Indian luggage market to hit Rs 267 bn by 2028: Motilal Oswal

The Indian luggage industry is projected to reach Rs 267 billion by calendar year 2028, growing at a compound annual growth rate (CAGR) of 12 per cent over CY23-CY28, according to a report by Motilal Oswal.

- TBG NETWORK

The report highlighted that after contracting sharply to Rs 60 billion in CY20 due to the COVID-19 pandemic, the sector rebounded strongly, clocking a robust 37 per cent CAGR between CY20 and CY23. It stated Indian luggage industry is projected to reach Rs 267b by CY28”.

This recovery was supported by a surge in domestic and international travel, rising disposable incomes, and a growing preference for organized and branded products. Branded players, which held a 52 per cent market share in CY23, are expected to outpace overall industry growth. The report noted that this segment will continue to benefit from rapid urbanization, premiumization, and the increasing shift from unbranded to branded products. Product innovation, expansion of e-commerce, and rising consumer aspirations are further driving this transformation.

Industry estimates pegged the size of the Indian luggage market at Rs 170 billion in CY24, with branded products gaining higher market share and presenting significant conversion potential.