New Delhi, Sept. 14 -- The Indian luggage industry is projected to grow at a healthy CAGR of 12 per cent to reach Rs 267 billion by Calendar Year (CY) 2028, up from an estimated Rs 170 billion in CY24, according to a report by Motilal Oswal Financial Services.

The report added that the sector, which had shrunk to Rs 60 billion in CY20 due to the pandemic, has staged a remarkable recovery with a 37 per cent CAGR between CY20 and CY23.

"India's travel landscape has transformed dramatically post-pandemic," the report added.

"Simultaneously, steady increases in air and rail passenger traffic strongly correlate with rising luggage industry revenues. Premiumization is accelerating as consumers shift towards branded, stylish, and durable lugg...