Press release
Global Backpack Market Size to Grow at a CAGR of 6.61% in the Forecast Period of 2022-2027
Backpack Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 18.3 billion
• Forecast CAGR (2022-2027): 6.61%
• Forecast Market Size (2027): USD 26.88 billion
The global backpack market is being driven by the rising popularity of mobile lifestyles among consumers and the growing significance of technical features in backpacks. People worldwide spend extensive amounts of time away from their homes, and backpacks allow them to carry all the items they may require during the day.
Although a significant portion of backpacks are already specifically for travel purposes, in the past few years, there has been a marked increase in the number of people participating in adventure sports and other full-day activities. This has fuelled the expansion of the backpack market.
The popularity of outdoor pursuits like camping and hiking is one of the main drivers of market growth for backpacks. Significant growth in recreational activities is also expected to have a positive impact on market growth.
In the span of the forecast period, the growing tourism industry is projected to further drive the demand for backpacks. The inclusion of innovations such as GPS, USB ports, and Bluetooth-enabled locks are increasing the popularity of backpacks among consumers looking for more advanced features.
Backpack Industry Definition and Major Segments
Backpacks have several compartments for holding items and are used to carry objects. Due to the limited capacity of handbags for carrying heavy loads and the pressure they place on one-shoulder, backpacks are more commonly used by hikers and students to transport heavy items for longer durations. Backpack straps are made of nylon and ultra-strong nylon materials. Polyester and nylon are the most well-known backpack fabrics. Heavy textiles, such as canvas, that can be used for a long time, can also be used to make long-lasting bags.
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Based on capacity, the market is segmented into:
• 6 Litres to 10 Litres
• 10 Litres to 30 Litres
• 30 Litres to 50 Litres
• Above 50 Litres
On the basis of type, the market is categorised into:
• Travel Bags
• Work Bags
• Sports and Recreation Bags
• Others
Based on material, the market is divided into:
• Nylon
• Cotton
• Leather
• Others
On the basis of application, the market is segmented into:
• Men
• Women
• Kids
The major regional markets include:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Backpack Market Trends
The focus on research and development activities is a key trend driving the growth of the backpack market. Various research initiatives are involved in the focus on identifying ideal raw materials to construct backpacks, innovative designs that support consumer needs, and means of lowering production costs and increasing profitability.
Key competitors in the global backpack market are prioritising their efforts and investments towards the research and development of products that have creative designs and quality manufacturing. These efforts help suppliers enhance value proposition and expand their product portfolio as well as reach. Mancro and Targus, for example, are investing heavily in research and development to create long-lasting environmentally friendly backpacks. Similarly, AMPL Labs is investing in the development of smarter backpacks.
Furthermore, an increasing trend for individual styling is driving market growth during the forecast period. The rising preference for durable and lightweight backpacks for improved convenience and more comfortable long-duration wear is expected to contribute to market growth.
Key Market Players
The major players in the global backpack market report include:
Under Armour, Inc.
VF Outdoor, LLC
Nike, Inc.
Adidas AG
V.I.P. Industries Limited
Wildcraft India Private Limited
Dakine IP Holdings LP
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of the major market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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