Backpacks Market Forecast, 2022-2027
Backpacks Market size is estimated to reach $23.4 billion by 2027, growing at a CAGR of 2.6% during the forecast period 2022-2027. Backpacks also termed knapsacks, schoolbags, rucksacks, rucksacs, packs, sackpacks, booksacks, bookbags or backsacks. Backsacks include fabric sacks carried on one's back and fastened with two straps that go over the shoulders, however, they can have an external frame, internal frame and there are bodypacks. Backpacks are normally utilized by hikers and students and are frequently preferred to handbags for carrying heavy loads or carrying any kind of machinery, owing to the restricted capacity to carry heavy weights for long periods of time in the hands. Nylon is a water-resistant material and therefore backpacks are prepared with nylon material. Presently, waterproof backpacks are recognized across the world. Polyester backpacks are available for sale online on websites like flipkart. There are travel backpacks available for men and for women. There are travel bags available for sale online on websites like Myntra. The kind of travel bag selected relies on the kind of travel, the destination and other factors. Applying heat transfer vinyl (HTV) to backpacks needs around 10 seconds of law heat and medium pressure. The minimal quantity of heat, pressure and time is aimed at when putting HTV on thermal lunch boxes and backpacks. Backpacks were once regarded as casual and suited only for travel or for students who were required to carry books by the kilos. However, as offices turn more mobile with laptops and assorted gadgetry (chargers, tabs, power banks and mobile phones), backpacks have evolved into the goto work bags. The Backpacks Industry falls within the Bags and Luggage Industry.
The mobile lifestyles of an increasing count of customers coupled with the surging inclination of people to spend time outdoors without returning home before nightfall is set to drive the Backpacks Market. The advent of adventure sports and recreational activities are set to propel the growth of the Backpacks Industry during the forecast period 2022-2027. This represents the Backpacks Industry Outlook.
Report Coverage
The “Backpacks Market Report - Forecast (2022-2027)” by Industry ARC, covers an in-depth analysis of the following segments in the Backpacks Market.
Key Takeaways
- Geographically, North America (Backpacks market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the surging product demand attributed to the increasing count of travellers preferring lightweight and compact backpacks and travel bags in the North American region.
- Backpacks Market growth is being driven by the soaring demand for backpacks and travel bags from men and women across distinct regions worldwide and the heightening recognition of outdoor activities. However, while living out of a backpack makes travelling light, it limits the quantity of items that can be packed resulting in user dissatisfaction which is one of the major factors hampering the growth of Backpacks Market.
- Backpacks Market Detailed Analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Backpacks Market report.
Backpacks Market Challenges
Limitations of Backpacks Including Muscle Strains are Hampering the Growth of the Backpacks Market:
Presently, backpacks, travel bags and work bags are being greatly utilized. Backpacks may be made of materials like nylon or polyester. Backpacks in their simplest form are fabric sacks. Heavy contents can raise health hazards for students by placing surplus strain on growing bones and muscles. Every year, thousands of students visit emergency rooms for treatment of backpack-connected injuries, inclusive of muscle strains and spasms of the back and neck. Increasing concerns have prompted certain schools to initiate weigh-ins to conclude whether backpack loads are enormous for stature of students. Health experts discourage carrying backpacks weighing greater than 10 to 20 percent of the weight of the student. These issues are thus hampering the growth of the Backpacks Market.
Backpacks Industry Outlook
Novel product launches, mergers and acquisitions, collaborations, partnerships, expansions and financing in R&D are key strategies adopted by players in the Backpacks Market. The top 10 companies in the Backpacks market are:
- Puma
- Reebok
- Fastrack
- Toshiba Corporation
- The North Face
- Nike Inc.
- Swiss Gear
- Deuter
- Samsonite International S.A.
- Polestar
Recent Developments
- In July 2022, Deuter, the global leader in backpacks and outdoor equipment, boosted its alpine and hike backpack assortment for Summer 2023, delivering innovative, trustworthy and sustainably generated outdoor goods. The novel collection includes the all-novel Vertrail and Durascent for the high alpine, the redesigned Guide for climbing and the refreshed Trail for hiking. The novel Vertrail 16 ($210) waterproof backpack from Deuter is produced for mountaineers who accept any speedy mountain challenge and want to guarantee secure and dry gear in all conditions.
- In March 2022, Authentic Brands Group (ABG) declared that it has finished the acquisition of Reebok from Adidas. As it leads in its biggest acquisition to date, the global brand development, marketing and entertainment firm is plotting a novel path for Reebok. With Reebok, ABG is taking a page from its playbook, linking powerful brands with best-in-class partners and a global network of operators, distributors and retailers to optimize value in the marketplace.
- In December 2021, NIKE, Inc. declared the acquisition of RTFKT, a leading brand that influences cutting-edge innovation to deliver next-generation collectables that merge culture and gaming. Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT is a pioneering and innovative brand that reformulates the borders of physical and digital value to help its broad community of creators. This committed team influences the most recent in-game engines, NFTs, blockchain authentication and augmented reality to develop one-of-a-kind virtual products and experiences. This concludes the Backpacks Industry Outlook.
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