Business

Backpack Market Demand, Recent Trends, Size and Share Estimation by 2029 with Top Players

According to Fortune Business Insights, the global backpack market size was valued at USD 11.07 billion in 2021. The market is expected to grow from USD 15.90 billion in 2022 to USD 30.85 billion by 2029, exhibiting a CAGR of 9.9% from 2022 to 2029. The surge can be credited to increasing urbanization and rising bag designs that have multiple compartments.

This information is provided by Fortune Business Insights™ in its research report, titled “Backpack Market, 2022-2029”.

COVID-19 Impact:

Market Value Declined due to Reduced Product Demand Amid Coronavirus Crisis

The COVID-19 pandemic resulted in the enforcement of various measures for containing the spread of the virus. This further affected industry growth as the halt on travel and tourism affected the consumer demand for bags. The market revenue was further affected by the closure of offline distribution channels such as specialty stores, hypermarkets/supermarkets, and others.

Fortune Business Insights™ lists out all the backpack market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • 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 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:

Industry Value to Surge Due to Escalating Adoption of Mobile Lifestyle

The backpack market growth can be credited to the increasing adoption of mobile lifestyle and rapid increase in urbanization. The escalating mobile lifestyle is attributed to the rising advancements in infrastructure and growing disposable income of individuals in urban areas.

However, the industry expansion is likely to be hampered on account of rising production of counterfeit products and their illegal sale.

Segments:

Travel Segment to Register Appreciable Expansion due to Growing Number of Consumer-centric Designs

Based on product type, the market is segmented into hiking/camping, travel, and others. Of these, the travel segment is expected to register commendable expansion over the forecast period considering the availability of smart backpacks.

Nylon Segment to Record Commendable Growth Owing to Highly Adaptive Nature

On the basis of material, the market can be fragmented into polyester, nylon, and others. The nylon segment is estimated to expand at a considerable CAGR over the study period. The material is adaptive and can be made into films and fibers. This explains its wide usage among manufacturers.

Offline Channel Segment to Gain Prominence due to Availability of Various Products

Based on distribution channel, the market is subdivided into offline channel and online channel. Of these, the offline channel segment is estimated to record lucrative expansion over the analysis period. The surge can be attributed to the easy accessibility and convenience of location near residential areas. The different products available include sports, hiking/trekking, travel, and casual backpacks.

On the basis of region, the market is studied across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.

Regional Insights:

North America to Lead due to Higher Disposable Income and Availability of Various Facilities

The North America backpack market share is estimated to register commendable growth over the forecast period. The surge can be attributed to the higher disposable income of individuals and the presence of various infrastructure facilities in Canada and the U.S.

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:

Market Players Strike Collaborations to Strengthen Industry Presence

Leading companies are centered on the implementation of various strategies for strengthening their market presence. These include mergers, acquisitions, increase in research activities, and the formation of alliances. Besides, numerous companies are entering into partnership deals and collaborations for expanding product reach.

Key Industry Development:

  • May 2020 – Sprayground rolled out a new backpack collection, dubbed Miami 305. The collection comprises two duffle bags and two backpacks.

Frequently Asked Questions (FAQs):

  1. Is the Backpack Industry growing?

Answer: Fortune Business Insights says that the global market size was USD 11.07 billion in 2021 and is anticipated to reach USD 30.85 billion by 2029.

  1. Who are the key players in the Backpack Market?

Answer: Adidas AG, Under Armor Inc., Puma SE, Wildcraft, and Samsonite IP Holdings S.AR.L IP Holdings S.AR.L are the leading companies operating in the market.

  1. What are Key Factors Raising the Market?

Answer: The growing prevalence of camping and recreational activities is accelerating market growth.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/backpack-market-103853

Author Bio

I am Priya Varma, and I have been working as Content Writer at Rananjay Exports for past 2 years. My expertise lies in researching and writing both technical and fashion content. I have written multiple articles on Gemstone Jewelry like Amethyst Jewelry and other stones over the past years and would love to explore more on the same in future. I hope my work keeps mesmerizing you and helps you in the future.

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Oliver James is a UK-based professional blogger, content writer, and content marketer who writes about travel and tourism, finance, real estate, and other topics on his blog. Passionate about writing, traveling, and getting the best deal on everything he buys, Oliver also writes for customers and helps them publicize their products, and services in the US and UK markets. He is a traveler who has visited over 35 countries and loves his job because it gives him the opportunity to find stories, experiences, and places which he can share with his readers. Oliver James is a professional blogger, content marketer, traveler, and electronics enthusiast. He started blogging in 2016 and has become a contributing writer for several blogs, including Android Authority and Elecpros. Oliver has also published his own informational books with Kindle Direct Publishing on subjects like Flappy Bird and Google Cardboard. Also Read: > all inclusive holidays > Lumber Takeoff Services QB data service is a software development company established in the United States that specialises in offering organisations all over the world with individualised technological solutions. QB data service is a company that specialises in the development of mobile and web-based applications, and it employs over 2,800 skilled software developers. In order to deliver enterprise-grade solutions, the company combines its technological expertise, specific domain experience, and a passion for excellence. Communication Happening in Real Time Our application developers adhere to your time zone so that real-time collaboration and a genuine "branch location" atmosphere may be achieved. This helps to ensure that we are always available during your operating hours. Support and scalability of the system We define strategies and a dedicated team for your software development project based on your objectives, and we work with you to achieve those objectives so that you receive the most value and the quickest return on investment possible. Expertise Pertaining to One's Industry Our software developers are divided into virtual divisions, each of which carries the domain experience and know-how necessary to provide outstanding application development solutions. Who Owns the Source Code and All Other IP After the completion of the project, there will be no need to pay any licencing costs for our totally customisable software solutions. According to the terms of our agreement, you will have full ownership of the source code as well as the intellectual property associated with your proprietary software. QB data service takes great satisfaction in possessing comprehensive industrial and technology experience, which enables the company to design, integrate, and implement genuinely exceptional custom software solutions for its customers. In order to achieve this objective, QB data service has developed a broad ecosystem of connections with the most influential figures in both industry and technology. Our ability to advance our clients' technological goals through the development of bespoke software solutions is entrusted to us by businesses ranging in size from small to mid-sized to those in the Fortune 5000. Hi, I am James Aaron, a professional Data recovery Engineer, working with Quickbooks Data Services as a consultant from the past five years in the USA. I am a specialized and trained Cloud consultant who helps a small and medium-sized entrepreneur to track & manage their company file and a database online at any time from anywhere. reset QuickBooks password | QuickBooks Error 3371 | QuickBooks Error H202 | QuickBooks outlook is not responding | QuickBooks unrecoverable error | QuickBooks Tool Hub | QuickBooks 2022 keeps crashing | QuickBooks restore failed | QuickBooks migration failed unexpectedly | QuickBooks Error 1712 | this company file needs to be updated | QuickBooks Error PS038 | QuickBooks Error OL 222 | QuickBooks missing pdf component | QuickBooks update error | QuickBooks 2020 discontinued | QuickBooks Bank transactions not updating | QuickBooks Error 1603 | QuickBooks Data migration services | QuickBooks Data Conversion services | QuickBooks Data Recovery services
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