Dublin, July 31, 2023 (GLOBE NEWSWIRE) -- The "Backpack Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global backpack market is set to experience substantial growth, with a projected increase from $18.56 billion in 2022 to $19.60 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 5.6%. Furthermore, the market is expected to maintain this upward trajectory, reaching an estimated value of $23.96 billion by 2027, with a CAGR of 5.1%.
One of the key trends driving this growth is the integration of smart technology in backpacks. Renowned companies operating in the market are embracing innovation by incorporating cutting-edge features such as Bluetooth, GPS, USB ports, mobile apps, and more. Notably, Huawei Technologies Co Ltd., a prominent China-based infrastructure and smart devices provider in information and communications technology (ICT), launched a smart school bag in January 2022. This smart school bag boasts an LCD, smart scheduling capabilities, and GPS connectivity, enabling parents to track their children's movements via the Huawei Smart Life App and HarmonyOS Connect. Real-time location updates and message alerts enhance safety and convenience, making this product highly sought after in the market.
The report highlights North America as the largest region in the backpack market in 2022. Additionally, the analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The backpack market is also being propelled by the rise in travel and recreational activities. As people engage in leisure activities and embark on various trips, the demand for backpacks of different shapes and sizes for both pleasure and business purposes has surged. According to the World Tourism Organization, global tourism witnessed a 4% increase in 2021 compared to the previous year, with Europe and the Americas leading the way with notable growth rates of 19% and 17%, respectively. The economic contribution of tourism reached an estimated US$1.9 trillion in 2021, indicating the robust potential for the backpack market.
The backpack market is segmented by type, material, distribution channel, and end-use. Major players in the industry include Under Armour Inc., Nike Inc., Adidas AG, Dakine IP Holdings LP, Samsonite IP Holdings S.ar.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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $19.6 billion |
| Forecasted Market Value (USD) by 2027 | $23.96 billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Company Profiles:
- Under Armour Inc.
- Nike Inc.
- Adidas AG
- Dakine IP Holdings LP
- Samsonite IP Holdings S.ar.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.
- Patagonia Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kpy8py
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