carry-on vs luggage

carry-on and luggage both are nouns.

Word	Noun	Adjective	Verb	Adverb
carry-on	Yes	No	No	No
luggage	Yes	No	No	No

As nouns, luggage is a hypernym of carry-on; that is, luggage is a word with a broader meaning than carry-on:

carry-on: That luggage or baggage which is taken onto an airplane with a passenger, rather than checked
luggage: cases used to carry belongings when traveling

Other hypernyms of carry-on include baggage.

carry-on (noun)	luggage (noun)
That luggage or baggage which is taken onto an airplane with a passenger, rather than checked	cases used to carry belongings when traveling