Global Backpack Market Size to Grow at a CAGR of 6.61% During the Forecast Period of 2022-2027
The ‘Global Backpack Market Share, Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global backpack market, assessing the market on the basis of its segments like capacity, type, material, application, and major regions.
Backpack Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 18.3 billion
• Forecast CAGR (2022-2027): 6.61%
• Forecast Market Size (2027): USD 26.88 billion
|Market Size in 2021||USD 18.3 billion|
|Revenue Forecast in 2027||USD 26.88 billion|
|Growth Rate CAGR||6.61%|
|Major Players||Under Armour, Inc., VF Outdoor, LLC, Nike, Inc., Adidas AG, V.I.P. Industries Limited, Wildcraft India Private Limited, and Dakine IP Holdings LP., among others.|
The key aspects boosting the demand for the backpack market among consumers are that backpacks are lightweight, flexible, and often waterproof and they offer extreme protection for products placed in them. The usage of a backpack assures consumers the safety of their belongings as it keeps belongings closer to the body, making it challenging for thieves to steal. The growing adoption of mobile lifestyles along with increasing customers’ demand for lightweight as well as durable backpacks for better relief and convenience is anticipated to support the backpack market growth globally.
The use of backpacks promotes organisation, comfort, convenience, and safety. Additionally, such sacks are accessible in trendy styles and carry personal things or other supplies which are further influencing consumer traction and are likely to bolster the worldwide market growth of backpacks in the coming timeframe.
The market for backpacks across the globe is further driven by the growing innovations in backpacks, and the rising importance of technical features including better and more efficient designs. There are also shifting consumer preferences of individuals either school students or working professionals.
Moreover, based on the types of backpacks, the workbags segment is expected to witness significant growth in the backpack market over the coming years. This is due to the growing working population across the globe and rising demand for professional backpacks. Additionally, work bags are considered for multiple uses and are highly comfortable as compared to other bags.
Backpack Industry Definition and Major Segments
A backpack is a huge pack that is aided by an internal or external frame and is employed particularly for holding supplies when, travelling, camping, or hiking. It is diversely called a rucksack, knapsack, etc. It is denoted as a fabric sack and has two straps that go around the shoulders which are carried on the back and fastened.
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By capacity, the market is divided into:
• 6 Litres to 10 Litres
• 10 Litres to 30 Litres
• 30 Litres to 50 Litres
• Above 50 Litres
Based on type, the market is segmented into:
• Travel Bags
• Work Bags
• Sports and Recreation Bags
On the basis of material, the market is categorised into:
By application, the market is segregated into:
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Backpack Market Trends
Rapid urbanisation and a growing younger population looking for adventure activities can be witnessed worldwide. This is coupled with a surging demand for backpacks among various students including different travellers, age groups, and employees all over the world, as backpacks help users to keep things safely. These are the factors bolstering the backpack market trend.
There is an increasing demand for sacks at the office. The wide availability of a broad range of work bags that are multipurpose and useful for travel as well as sports, is fuelling the demand for the backpack across the globe.
Moreover, the growing number of sports activities like camping and hiking along with the increasing interest of the younger generation in such sports activities are contributing to the market growth of backpacks. Significant growth in recreational activities is further expected to boost the demand for the backpack market.
The surging tourism industry along with the rising styling trends by every individual is further expected to drive the demand for backpacks. With growing demand for fashion accessories among all age groups and high interest in travelling, the market demand for backpacks is likely to boom in the upcoming years.
Geographically, the Asia Pacific region is anticipated to register considerable growth in the backpack market share. This is on account of the growing working population and increasing employment coupled with surging government support for the tour and travel industry.
Key Market Players
The major players in the backpack market report are:
- Under Armour, Inc
- VF Outdoor
- LLC, Nike, Inc
- Adidas AG
- V.I.P. Industries Limited
- Wildcraft India Private Limited
- Dakine IP Holdings LP
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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