Global Backpack Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Backpack Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Backpack market finds that the global Backpack market reached a value of USD 17524.32 million in 2022. It’s expected that the market will achieve USD 25522.76 million by 2028, exhibiting a CAGR of 6.47% during the forecast period.

Main Impact

The impact of COVID-19 on the backpack industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely impeded, production plans have been severely impeded, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have been damaged. Especially during the epidemic, due to the suspension of classes and suspension of production in many countries, this has a certain impact on the children ’s backpack market or the adult ’s backpack market demand. The impact on the backpack industry depends on the prevention and control of COVID-19 effect.

The Impact on SMEs

COVID-19 has a huge impact on the operation of the industry, of which the impact on SMEs is more obvious. The phenomenon of shutdown may not only aggravate the shortage of funds for SMEs, but also reduce the solvency of enterprises, and may affect production and sales. Some enterprises have fallen into business difficulties and even went bankrupt.

Drivers

In recent years, as people ’s disposable income has increased, people ’s fast-paced and busy lifestyles have significantly increased the number of participants in travel, leisure activities, and adventure sports. Secondly, in the same way, consumers' awareness of health and wellness is also one of the important reasons for the rapid development of outdoor sports. This strong health awareness also drives people to take risks and recreational activities, such as camping, hiking, rafting, rock climbing, Hiking, etc. Therefore, a large increase in entertainment activities will further promote the growth of the tourism market, which in turn will have a positive impact on the sales of adventure sports equipment such as smart backpacks.
In addition to the increasing use of leisure activities, advanced technological innovations in product functions will also increase the market share of backpacks. To attract more consumers, suppliers on the market are focusing on developing cost-effective products with innovative designs. For example, advanced laptop backpacks are increasingly important for protecting laptops from scratches, water damage, moisture, and heat. Consumers prefer light and durable backpacks to provide better convenience and comfort. The growing consumer demand for portable laptop backpacks has prompted the company to increase spending on new products for companies and students which also promote industry innovation and development.

Limitations

The Asia-Pacific region has the largest market share in 2019 with more than 60%. It is expected to grow at the fastest compound annual growth rate of from 2019 to 2025. As the government has adopted supportive policies to improve the educational infrastructure in China and India, the number of schools and universities is expected to increase and open up new avenues. However, the presence of a large number of local manufacturers in the Asia-Pacific region due to low raw material costs and easy access to labor, as well as the strong market fragmentation, are expected to pose a key challenge to global suppliers of premium laptop backpacks.

Opportunities

Technological innovation and development are one of the main trends in the industry. With the integration of smart technology into USB ports, heating and cooling functions and anti-theft protection and other functions are applied to backpacks, the practicality and safety performance have been greatly improved. More and more companies are introducing innovative components such as Bluetooth locks, GPS and USB ports, and the development prospect of smart schoolbags will become increasingly prosperous.

Region Overview:

Geographically, China held the largest market share – 65.76% in 2022.

Company Overview:

VF is one of the major players operating in the Backpack market, holding a share of 6.31% in 2023.

VF

VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear, and occupational apparel categories. VF products are marketed to consumers shopping in specialty stores, upscale, traditional department stores, national chains, and mass merchants.

Samsonite International S.A

Samsonite International S.A designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture.

Segmentation Overview:

As for product types, the Under $100 segment held the largest market share in 2022.

Application Overview:

By application, the Man segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Backpack market covered in Chapter 3:

AMG Group
Caarany
Marmot Mountain
VF
Mountain Hardwear
Gelert
Samsonite International S.A
Victorinox
Deuter Sports
Osprey Packs
Kelty
Arc'teryx Equipment
Adidas
Lowe Alpine
Nike
Timbuk2
Wildcraft

In Chapter 4 and Chapter 14.2, on the basis of types, the Backpack market from 2018 to 2029 is primarily split into:

Under $100
$100-$300
$300-$500
$500-$700
$700-$1000
Over $1000

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Backpack market from 2018 to 2029 covers:

Men
Women
Kids

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)