"Growing Travel Industry to Boost Demand for Smart Baggage Handling Systems Worldwide"
In 2020, the global smart baggage handling systems market was valued at US$ 1.36 Bn and is expected to grow at a CAGR of 13.6% during the forecast period from 2023 to 2030. Rising travel & tourism industry and modernization of existing airports & railway stations are driving growth for the smart baggage handling systems market worldwide. To handle huge amount of cargo and passenger baggage traffic, the demand for smart baggage handling systems is increasing. Consequently, we are expecting the smart baggage handling system market to show robust growth throughout the forecast period.
"Radio Frequency Identification (RFID) Technology to Continue Leading the Market during the Forecast Period"
Based on technology, the global smart baggage handling systems market is categorized into bar code and radio frequency identification (RFID). The radio frequency identification (RFID) segment was the largest value contributor with over 50% of the revenue share in 2020. RFID has the largest share owing to its benefits such as 99.99% accuracy, cost-effective automated compliance and low operational cost among others. RFID technology provides end-to-end baggage tracking from the drop-off point to the pick-up point. As a consequence, we presumed that RFID technology would continue to lead the smart baggage handling system market during the forecast period.
"Asia Pacific will be the Fastest Growing Region throughout the Forecast Period"
North America was the largest market for smart baggage handling systems, accounting for more than 1/3rd of the market share in 2020. The dominance is due to the on-going modernization of airport infrastructure and construction of new airports. Asia Pacific will be the fastest growing segment owing to rising passenger & cargo traffic and rising government investments for infrastructural development. With perpetual growth in air passenger and cargo traffic in China and India, the need for smart baggage handling systems has increased in these countries.
Major manufacturers are focusing on strategies such as mergers & acquisitions to increase market share and provide better services. For instance, in August 2021, Daifuku Co. Ltd. acquired Scarabee Aviation Group B.V. and Intersystems (Asia Pacific) Pty Limited. With the acquisition of both companies, Daifuku Co. Ltd. will cater markets pertaining to information management and airport security checkpoint. Some of the prominent players operating in the smart baggage handling systems market include Siemens AG, Vanderlande Industries, Daifuku Co. Ltd., Pteris Global Limited, BEUMER Group GmbH & Co. KG, SITA, G&S Airport Conveyor, Alstef Automation S.A., among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Baggage Handling System market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
End-use
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Functionality
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Technology
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report