The market for hiking backpacks is estimated to increase to a value of US$ 4.44 billion in 2023 and is forecast to rise at a CAGR of 5.5% from 2023 to 2033, reaching US$ 19.92 billion in 2033.
The market for hiking backpacks is estimated to increase to a value of US$ 4.44 billion in 2023 and is forecast to rise at a CAGR of 5.5% from 2023 to 2033, reaching US$ 19.92 billion in 2033.
The hiking backpacks are specially designed for various applications such as comfortable day hikes or short overnight trips. The hiking backpacks mainly used for outdoor recreational activities such as camping, hiking, and trekking.
The increasing demand for sporting activities and the younger population, particularly millennials drive the market for hiking backpacks.
Also, hiking backpacks made of aluminum or other durable materials to equally distribute load on shoulders and hips, and making them easy to carry for several hours. The hiking backpacks offer various benefits such as ultralight, good back ventilation, and easy to reach water bottles inside pockets, nearly waterproof, among others.
Impact of COVID-19 Pandemic Outbreak on Hiking Backpacks Market
The clothing, backpacks, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide.
The expected decline in the global sales of clothing, backpack, & accessories is attributable to massive supply chain disruptions across significant export markets, including China and India.
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Owing to the spreading of COVID-19 virus in all the regions are shutting down all the tourist places, trekking, and sports activity and different verticals demand-side challenges for the hiking backpacks, it registering a declining growth of -2.5% as compared to original forecast 6% in 2019.
However, it is expected to the COVID-19 pandemic situation gets controlled during Q3-Q4, 2020, the market return to annual growth in 2021 up to 6% as the growing trend of adventure tourism, and increasing consumer participate in hiking activities.
Hiking Backpacks Market: Drivers and Challenges
The growing need for hiking backpacks for the increasing popularity of outdoor recreational activities, comfortable to transport, which drives the hiking backpacks market.
The hiking backpacks offer different features such as a lightweight, customizable, affordable, and good pocket organization. The reliability of such features driving the growth of the hiking backpacks market.
Moreover, the rising demand for hiking backpacks for increasing participation in outdoor activities is propelling the demand for hiking backpacks market. Hiking backpacks are also used for trekking and other adventure purposes.
The growing consumer attraction towards various outdoor sports and different adventure is boosting the demand for hiking backpacks market.
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Challenges
However, average weather protection and one mesh hip-belt pocket lack durability are witnessed challenging the growth of the hiking backpacks market.
Restricted demand for the product across various countries, owing to the additional cost and size of the hiking backpacks required across various industry verticals in the respective countries, is another factor hindering the growth of the global hiking backpacks market.
Hiking Backpacks Market: Competition Landscape
Hiking Backpacks Market: Regional overview
By geography, the hiking backpacks market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and MEA (the Middle East & Africa).
Among these regions, North America, & Europe have held comparatively higher market shares in the global hiking backpacks market due to the presence of hiking backpacks manufacturers and strong end-use industry verticals demanding the hiking backpacks in this regions.
The growing consumer attraction towards different treks across the South Asia & Pacific region will create new growth opportunities for the players in the hiking backpacks market.
The hiking backpacks market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The hiking backpacks market report also maps the qualitative impact of various market factors on market segments and geographies.
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Regional analysis includes:
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 05, 2023
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