Global Backpack Market

Backpack Market Size, Share, Growth Analysis, By Material Type(Nylon, Polyester, Other), By Distribution Channel(Online Retail, Supermarkets, Speciality Stores, Other), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25K2083 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

Backpack Market Dynamics

Backpack Market Driver

  • Customer retention has become more challenging in today's highly competitive market climate. As a result, in order to encourage sales, sellers in the worldwide smart backpack market are presenting a variety of trade offers. The suppliers offer a variety of trade agreements through various distribution channels in various nations, including discounts, exchange offers, and festival incentives. Price-conscious customers are drawn in by competitors' regular introduction of trade offers, especially in developing nations like APAC.
  • Companies are increasing expenditure on the development of new goods aimed at business customers as well as students as a result of rising consumer demand for lightweight laptop backpacks. Additionally, the expansion of online retailers due to the growing number of smartphone users is anticipated to encourage simple access to product forms across all geographies.

Backpack Market Restraint

  • Due to the fact that adverse weather can make outdoor leisure activities like camping, mountain biking, hiking, and trekking difficult to complete, the market for outdoor sports is largely reliant on weather patterns worldwide. Extreme heat, cold, and humidity can all result in unpleasant experiences, which can deter people from engaging in outdoor activities. Weather changes may cause outdoor events to be cancelled or have lower participation rates. Unfavorable weather poses a hindrance to the growth of the global backpack market since demand for backpacks is based on the frequency of participation in outdoor recreational activities and travels.
  • The growth of the backpacks market is being hampered by average weather protection and one mesh hip-belt pocket that isn't durable. Another factor limiting the growth of the global backpack market is limited demand for the product across different countries due to the higher cost and larger hiking backpacks required across different business verticals in the respective countries.
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FAQs

Backpack Market size was valued at USD 14.601 billion in 2019 and is poised to grow from USD 15.9 billion in 2023 to USD 31.38 billion by 2031, growing at a CAGR of 8.96% in the forecast period (2024-2031).

The Backpack market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive Backpack market. In order to provide industries with the most effective and economical solutions, the major Backpack market players are also continually concentrating on R&D. 'Samsonite International S.A.', 'VF Corporation', 'Kering S.A.', 'LVMH Moet Hennessy Louis Vuitton SE', 'Adidas AG', 'Nike, Inc.', 'PUMA SE', 'Decathlon S.A.', 'Under Armour, Inc.', 'Targus Group International, Inc.', 'The North Face, Inc. (a subsidiary of VF Corporation)', 'Herschel Supply Co.', 'ASICS Corporation', 'Eastpak (a subsidiary of VF Corporation)', 'Columbia Sportswear Company', 'Osprey Packs, Inc.', 'Deuter Sport GmbH', 'Gregory Mountain Products, LLC', 'Mammut Sports Group AG', 'Salomon S.A.'

Customer retention has become more challenging in today's highly competitive market climate. As a result, in order to encourage sales, sellers in the worldwide smart backpack market are presenting a variety of trade offers. The suppliers offer a variety of trade agreements through various distribution channels in various nations, including discounts, exchange offers, and festival incentives. Price-conscious customers are drawn in by competitors' regular introduction of trade offers, especially in developing nations like APAC.

A number of companies have upgraded their services as a result of the rapid advancements in radiography techniques in an effort to increase their market potential and solidify their positions. The creation of new, cutting-edge Backpack care tools that would lessen patients' discomfort is a major focus of the producers of Backpack radiology equipment's research and development (R&D) spending.

North America is expected to control the backpack market share in 2021. This demand is predicated on the fact that these nations have strong educational infrastructures and broad acceptance of schoolbags in the US and Canada, Strong operations of major sporting goods and luggage manufacturers like Adidas and Nike in the area are another positive aspect of the Backpack Market in North America. Due to several improvements in the industry to produce backpacks with enhanced quality and efficiency, the market for backpacks in the Asia Pacific region is anticipated to experience considerable growth. Additionally, the need for backpacks to carry the equipment securely while lightening the strain on shoulders is being fuelled by the rising popularity of sports and leisure activities that improve total well-being. Over the next few years, the development of the worldwide backpack market is anticipated to be aided by manufacturers' increasing focus on producing sophisticated, intelligent backpacks and the region's expanding urban population. The demand for backpacks among working professionals in the area is projected to increase as the working population and employment both grow.

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Global Backpack Market

Report ID: SQMIG25K2083

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