The hiking backpacks market is anticipated to grow to a valuation of US$ 4.44 billion in 2023 and is projected to exhibit a CAGR of 5.5% from 2023 to 2033 and reach USD 19.92 Billion in 2033.
Hiking backpacks are specifically created for an array of applications, including convenient day hikes and short night-time trips. Hiking backpacks are designed primarily for outdoor leisure pursuits including camping, hiking, and trekking. The growing popularity of outdoor activities, as well as the younger population, particularly millennials, drive the market for hiking backpacks.
Hiking backpacks have several advantages, including being ultralight, having good back airflow, having easy access to water containers inside wallets, and being nearly water-resistant.
The growing market for hiking backpacks is attributed to the increasing prominence of outdoor recreations that are simple to carry around. The Outdoor Foundation appointed the 2021 Outdoor Participation Trends Report, which disclosed that Americans aged 6 and up participated in outdoor pursuits at least once during 2020 at the largest percentage ever. According to the report, the most prevalent leisure activities in the United States are running, jogging, trail running, and hiking, preceded by fishing, road bike riding, and cycling.
Hiking backpacks have multiple aspects such as being portable, customizable, inexpensive, and having good pocket organization. The dependability of such characteristics is propelling the hiking backpacks market forward.
Furthermore, the increasing adoption of hiking backpacks because of greater inclusion in leisure pursuits is catapulting the market for hiking backpacks. Hiking backpacks are additionally employed for trekking and other outdoor activities. The increasing customer interest in numerous outdoor sports and amusements is stimulating demand for hiking backpacks.
In 2022, the market was ruled by North America. This is due to an increased emphasis on hiking as a form of leisure and the growing popularity of extracurricular facilities among North American youth. As reported by the World Travel & Tourism Council, the North American tourism and travel sector contributed USD 1,781 billion in 2021. As a result, development in the travel and tourism industry is expected to contribute to regional market growth.
Increasing participation in outdoor activities is also estimated to drive the market in Europe. According to the ISPO research on outdoor consumers in 2021, an estimated 81% of Europeans engaged in outdoor pursuits in 2020.
Because of buyers' considerable purchasing power and changing lifestyles, as well as the prominence of major companies in the region, the Asia Pacific Hiking Backpacks Revenue Industry accounts for even more than one-fourth of total worldwide overall sales.
According to IMEX International's tourism industry outlook report, the Middle East and Africa region is expected to grow rapidly owing to its promising economic potential.
Market participants concentrate on developing products that are tailored to specific regions and customer bases. Furthermore, they are releasing new sustainable solutions in order to gain a competitive advantage and attract more customer attention. With this new release and expanded product portfolio, major competitors will have the ability to adapt to emerging market trends, establish a competitive edge, and expand their business. Throughout the forthcoming years, differentiation strategy will be a significant driver of sales revenue and impact market structure.
For instance, Google and Samsonite IP Holdings S.r.L partnered to introduce Konnect-I, a smart backpack embedded with Google's Jacquard Mechanism. Individuals can customize variables based on expressions thanks to touch responsiveness. This would increase the competitive market for the development of more sophisticated goods that provide comfort and ease of use.
Data Points
Key Statistics
Expected Market Value (2023)
US$ 4.44 billion
Anticipated Forecast Value (2033)
US$ 7.59 billion
Projected Growth Rate (2023 to 2033)
5.5% CAGR
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.
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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.
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.
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Hiking Backpacks Market: Competition Landscape
Cosmus Bags Private Limited
AMG Group
Deuter Sport GmbH
Osprey Packs, Inc.
Wildcraft
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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The report covers exhaustive analysis on
Hiking Backpacks Market Segments
Hiking Backpacks Market Dynamics
Hiking Backpacks Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Technology
Value Chain of the Market
Hiking Backpacks Market Drivers and Restraints
Regional analysis includes
North America (USA, Canada)
Latin America (Mexico, Brazil, Rest of LATAM)
Europe (Germany, Italy, United Kingdom, Spain, France, BENELUX, & Russia)
East Asia (China, South Korea, & Japan)
South Asia & Pacific (India, ASEAN, Australia & New Zealand)
Middle East and Africa (GCC Countries, Turkey, South Africa)
Hiking Backpacks Market: Segmentation
The hiking backpacks market has been segmented on the basis of type, distribution channel, application and region.
