Global Backpack Market

Backpack Market Size, Share, Growth Analysis, By Material Type(Nylon, Polyester, Other), By Distribution Channel(Online Retail, Supermarkets, Speciality Stores, Other), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25K2083 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

Backpack Market Insights

Backpack Market size was valued at USD 14.601 billion in 2019 and is poised to grow from USD 15.9 billion in 2023 to USD 31.38 billion by 2031, growing at a CAGR of 8.96% in the forecast period (2024-2031).

Backpacks have several compartments that can be used to carry items around and are used to carry stuff. Due to handbags' limited capacity for carrying heavy loads, backpacks are more frequently used by hikers and students than handbags while transporting heavy equipment and cargo. Nylon and ultra-strong nylon materials are used to make the straps on backpacks. Polyester and nylon are the two most well-known fabrics for backpacks. Heavy textiles like canvas, which may be used for a long time, can also be utilized to make durable bags. Although it increases the cost of the bag, leather can also be utilized to build them.

Many backpacks are designed with travel in mind, and over the past several years, participation in adventure sports and other leisure activities has significantly increased, fueling the Backpack market's expansion.

US Backpack Market is poised to grow at a sustainable CAGR for the next forecast year.

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FAQs

Backpack Market size was valued at USD 14.601 billion in 2019 and is poised to grow from USD 15.9 billion in 2023 to USD 31.38 billion by 2031, growing at a CAGR of 8.96% in the forecast period (2024-2031).

The Backpack market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive Backpack market. In order to provide industries with the most effective and economical solutions, the major Backpack market players are also continually concentrating on R&D. 'Samsonite International S.A.', 'VF Corporation', 'Kering S.A.', 'LVMH Moet Hennessy Louis Vuitton SE', 'Adidas AG', 'Nike, Inc.', 'PUMA SE', 'Decathlon S.A.', 'Under Armour, Inc.', 'Targus Group International, Inc.', 'The North Face, Inc. (a subsidiary of VF Corporation)', 'Herschel Supply Co.', 'ASICS Corporation', 'Eastpak (a subsidiary of VF Corporation)', 'Columbia Sportswear Company', 'Osprey Packs, Inc.', 'Deuter Sport GmbH', 'Gregory Mountain Products, LLC', 'Mammut Sports Group AG', 'Salomon S.A.'

Customer retention has become more challenging in today's highly competitive market climate. As a result, in order to encourage sales, sellers in the worldwide smart backpack market are presenting a variety of trade offers. The suppliers offer a variety of trade agreements through various distribution channels in various nations, including discounts, exchange offers, and festival incentives. Price-conscious customers are drawn in by competitors' regular introduction of trade offers, especially in developing nations like APAC.

A number of companies have upgraded their services as a result of the rapid advancements in radiography techniques in an effort to increase their market potential and solidify their positions. The creation of new, cutting-edge Backpack care tools that would lessen patients' discomfort is a major focus of the producers of Backpack radiology equipment's research and development (R&D) spending.

North America is expected to control the backpack market share in 2021. This demand is predicated on the fact that these nations have strong educational infrastructures and broad acceptance of schoolbags in the US and Canada, Strong operations of major sporting goods and luggage manufacturers like Adidas and Nike in the area are another positive aspect of the Backpack Market in North America. Due to several improvements in the industry to produce backpacks with enhanced quality and efficiency, the market for backpacks in the Asia Pacific region is anticipated to experience considerable growth. Additionally, the need for backpacks to carry the equipment securely while lightening the strain on shoulders is being fuelled by the rising popularity of sports and leisure activities that improve total well-being. Over the next few years, the development of the worldwide backpack market is anticipated to be aided by manufacturers' increasing focus on producing sophisticated, intelligent backpacks and the region's expanding urban population. The demand for backpacks among working professionals in the area is projected to increase as the working population and employment both grow.

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Global Backpack Market

Report ID: SQMIG25K2083

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