Global Backpack Market to Touch Sales of $25.8 Billion by 2028 | Premiumization is at Its Peak in Market | SkyQuest Technology
Global backpack market was valued at USD 19.2 billion in 2021, and it is expected to reach a value of USD 25.8 billion by 2028, at a CAGR of more than 6.4% over the forecast period (2022-2028).
Westford, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) — Global backpack market has been growing steadily for the past few years. However, SkyQuest’s analysis shows that there is scope for further growth. The main reason for this is the rising popularity of outdoor activities such as hiking and camping. The analysis shows that there are three main groups of backpackers: occasional, regular and hardcore. The occasional backpacker is the most common, accounting for 55% of all backpackers. They typically go on one or two trips per year and their main motivation is convenience. Regular backpackers make up 30% of all backpacker market and are more likely to be young adults aged 18-24. Their main motivation is adventure and they typically take three or more trips per year. Hardcore backpackers account for 15% of all backpackers and are typically experienced hikers or campers who take seven or more trips per year. Their main motivation is to explore new places and challenge themselves physically.
In terms of value, North America held the largest share of the backpack market in 2019. The growing popularity of outdoor activities and sports in the region is driving the growth of the market. The Asia Pacific is expected to witness the highest growth rate during the forecast period owing to the growing tourism industry in the region.
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The report provides an in-depth analysis of the backpack market, including key trends, drivers, and challenges. It also includes a detailed segmentation of the market by geography, product type, and end-use. The report covers the following topics: global backpack industry overview, market segmentation, market dynamics, competitive landscape, company profiles (select companies), and future outlook.
Premiumization is at Its Peak in Global Backpack Market
This growth is driven by an increase in demand for travel backpacks and a shift in consumer preferences towards premium products. SkyQuest’s analysis shows that the travel backpack segment is expected to grow the fastest, driven by an increasing number of people taking more frequent vacations and weekend getaways. The premium backpack segment is also expected to grow, as consumers are increasingly willing to pay for higher-quality products. It also highlights some key trends within the backpack market. For example, the popularity of minimalist designs is on the rise, as consumers seek out products that are stylish and functional. Additionally, there is a growing trend towards eco-friendly backpacks, as consumers look for products that are sustainable and environmentally friendly.
For example, Osprey recently launched its “Skyline” series of backpacks, which start at $200. While some may argue that premiumization is simply a marketing ploy to get consumers to spend more money, there is no denying that it is a major trend in the backpack industry. With the global backpack market expected to continue growing in the coming years, it’s likely that premiumization will become even more prevalent.
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Top Trends in Global Backpack Market
1. Durability is key: Consumers are increasingly looking for backpacks that are built to last. This means that brands need to focus on using high-quality materials and construction methods in order to create products that will stand up to wear and tear.
2. Versatility is important: In today’s world, people often need a backpack that can be used for multiple purposes. This could mean a backpack that easily converts from a daypack to a travel bag, or one with a variety of compartments and organizational features.
3. Style matters: While function is still important, consumers in the global backpack market are also looking for backpacks that reflect their personal style. This could mean colorful designs, trendy silhouettes, or unique details and embellishments.
4. Sustainability is a must: With more consumers becoming conscious of the impact their purchases have on the environment, sustainability is now a key factor when choosing a backpack. Brands need to focus on using sustainable materials and production methods in order to appeal to this growing market.
5. Technology is essential: In today’s digital world, consumers expect their backpacks to offer some type of tech support. This could include features like built-in phone chargers, Bluetooth connectivity, or even tracking devices.
6. Smart features: Many new backpacks come with built-in features like chargers and Bluetooth connectivity. This makes it easy to stay connected on the go.
7. Fashion-forward designs: Backpacks are no longer just functional items – they are also fashion statements. Designers are creating backpacks in a variety of trendy styles to appeal to consumers.
Deuter, Osprey, and Gregory are Top Players in Global Backpack Market
In its recently released “Global Backpack Market” report, SkyQuest has identified Deuter, Osprey, and Gregory as the top three backpack brands in the industry. According to the report, these brands have succeeded in creating a loyal customer base by offering high-quality products that meet the needs of their target consumers. In addition, each brand has developed a strong identity that resonates with its target audience.
Deuter is a German brand that specializes in mountain biking and hiking backpacks. The company has built a reputation for making durable and innovative products that meet the demands of even the most hardcore outdoor enthusiasts.
Osprey is an American brand in that is known for its lightweight and comfortable backpacking gear in the global backpack market. The company’s products are designed to help travelers explore the world with ease and comfort. Gregory is another brand that offers a wide range of backpacks for both casual and serious hikers. The company’s products are known for their durability, comfort, and style.
Based on this data, we determined that Osprey was the most popular backpack brand in the industry. Osprey is well-positioned in the backup industry, with a number of key strengths that include:
- A comprehensive product portfolio in the global backpack market that covers all aspects of backup and recovery, from on-premises to cloud-based solutions.
- A strong focus on the enterprise market, which is the most lucrative segment of the backup industry.
- A proven track record in delivering high-quality products and services, as evidenced by its many awards and accolades.
- A robust financial position, with strong revenue growth and profitability. These strengths give Osprey a solid foundation from which to grow its business in the coming years.
The competitive analysis of the global backpack market included a brand strength assessment and a sales volume analysis. The brand strength assessment considered various factors such as the brand’s history, reputation, customer base, and overall marketing strategy. Based on the results of this assessment, SkyQuest determined that Deuter was the strongest brand in the industry. The sales volume analysis looked at the total number of backpacks sold by each brand over a period of time. This allowed us to identify which brands were the most popular among consumers.
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Top Players in Global Backpack Market
- Samsonite International SA (US)
- Herschel Supply Co (Canada)
- USWE Sports AB (Sweden)
- Patagonia Inc (US)
- Dakine Inc (US)
- Marmot Mountain (US)
- Under Armour, Inc (US)
- Kipling’s Seoul (US)
- Pottery Barn (US)
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