Pune, India, April 26, 2023 (GLOBE NEWSWIRE) -- The global backpack market size was valued at USD 15.90 billion in 2022. The market is expected to grow from USD 17.21 billion in 2023 to USD 31.38 billion by 2030, exhibiting a CAGR of 8.96% from 2023 to 2030. Backpacks are a convenient frameless structure made from nylon, polyester, and others. Due to rapid urbanization and accessible commute infrastructure, individuals are commuting from various cities, states, and nations for different reasons such as jobs, education, and others. This information is provided by Fortune Business Insights™ in its research report, titled “Backpack Market, 2023-2030.”
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List of Key Players Profiled in the Backpack Market Report:
- Adidas AG (Germany)
- Under Armor Inc. (U.S.)
- Patagonia Inc. (U.S.)
- Puma SE (Germany)
- Wildcraft (India)
- Samsonite IP Holdings S.AR.L (Hong Kong)
- Dakine Inc. (U.S.)
- Deuter Sport GmbH (Germany)
- Moët Hennessy Louis Vuitton (LVMH) (France)
- Safari (India)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.96% |
| 2030 Value Projection | USD 31.38 Billion |
| Market Size in 2022 | USD 15.90 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 222 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Backpack Market Growth Drivers | Market Value to Rise Due to Growing Prevalence of Camping and Other Recreational Activities |
| Industry Expansion Fueled Owing to Growing Adoption of Mobile Lifestyle |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/backpack-market-103853
Segments:
Travel Segment to Register Appreciable Expansion due to Rise in Innovation of Camping/Trekking Rucksacks
Based on product type, the market is segmented into hiking/camping, travel, and others. Amongst these, the travel segment leads the market share due to rise in innovation of camping/trekking rucksacks in terms of designs, material quality, and others, which attracts many individuals. With the ease of COVID-19 restrictions, spending on travel & tourism goods increased, driving the growth of the travel segment.
Nylon Segment to Have High CAGR Due to Various Advantages
On the basis of material, the market is fragmented into nylon, polyester, and others. The nylon segment is estimated to have a high CAGR over the study period as it is one of the most durable materials, which can withstand rugged terrains without any damage. The backpacks made up of nylon are lightweight, owing to which their use among travelers and trekkers has increased significantly.
Offline Channel Segment to Gain Prominence Due to Wide Range of Brands Under One Roof
Based on distribution channel, the market is subdivided into offline channel and online channel. Offline channel includes hypermarkets/ supermarkets, specialty stores, and others. The offline channel segment is expected to lead as it offers a wide range of brands under one roof. Offline stores sell various bags such as work bags, sports, travel, hiking/ trekking, school, and casual backpacks from manufacturers.
On the basis of region, the market is studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
COVID-19 Impact:
Decline in the Revenue of Market Players Affected Market Growth
COVID-19 led to the adoption of various measures such as closing borders, closure of non-essential businesses, and other measures to adhere to social distancing. The annual report of the first quarter of 2020 for Samsonite IP Holdings S.AR. L reported a decline of 26.1%. The decline further increased in the second quarter of 2020 and reached 77.9%.
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Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants for strengthening their market presence.
Drivers and Restraints:
Increasing Number of Camping and Other Recreational Activities to Expand Market Value
The backpack market growth can be credited to the increasing number of camping and other recreational activities. Camping is one of the most preferred options when planning a trip outdoors and also offers multiple health benefits by improving individual's physical and mental health. The rise in innovation in camping/trekking rucksacks in terms of designs, material quality, and others attracts many individuals and will enable easy availability through online and offline platforms such as specialty stores, hypermarkets & supermarkets, and others. In addition, increase in social media advertising on platforms such as YouTube, Facebook, Instagram, and others has increased the consumer base in a short time and with efficient cost.
However, the industry expansion is likely to be hampered on account of rising production of counterfeit products and their illegal sale.
Regional Insights:
North America to Lead Due to Higher Rate of Domestic or International Travel
North America is set to lead the global backpack market share due to work requirements, educational requirements, or casual trips owing to higher rate of domestic or international travel. Higher disposable income levels of individuals and the presence of top infrastructure facilities for travel & tourism, schools, and universities in the U.S. and Canada are further fueling the market growth.
The Asia Pacific market is set to expand at a remarkable CAGR throughout the estimated period. The rise can be credited to the increasing popularity of road trips and solo trips in developing countries.
Competitive Landscape:
Samsonite IP Holdings S.AR.L Announced the Launch of a Durable and Lightweight Luggage Collection
Leading companies are centered on the implementation of various strategies for strengthening their market presence. These include mergers, acquisitions, research activities, and the formation of alliances. Besides, numerous companies are entering into partnership deals and collaborations for expanding product reach. In September 2020, Samsonite IP Holdings S.AR.L announced the launch of a durable and lightweight luggage collection that utilizes innovative advances in recycled material Recyclex. It also released Magnum Eco in India. Magnum Eco helps in the reduction of carbon footprint while maintaining high performance and durability.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID on Supply Chain of Backpack Market
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Backpack Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Travel Backpack
- Hiking/Camping Backpack
- Others
- By Material (Value)
- Nylon
- Polyester
- Others
- By Distribution Channel
- Online
- Offline
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued...!
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Key Industry Development:
- January 2023 – BTS and Samsonite collaborated to launch a new series of travel accessories, which has backpack, luggage, mini crossbody bag, expandable bag, pouch bag, and three-piece luggage tag set.
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