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Can the Global Backpack Market Continue Its Strong Growth?
The backpack market has witnessed robust growth in recent years and is expected to sustain this momentum. The market size has risen from $19.57 billion in 2023 to an anticipated $20.69 billion in 2024, reflecting a compound annual growth rate CAGR of 5.7%. This expansion in the historic period is largely fueled by outdoor recreation trends, evolving fashion and style tastes, back-to-school shopping, workplace, and commuting needs, as well as advancements in materials and design.
What Will Fuel the Projected Growth of the Global Backpack Market?
The backpack market is predicted to witness strong growth over the next few years, reaching $25.87 billion by 2028 at a CAGR of 5.7%. The growth during the forecast period can be attributed to factors such as a rise in remote work culture, a surge in adventure tourism, a shift towards sustainable and eco-friendly approaches, the lifestyle of digital nomads, and e-commerce expansion. Major trends anticipated to influence the growth during the forecast period include ergonomic and comfort-driven designs, work-friendly features tailored to digital nomads, hybrid backpacks for increased multifunctionality, innovations in anti-theft and security features, as well as collaborations and limited-edition releases.
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As per the data from the World Tourism Organization, the overall tourism rate experienced a growth of 4% in 2021 in comparison to 2020 415 million versus 400 million. Regions like Europe and America showed an impressive performance in 2021 with growth rates of +19% and +17% respectively. The economic impact of tourism, measured in terms of direct tourism gross domestic product, is estimated at $1.9 trillion in 2021, a notable increase from $1.6 trillion in 2020, but still notably lower than the pre-pandemic value of $3.5 trillion. Therefore, surges in travel and recreational activities are driving the growth of the backpack market.
Who Are the Key Players in the Backpack Industry?
There are several prominent companies contributing to the growth of the backpack market. These include industry leaders such as Nike Inc., Adidas AG, Everest Trading Corp., VF Outdoor LLC, Under Armour Inc., Columbia Sportswear Company, Samsonite International S.A., L.L.Bean Inc., Eddie Bauer LLC, The North Face Inc., Arc'teryx Equipment Inc., V.I.P. Industries Limited, Mammut Sports Group AG, Patagonia Inc., Vaude Sport GmbH & Co. KG, and Marmot Mountain LLC among others.
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What Trends Are Emerging in the Backpack Market?
Integration of smart technology into backpack designs is a key trend gaining traction in the industry. Major industry players are incorporating innovative technologies such as GPS, Bluetooth, USB ports, and mobile apps in backpacks to maintain a competitive edge in the market. For instance, in January 2022, China-based Huawei Technologies Co Ltd., an infrastructure and smart device provider in the field of Information and Communications Technology ICT, launched a smart school bag. This bag features an LCD, smart scheduling capabilities, and GPS connectivity to keep track of children's movements.
What Are the Defined Market Segments for the Global Backpack Market?
The backpack market in this report has been categorized based on the following criteria:
1 By Type: Work Bags, Sports and Recreation Bags, Travel Bags, Other Types
2 By Material: Cotton, Leather, Nylon, Other Materials
3 By Distribution Channel: Supermarket or Hypermarket, Convenience Stores, Online Stores, Other Distribution Channels
4 By End-Use: Commercial, Individual, Other End-Uses
How is the Global Backpack Market Distributed Regionally?
In 2023, North America held the largest market share in the global backpack industry. In this report, regions covered include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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