LONDON, April 12, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the backpack market forecasts the global backpack market size to grow from $18.5 billion in 2022 to $19.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The backpack market value is then expected to grow to $23.9 billion in 2027 at a CAGR of 5.1%.
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Increasing travel and recreational activities are expected to drive the backpack industry growth. Recreation encompasses all of the activities that people engage in to refresh their bodies and minds and make their leisure time more interesting and enjoyable. Tourists frequently use backpacks to transport their belongings when visiting other countries, not only for pleasure but also for business, increasing demand for backpacks of various shapes and volumes. According to the World Tourism Organization, a Spain-based international tourism promotion organisation, global tourism increased by 4% in 2021 compared to 2020. (415 million vs. 400 million). In 2021, Europe and the Americas outperformed the rest of the world (+19% and +17%, respectively). Tourism's economic contribution in 2021 (measured in tourism direct gross domestic product) is estimated to be US$1.9 trillion, up from US$1.6 trillion in 2020 but still far below the pre-pandemic value of US$3.5 trillion. As a result, rising travel and recreational activities are propelling the backpack market forward.
Major players in the backpack market are Under Armour Inc., Nike Inc., Adidas AG, Dakine IP Holdings LP, Samsonite IP Holdings S.àr.l., VF Outdoor LLC, V.I.P. Industries Limited, Wildcraft India Private Limited, Sierra Designs, Kelty, Wenger, Marmot Mountain LLC, Everest Trading Corp., Herschel Supply Co., and Patagonia Inc.
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The incorporation of smart technology is gaining traction among the backpack market trends. To maintain their market position, major players are integrating innovative technologies into backpacks such as Bluetooth, GPS, USB ports, mobile apps, and others. For example, Huawei Technologies Co Ltd., a China-based infrastructure and smart devices provider in information and communications technology (ICT), launched a smart school bag in January 2022. To track children's movements, Huawei has included an LCD, smart scheduling capabilities, and GPS connectivity in the school bag. The Huawei 9um Smart Positioning Children's School Bag is a smart school bag that works with the Huawei Smart Life App and HarmonyOS Connect. The app will notify parents when their children's backpacks (and, by extension, their children) enter or exit one of the pre-defined areas. Parents will also receive a bag usage report through the app, which will check a child's location in real-time and send it to the parents through the app.
North America was the largest region in the backpack market in 2022. The regions covered in the backpack market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global backpack market segmentation is categorized by type into work bags, sports and recreation bags, travel bags, other types; by material into cotton, leather, nylon, other materials; by distribution channel into supermarket or hypermarket, convenience stores, online stores, other distribution channels; by end-use into commercial, individual, other end-uses.
Backpack Global Market Report 2023 by The Business Research Company provides insights on the backpack market size, backpack market segments, backpack market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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