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.
Hiking backpacks on the other hand are specially designed for a variety of uses like comfortable day hikes or also short overnight trips. Outdoor recreational activities such as camping, hiking and also trekking are best accomplished using the backpacks.
The current trend in the market of hiking backpacks is driven by rise in demand for sports activities and also younger generation, especially millennials.
Moreover, the backpacks with aluminum or any other strong materials to distribute load equally on the shoulders and hips that one would be able to carry for several hours.
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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.
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 (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, Italy, U.K, 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)
Report Highlights:
- Detailed overview of parent hiking backpacks market
- Changing hiking backpacks market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected hiking backpacks market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of hiking backpacks market
- Strategies of key players and solution offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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