Portland, OR, July 15, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global hiking gear & equipment market generated $20.65 billion in 2018, and is estimated to reach $28.78 billion by 2026, witnessing a CAGR of 4.2% from 2019 to 2026.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Surge in preference for adventure travel, rise in number of hiking tourorganizations, and increase in popularity of outdoor activities drive the growth of the global hiking gear & equipment market. However, risks due to the uncertain environmental conditions hinder the market growth. On the other hand, aggressive marketing strategies and rise in influence of social media create new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic,all the hiking activities have been banned by the governmentsof most of the nations to avoid the transmission of disease.
- Research and development (R&D) and manufacturing activities have been halted by the manufacturers during active lockdown across the globe.
- Investors haveheld the funding for the R&D activities in hiking gear & equipment industry during the Covid-19 outbreak.
- However, some nations such as Ireland has allowed for solo hiking activities during the months of coronavirus pandemic.
The report offers a detailed segmentation of the global hiking gear & equipmentmarket based onproduct type, customer profile, distribution channel, and region.
Based on customer profile, the men segment contributed to the largest share in 2018, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, thewomen segment is expected to register the highest CAGR of 4.6% from 2019 to 2026.
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Based on distribution channel, the offline segment accounted for the largest share in 2018, holding more than two-thirdsof the total share, and is expected to maintain the largest share throughout the forecast period. However, the onlinesegment is estimated to portray the highest CAGR of 4.9% during the forecast period.
Based on region, North Americacontributed the highest share, accounting for more than one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.0% from 2019 to 2026.
Leading market players analyzed in the research include Arc'teryx, The North Face, Mountain Hardwear, Marmot, Marmont, Kelty, Black Diamond, Mountain, Big Agnes, and MontBell, AMG Group.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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