Part
01
of one
Part
01
What is the global market size of anti-theft products for travelers?
Hello! Thanks for your question about the size of the global anti-theft travel products market. The most useful sources I found to answer your question are Hoovers.com, Euromonitor International, and Technavio.
The short version is that there is a dearth of information on the market for anti-theft travel gear and accessories, but there are several industry reports discussing the global luggage market. If we consider Hoovers' $10-million estimate of Pacsafe's revenue and Pacsafe's possible share in its niche market in comparison to Samsonite's 17.3% share in the larger luggage market where there are several popular brands, then a crude estimate for the global anti-theft travel products market would be around $50 million.
Below you will find a deep dive of my findings.
METHODOLOGY
To find the answer to your question, I took the following approaches:
1. First, I performed a direct search using various search terms, which include the following: global or worldwide, market or industry, anti-theft or theft or safety or security, travel, gear or product or bag or accessories. With this approach, I discovered that there is no information online that is specific to the anti-theft travel gear market. Also, there is no market report that has the level of granularity required by your question. What I found were mostly reports on the global luggage market.
2. Next, I looked for the revenues, competitors, market shares, and financial reports of Pacsafe and Corporate Travel Safety. I was thinking that, if enough information on these exists, I would be able to estimate the desired market size. Unfortunately, all I found with this approach are estimates of the revenues of Pacsafe, Travelon, and Corporate Travel Safety. I saw lists of these companies' competitors, but I found the lists unreliable (i.e., most of the companies listed do not specialize in anti-theft travel gear or accessories). Revenues of just three key companies are not sufficient to estimate the size of the market.
3. I then searched for surveys on anti-theft travel products. I was hoping that these surveys have some information on consumer spending and purchase behavior. However, I did not find anything specific to anti-theft travel products. There is a global travel safety survey, but nothing about anti-theft was mentioned. The survey results revealed, though, what travelers consider their top travel threats.
4. Next, I looked for more information about the global luggage market. I found the size and growth rate of the market, the key players and their market shares, and the market trends. I checked if any of the trends indicate increasing demand for anti-theft travel gear and accessories.
5. Finally, I checked if leading luggage companies have annual reports. Annual reports sometimes contain information on the competitive landscape. However, I was not able to find any relevant information apart from the luggage company's sales.
Despite the dearth of information, I still attempted to provide you with an estimate. I did this by considering Pacsafe's revenue and the behavior of the larger luggage market and assuming there are similarities in fragmentation between the global luggage market and the global anti-theft travel product market. The details are provided in the sections below.
GLOBAL LUGGAGE MARKET
According to Technavio, the global luggage market is forecast to reach $41.92 billion by 2020 at a CAGR of 6%. This means that, in 2017, the expected market size is $35.20 billion.
If the 2015 market segmentation provided in a Statista chart remains true to this day, then we can say that 40.23% of the market is accounted for by the casual bag segment, 40.75% by the travel bag segment, and 19.02% by the business bag segment. In case you are not able to view the Statista chart, you may refer to the Google document below for the screenshot of the chart.
Euromonitor International reported that the largest luggage companies in 2015 were the following: Samsonite International SA, LVMH Moet Hennessy Louis Vuittion SA, Delsey SA, Rimowa GmBH, VF Corp., Tumi Holdings Inc., VIP Industries Ltd, Kering SA, Hermes International SCA, and Shanghai Taifeng Cases Co Ltd. Samsonite was the market leader with 17.3% market share. Following Samsonite was Louis Vuitton with only a 5% share of the market.
Based on page 28 of Samsonite's 2015 Annual Report, Samsonite's net sales in 2015, by product category, is as follows:
Travel - $1,660.852 million
Business - $275.999 million
Casual - $263.096 million
Accessories - $183.899 million
Other - $48.631 million
Total - $2,432.477 million
Trends in the market, according to Technavio, favor fashionable, compact, and lightweight products. Also, it appears luggage market growth is being driven by the prominence of outdoor sports and adventure travel and the growth of the travel industry itself. There was no mention of an increasing demand for anti-theft travel gear and accessories.
Meanwhile, as Global Rescue's 2017 Travel Safety Survey revealed, travelers consider terrorism, health/medical issues, and crime as their top travel threats. Of 1,000 survey respondents, 55% chose terrorism as their first or second greatest threat, 44% chose health/medical issues, 37% chose crime, and 23% chose traffic accidents.
ESTIMATED SIZE OF GLOBAL ANTI-THEFT TRAVEL PRODUCT MARKET
As mentioned above, there is very limited information on this subject. In my search for studies or market reports, I came across one that is about anti-theft travel bag design and the interest in it. I was not able to verify, though, if it has any information relevant to your request as the study is paywalled.
Apart from this study, I was able to get the following estimated revenues from Hoovers.com.
Owler lists a number of competitors for each of Pacsafe, Corporate Travel Safety, and Travelon. However, the lists do not appear useful as the companies listed do not specialize in anti-theft travel products. For example, according to Owler, Travelon's number one competitor is Unihard, but Unihard is a company in the IT and consumer electronics industry.
Pacsafe's $10-million revenue is only 0.028% of the $35.20-billion global luggage market, but in the global anti-theft travel gear and accessories market where the company is known as a market leader, it is likely that the company commands a significant share of the market.
In the global luggage market where there are several popular brands, Samsonite has a 17.3% share according to Euromonitor International. In comparison, there are only a few companies specializing in anti-theft travel gear as evidenced by the limited search results. It is therefore possible for Pacsafe to have a share larger than 17.3% in its niche market.
If we assume a market share of 20%, then we can expect the global anti-theft travel gear and accessories market to be around $50 million (or Pacsafe's revenue of $10 million divided by 0.20). This is a very crude estimate, though. I also think that this size is a bit small since most market sizes are in billions. However, in this case, we are depending on the accuracy of Hoovers' estimation of Pacsafe's $10-million revenue.
CONCLUSION
To wrap it up, there is very limited information on the anti-theft travel products market. If we consider Hoovers' $10-million estimate of Pacsafe's revenue and Pacsafe's possible share in its niche market in comparison to Samsonite's share in the larger luggage market, then the global anti-theft travel products market is likely to be around $50 million.
Thanks for using Wonder! Please let us know if we can help with anything else!