From Trunks to Tech: India's Luggage Market Is Packing a Punch!
Remember those big metal trunks that smelled of mothballs and adventure.
Those checkered hold it alls stuffed to the seams for train journeys.
The stiff VIP suitcases that newlyweds carried to their “sasural.”
Bags weren’t just baggage—they carried stories, aspirations, and sometimes, generations of memories.
Even today, luggage is not a quiet companion—it’s a fashion statement, a tech marvel, a status symbol.
Walk into an airport now, and it’s a parade of pastel polycarbonates, neon hard-shells, and AI-powered carry-ons that follow you like a well-trained pet.
From big metal trunks to sleek AI-powered carry-ons, luggage has transformed from a necessity to an experience.
Today, it’s a mix of fashion, function, and technology.
The Rise of D2C Brands in Luggage
The Indian luggage market was once a battle of giants like VIP and Samsonite.
Now, it’s a runway where nimble, new-age Direct-to-Consumer (D2C) brands such as Mokobara and Nasher Miles are strolling their way.
This shift isn’t just for the aesthetics—it signals a deeper market trend that investors should keep an eye on.
As legacy players scramble to reinvent themselves and digital-first challengers muscle in with style and smarts, the stock market is watching closely.
Will the old guard hold its ground, or will these trendy upstarts roll away with the market share?
Consider this: VIP Industries, a name synonymous with luggage in India, has seen its market share fade in the past five years.
In contrast, Safari Industries has bolstered its presence, growing from a 16.7% share in 2019 to 24% in 2022.
This shift underscores consumers’ evolving preferences who now prioritise aesthetics and functionality equally.
Smart Luggage: The Intersection of Innovation and Functionality But it’s not just about the looks.
The infusion of technology into luggage design is redefining travel convenience.
Imagine a suitcase that charges your devices and follows you around the airport.
AI-powered smart suitcases like the ForwardX Ovis are turning this sci-fi fantasy into reality, offering features such as autonomous movement and obstacle avoidance.
While AI-powered luggage is an exciting innovation, its adoption remains niche, with premium pricing limiting its accessibility.
However, as technology becomes more affordable, smart luggage could see broader adoption, especially among frequent travellers and business professionals.
This metamorphosis in the luggage industry presents intriguing opportunities for investors.
The Indian luggage market, valued at approximately ₹15,000 crore , is witnessing a dynamic shift.
Legacy brands grapple with staying relevant, often resorting to deep discounts to retain market share.
Meanwhile, agile D2C brands leverage e-commerce platforms to reach consumers directly, offering products that resonate with contemporary tastes and preferences.
Take ICON, for instance—a brand launched in 2023 by the founders of MyFitness.
Targeting the mass premium segment, ICON introduces unique features like wide-handle designs and durable polycarbonate materials, with products priced between ₹4,000 to ₹10,000.
Such innovations are not only capturing consumer interest but also signalling potential shifts in market dynamics.
Investing in the Future of Travel
For investors, the key lies in identifying which companies are poised to capitalise on these evolving trends.
Will legacy brands successfully reinvent themselves, or will nimble D2C players continue to erode their dominance?
Monitoring factors such as innovation pipelines, marketing strategies, and consumer engagement will be crucial.
As travel rebounds and consumers seek luggage that complements their lifestyles, the market is ripe with potential.
The question remains: which brands will pack the biggest punch in this new era of travel?
As legacy players pivot and new brands disrupt, investors should track key factors such as pricing strategies, retail partnerships, and adoption of smart luggage technologies.
Investors would do well with their eyes on the baggage carousel—it might just be carrying the next big opportunity.
Sources and References:
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. The above images were generated using AI. Read the full disclaimer here.
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