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Report Overview: Hiking Gear & Equipment MarketThe global hiking gear and equipment market size was estimated at USD 3.4 billion in 2020. Rising demand for sporting activities among the younger population, particularly millennials is driving the market for hiking gear and equipment. Increasing inclination towards a fitness regime, short recreational activities, and healthy lifestyles have added prominence to the outdoor sports events, thereby positively affecting the demand for hiking gears and equipment. Moreover, growth in the outdoor recreation industry owing to shifting demographics, urban migration, and heightened emphasis on healthy living is causing a rise in the demand for hiking gear and equipment. Shifting focus of consumers towards adopting a healthy lifestyle supported by increasing rate of urbanization has also impacted the growth of the market for hiking gear and equipment. Moreover, increasing attraction towards heavy-duty boots has gained prominence for hiking boots among consumers. Popularity of these products on social media with over 192,000 posts on Instagram under the #hikingboots category is triggering sales in the market. Millennials form the largest consumer base for hikers in the market and thus, increasing participation by this age group propels the demand for these products. According to the U.S. Census Bureau, the youngest millennial is expected to reach its adulthood by 2020, thereby accounting for about 28% of the U.S. population as well as 50% of the working population in the U.S. This scenario is likely to positively hit the growth of the market for hiking gear and equipment. Rising instances of consumer participation in outdoor recreation and sports activities are paving the way for hiking gear and equipment. According to a report by the Outdoor Foundation, 146.1 million Americans aged 6 or above had participated in an outdoor activity in 2017. Hiking being the fourth most popular outdoor activity in the U.S., witnessed 44.9 million American participants in 2018. The report also states that the average outing experienced by each hiker was 14 in 2018. Therefore, rising consumer attraction towards different outdoor sports and adventure is boosting awareness towards this activity thereby generating the demand for hiking gear and equipment. Growing consumer attraction towards different treks in Southeast Asia such as Kawah Ijen in Indonesia, Cameron Highlands in Malaysia, MacRitchie Reservoir, Singapore, and among others are resulting in increasing number of hikers participations, thereby driving the demand for associate gear and equipment products. Furthermore, rising trend of adventure tourism is attracting investment towards trail construction, which is positively affecting the growth of the market.
Product Insights: Hiking Gear & Equipment MarketThe hiking gear and equipment market is bifurcated into various product categories such as clothes, footwear, backpacks, equipment, and others. The clothes segment accounted for the largest share of 50.0% of the market for hiking gear and equipment in 2019. Rising instances consumer participation in hiking activities is becoming a lifestyle among the masses which in turn is driving the need for hiking clothes. Popularity of hiking activity in the U.S., according to the Outdoor Participation Report by Outdoor Foundation is likely to propel the need for hiking clothes. Moreover, gaining prominence of women in outdoor clothing segment owing to rising participation of women hikers is also fueling the demand for hiking apparel. Equipment is a growing product, thereby exhibiting a revenue-based CAGR of 6.9% in the market for hiking gear and equipment from 2020 to 2027. Equipment includes products such as sleeping bags, tents, and hiking poles. Increasing number of companies entering the segment is largely offering hiking equipment which is increasing the overall product visibility as well as availability. Thus, ease of purchasing these products is gaining traction in the product category thereby driving the market. Rising trend of athleisure in combination with increased spending poses a lucrative growth opportunity for outdoor sports equipment such as poles and tents with added benefits and functionality. For instance, prominence of poles for improved stability and lowered leg fatigue is likely to gain consumer attention towards use of this product, thereby contributing to the demand for global market.
Distribution Channel Insights: Hiking Gear & Equipment MarketSpecialty stores are the largest channel of distribution, accounting for a revenue share of over 46.1% of the market for hiking gear and equipment in 2019. Increasing presence of sports retail outlets such as Decathlon, Columbia Sportswear, REI, Wildcraft, and Dick’s Sporting Goods is enhancing product availability across the globe which is expected to have a positive impact on the growth of the global market. Mass brands such as Nike Inc., Under Armour, Inc., and Adidas AG have their multiple outlets featuring footwear and other hiking related gear and equipment across North America, Europe, and some of the Asian countries. Moreover, rising trend of catalog shopping in developed economies assist the consumers in attaining pleasant shopping experience which has also increased the importance of specialty store outlets for consumers. Online distribution channel is projected to witness a CAGR of 5.5% in the market for hiking gear and equipment from 2020 to 2027. This is owing to the increasing influence of digital marketing strategies implemented by the brands to sell their products. Increasing internet penetration in various countries such as India, China, Canada, and Brazil have developed the market for online sales channel which has been witnessing growth from the last three to four years. Moreover, increasing penetration of companies through online retailer channels such as Moosejaw, Backcountry.com, and Eastern Mountain Sports is paving way for high demand for hiking gear and equipment through this medium.
Regional Insights: Hiking Gear & Equipment MarketNorth America was the largest market, accounting for a revenue share of about 63.2% of the market for hiking gear and equipment in 2019. Increasing number of consumers seeking places for outdoor recreation in order to connect to nature as well as practice healthy exercise has derived the largest market for hiking gear and equipment in this region. Rising construction of hiking trails in the U.S. is generating large number of hikers in the region, thereby progressing the demand for such products. For instance, the Pacific Crest Trail Association, which runs from Mexico to the Canada border, issued 7,313 trail permits in 2018 from 1,879 trails in 2013. Moreover, rising trend towards gaining experience of the Appalachian Trail among hikers is increasing awareness towards this outdoor sports activity. According to Appalachian Trail Conservancy (ATC), the number of hikers set out from Georgia to Maine more than doubled to 3,735 hikers in 2017, from 1,460 in 2010. This scenario is paving the market for increasing demand for different hiking gear and equipment in the region. Asia Pacific is anticipated to witness a CAGR of 6.3% in the market for hiking gear and equipment over the forecast period on account of increasing awareness towards outdoor sports activities. This region witness overwhelming growth of fitness industry which is driving consumers to opt for various outdoor sports events such as a marathon, camping, trekking, and hiking. Gaining acceptance of such activities is propelling the demand for hiking gear and equipment. Also increasing instances of obesity prevailing in the region is motivating consumers to choose for outdoor recreation activates such as trekking and hiking. According to WHO, more than 340 million population aged 5-19 years were overweight or obese in 2016. Thus, it is thereby offering growth prospects for the market.
Hiking Gear & Equipment Market Share Insights: Hiking Gear & Equipment MarketKey hiking gear and equipment manufacturers include
The leading players in the market stressing on product innovation as a result of new product development helps gain a greater market share at a global level. Companies are adopting various market entry strategies to enter the segment on account of the increasing preference towards healthy and adventurous lifestyles in majority of the regions. For instance, in August 2018, Walmart launched a premium online store in expertise with Moosejaw which sells various high-end brands of hiking boots, camping gear, and outdoor apparel. Also, new product developments by industry giants are driving consumer attention towards rising trends of hiking. For instance, in February 2019, Adidas AG launched hiking boots, with a focus on removing perception of staleness and oldness associated with the industry. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global hiking gear and equipment market on the basis of product, distribution channel, and region.
- The North Face
- Mountain Hardwear
- Black Diamond Equipment, Ltd.
- Marmot Mountain LLC
- Amer Sports, Equinox Ltd.
- mont-bell Co., Ltd.
- AMG-Group and Sierra Designs.
Product Outlook (Revenue, USD Million, 2016 - 2027)
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Specialty stores
- Retail stores
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1 | read more...