According to Fortune Business Insights™, the global backpack market reached a value of USD 17.21 billion in 2023 and is projected to reach USD 31.38 billion by 2030, with a compound annual growth rate (CAGR) of 8.96% from 2024 to 2030. Backpacks, characterized by their convenient frameless design typically crafted from materials like nylon and polyester, cater to the needs of individuals navigating urban environments and utilizing accessible transportation infrastructure for purposes such as employment and education. This data is sourced from the research report titled “Backpack Market, 2024-2030.”
Information Source: https://www.fortunebusinessinsights.com/backpack-market-103853
List of Key Players Mentioned in the Backpack Market:
- Adidas AG (Germany)
- Under Armor Inc. (U.S.)
- Patagoni a 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)
Segments:
Travel Segment to Register Appreciable Expansion due to Rise in Innovation of Camping/Trekking Rucksacks
Segmented by product type, the backpack market comprises hiking/camping, travel, and other categories. Notably, the travel segment dominates the market share, propelled by advancements in camping/trekking rucksack design and material quality, appealing to a broad audience. As COVID-19 restrictions ease, there’s a surge in spending on travel and tourism products, further fueling growth within the travel segment.
Nylon Segment to Have High CAGR Due to Various Advantages
The backpack market is divided by material into nylon, polyester, and other materials. The nylon segment is anticipated to experience a notable compound annual growth rate (CAGR) throughout the study duration, primarily due to its exceptional durability, capable of enduring challenging terrains without deterioration. Nylon backpacks are favored for their lightweight nature, contributing to their widespread adoption among travelers and trekkers.
Offline Channel Segment to Gain Prominence Due to Wide Range of Brands Under One Roof
The backpack market is categorized by distribution channel into offline and online channels. Offline channels encompass hypermarkets/supermarkets, specialty stores, and other brick-and-mortar outlets, expected to dominate due to their ability to provide a diverse range of brands in a single location. These offline stores offer a wide selection of bags, including work bags, sports gear, travel accessories, hiking/trekking equipment, school backpacks, and casual options sourced directly from manufacturers.
Regionally, the market is analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Report Coverage:
The report offers insights into the significant trends driving industry growth in the coming years. It also conducts a thorough analysis of the key factors influencing the business environment across different regions. Additionally, it includes insights into the strategic initiatives undertaken by major industry players to enhance their market presence.
Drivers and Restraints:
Increasing Number of Camping and Other Recreational Activities to Expand Market Value
The growth of the backpack market can be attributed to the growing popularity of camping and other recreational pursuits. Camping, in particular, has emerged as a favored choice for outdoor adventures, offering numerous health benefits for both physical and mental well-being. The continuous innovation in camping and trekking rucksack designs, along with enhancements in material quality, is attracting a considerable number of enthusiasts. These products are becoming increasingly accessible through online and offline platforms such as specialty stores, hypermarkets, and supermarkets.
Furthermore, the surge in social media advertising across platforms like YouTube, Facebook, and Instagram has significantly expanded the consumer base in a cost-effective manner within a short span.
However, industry expansion faces challenges due to the proliferation of counterfeit products and their illicit sale, posing a threat to market integrity and consumer trust.
Regional Insights:
North America to Lead Due to Higher Rate of Domestic or International Travel
North America is poised to take the forefront in the global backpack market share, driven by diverse demands ranging from work and education to casual travel, supported by robust rates of domestic and international mobility. The region benefits from higher levels of disposable income among individuals, coupled with top-notch infrastructure for travel, tourism, educational institutions, and schools, particularly in the United States and Canada, which further stimulates market growth.
Meanwhile, the Asia Pacific region is anticipated to experience substantial expansion, marked by a notable compound annual growth rate (CAGR) over the forecast period. This growth is attributed to the burgeoning popularity of road trips and solo travel, particularly in developing nations across the region.
Competitive Landscape:
Samsonite IP Holdings S.AR.L Announced the Launch of a Durable and Lightweight Luggage Collection
Major companies in the backpack industry are focusing on implementing a range of strategies to enhance their market position. These strategies encompass mergers, acquisitions, research initiatives, and the establishment of alliances. Additionally, numerous firms are forging partnership agreements and collaborations to broaden their product distribution networks. For instance, in September 2020, Samsonite IP Holdings S.AR.L unveiled a new collection of durable and lightweight luggage, leveraging advancements in recycled material technology known as Recyclex. This launch included the introduction of Magnum Eco in the Indian market, aimed at reducing carbon footprint while ensuring optimal performance and durability.
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.
