Backpack Market Trends, Industry Share, Growth Drivers, Business Opportunities and Demand Forecast to 2029
The global backpack market size is projected to expand in a promising manner owing to the increasing interest in travel and recreational activities around the world, finds Fortune Business Insights™ in its report, titled “Backpack Market, 2022-2029”.
The enthusiasm for traveling, especially among younger populations, is growing at a rapid pace, as evidenced by data released by international organizations. For example, according to the UN World Travel Organization (UNWTO), in 2019, there were 1.5 billion international tourist arrivals. This trend is underpinned by increasing disposable incomes, the proliferation of low-cost carriers in developing economies, and rising investments by governments in the development of tourist spots and cities. A typical feature associated with travel and tourism activities is the luggage that needs to be carried around, which contains essential supplies for such activities. Backpacks are probably the most common luggage item that travelers have with them as they are easy to carry and can withstand large weights. Thus, as the travel and tourism industry continues to grow, the demand for small-size baggage items is likely to skyrocket in the coming years.
COVID-19 Impact:
The unprecedented occurrence of the COVID-19 pandemic has forced various educational institutions and tourism places to shut down their operations for infection control purposes. For example, the US Travel Association estimates the coronavirus-induced decline in travel has cost the US $1.1 trillion in economic output. The devastation thus caused by COVID-19 will inevitably hamper the backpack market growth as well, since the demand for luggage items will remain diminished. Furthermore, with travel and trade bans still in place, supply chains in the luggage industry have been hit severely, affecting manufacturing and distribution activities.
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List of Key Players Covered in the Backpack Market Report:
- Under Armor Inc.
- The North Face
- Everest Trading Corp.
- Samsonite International SA.
- SWISSGEAR
- Herschel Supply Co.
- Patagonia Inc.
- Tortuga
- Ospray Packs Inc.
- Adidas AG
- Wildcraft
- Dakine Inc.
Highlights/Summary:
The report offers qualitative and quantitative analyses of the driving factors, trends, industry developments, and restraints shaping the growth of this market. In addition, this research report offers an in-depth study of market segments and provides a detailed evaluation of the regional developments and competition in the market.
Drivers/Restraints:
Exciting Innovations in Bag Materials to Fuel Market Growth
Backpacks are mostly used during traveling activities and at the workplace. One of the most exciting recent innovations in the making of backpacks is the use of biodegradable materials. For example, Everlane’s ReNew Transit collection of bags is made from 100% recycled polyester sequestered from recycled bottles. Similarly, Day Owl has created the First Mile lineup of bags made from sustainably sourced recycled plastic bottles and recycled polyester. With environmental concerns heightening across industries, these innovations represent a great leap forward towards sustainability.
Market Segmentation
On the basis of type, the market is divided into work bags, sports & recreation bags, and travel bags. Based on material, this market is categorized into cotton, leather, nylon, and others. In terms of capacity, the market is classified into 6-10 liters, 10-30 liters, 30-50 liters, and above 50 liters. By geography, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Enormous Demand for Schoolbags to Power the Market in North America
North America is anticipated to dictate the backpack market share due to the widespread popularity of schoolbags across the US and Canada. This demand is premised on the presence of robust school infrastructures in these countries. Another favorable factor for the market in North America is the strong operations of large sports and luggage companies in the region, such as Adidas and Nike.
In the Asia Pacific region, the market is envisaged to showcase prolific growth on account of the escalating demand for work bags by the region’s increasing working populations. In addition, the region’s travel and tourism industry is firing on all cylinders, generating massive demand for luggage items.
Competitive Landscape:
Key Players to Develop Products Specifically for Tourists
Prominent backpack makers are developing with innovative ideas and techniques to cater to the variegated demands for activities associated with travel and tourism. Key players are capitalizing the opportunities of innovation spawned by the evolving trends in this market by building product lineups targeted at travel enthusiasts, thus solidifying their position in the market.
Industry Development:
February 2020: Under Armour unveiled a novel line comprising soft goods, which includes wear-resistive and waterproof backpacks, as well as tech sleeves, to broaden its offerings across the travel industry and expand its footprint in the luggage industry.
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