The backpack market, valued at USD 17.21 billion in 2023, is projected to reach USD 31.38 billion by 2030, with a compound annual growth rate (CAGR) of 8.96% from 2024 to 2030. Backpacks, characterized by their convenient frameless design typically crafted from materials like nylon and polyester, serve as popular choices for commuters navigating urban environments. This trend is fueled by factors such as rapid urbanization and the development of efficient transportation infrastructure, facilitating the movement of individuals across cities, states, and even nations for purposes such as employment and education. These insights are drawn from the research report titled "Backpack Market, 2024-2030" by Fortune Business Insights™.

Information Source: https://www.fortunebusinessinsights.com/backpack-market-103853 

Top Key Companies Covered in the Backpack Market:

• Adidas AG (Germany)
• Under Armor Inc. (U.S.)
• Patagonia Inc. (U.S.)
• Puma SE (Germany)
• Wildcraft (India)
• Samsonite IP Holdings S.AR.L (Hong Kong)
• Dakine Inc. (U.S.)
• Deuter Sport GmbH (Germany)
• Moët Hennessy Louis Vuitton (LVMH) (France)
• Safari (India)

Segments:

Travel Segment to Register Appreciable Expansion due to Rise in Innovation of Camping/Trekking Rucksacks

Based on product type, the market is segmented into hiking/camping, travel, and others. Amongst these, the travel segment leads the market share due to the rise in innovation of camping/trekking rucksacks in terms of designs, material quality, and others, which attracts many individuals. With the ease of COVID-19 restrictions, spending on travel & tourism goods increased, driving the growth of the travel segment.

Nylon Segment to Have High CAGR Due to Various Advantages

On the basis of material, the market is fragmented into nylon, polyester, and others. The nylon segment is estimated to have a high CAGR over the study period as it is one of the most durable materials, which can withstand rugged terrains without any damage. The backpacks made up of nylon are lightweight, owing to which their use among travelers and trekkers has increased significantly.   

Offline Channel Segment to Gain Prominence Due to Wide Range of Brands Under One Roof

Based on distribution channels, the market is subdivided into offline channels and online channels. Offline channels include hypermarkets/ supermarkets, specialty stores, and others. The offline channel segment is expected to lead as it offers a wide range of brands under one roof. Offline stores sell various bags such as work bags, sports, travel, hiking/ trekking, school, and casual backpacks from manufacturers.

On the basis of region, the market is studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.

Report Coverage:

The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.

Drivers and Restraints:

Increasing Number of Camping and Other Recreational Activities to Expand Market Value

The backpack market growth can be credited to the increasing number of camping and other recreational activities. Camping is one of the most preferred options when planning a trip outdoors and also offers multiple health benefits by improving an individual's physical and mental health. The rise in innovation in camping/trekking rucksacks in terms of designs, material quality, and others attracts many individuals and will enable easy availability through online and offline platforms such as specialty stores, hypermarkets & supermarkets, and others. In addition, the increase in social media advertising on platforms such as YouTube, Facebook, Instagram, and others has increased the consumer base in a short time and with efficient cost. 

However, the industry expansion is likely to be hampered on account of the rising production of counterfeit products and their illegal sale.

Regional Insights:

North America to Lead Due to Higher Rate of Domestic or International Travel

North America is set to lead the global backpack market share due to work requirements, educational requirements, or casual trips owing to higher rates of domestic or international travel. Higher disposable income levels of individuals and the presence of top infrastructure facilities for travel & tourism, schools, and universities in the U.S. and Canada are further fueling the market growth.

The Asia Pacific market is set to expand at a remarkable CAGR throughout the estimated period. The rise can be credited to the increasing popularity of road trips and solo trips in developing countries.

Competitive Landscape:

Samsonite IP Holdings S.AR.L Announced the Launch of a Durable and Lightweight Luggage Collection

Leading companies are centered on the implementation of various strategies for strengthening their market presence. These include mergers, acquisitions, research activities, and the formation of alliances. Besides, numerous companies are entering into partnership deals and collaborations to expand product reach. In September 2020, Samsonite IP Holdings S.AR.L announced the launch of a durable and lightweight luggage collection that utilizes innovative advances in recycled material Recyclex. It also released Magnum Eco in India. Magnum Eco helps in the reduction of carbon footprint while maintaining high performance and durability.

Key Industry Development:

• January 2023 – BTS and Samsonite collaborated to launch a new series of travel accessories, which has a backpack, luggage, mini crossbody bag, expandable bag, pouch bag, and three-piece luggage tag set.