [Unites States] are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Kwikset [United States], Schlage [United States], Latchable Inc [United States], UniKey [United States], Nuki Home Solutions GmbH [Austria] and Canary Connect, Inc [United States].
Segmentation Overview
AMA Research has segmented the market of Global Luggage Locks market by Type (External Luggage Locks and Built-in Luggage Locks), Application (Online Sales and Offline Sales) and Region.
On the basis of geography, the market of Luggage Locks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Growing Online Sales of Luggage Accessories and Rising Demand Of Smart Locks
Market Growth Drivers:
Growing Luggage Market Driven by Rising Tourism and Advances in Product Technology
Challenges:
Availability of Low Cost Alternatives, Seasonal Demand and Low Penetration in Rural Areas
Restraints:
High Cost of Raw Materials and Poor Repairing Services offered by After-market Players
Opportunities:
Rising Disposable Income in Emerging Countries and Rising Tourism Activities
Market Leaders and their expansionary development strategies
In May 2021, Assa Abloy has acquired Sure-Loc, a leading supplier of residential locks and associated hardware in the US.
In October 2028, Luxury leather accessory brand, Da Milano has unveiled a new collection of trolleys Smart Luggage. This new range includes three products- Biometric Locks luggage, GPS and Bluetooth-operating bags, and Weighing bag, that are equipped with smart features and high-end technology.
In United States, transportation security administration (TSA) requires access of luggage without passenger being present. Luggage locks accepted by TSA can be opened with the help of universal master keys by authorities. Locks using this system are supposed to comply with standard set by Travel Sentry. Under agreement with the TSA, it is Travel Sentry that sets the standards for these locks and approves each design. Every lock with the Travel Sentry identifying mark (red diamond) is accepted by the TSA.
Key Target Audience
Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.