Hiking Gear & Equipment Market Size Worth $7.4 Billion By 2027 Grand View Research, Inc.
SAN FRANCISCO, April 21, 2020 /PRNewswire/ -- The global hiking gear and equipment market size is expected to reach USD 7.4 billion by 2027, expanding at a CAGR of 6.3%, according to a new report by Grand View Research, Inc. Several factors including increasing active travelers combined with rise in adventure tourism is boosting the trend towards hiking sports which is driving the penetration of hiking gear and equipment. In addition, the industry is expected to flourish owing to increasing prominence of outdoor sports activities as a result of rising emphasis on healthy living.
Key suggestions from the report:
- In terms of revenue, the equipment segment is projected to witness a CAGR of 7.0% over the forecast years
- Specialty store distribution channel dominated the market with an overall revenue share of over 46.1% in 2019
- North America dominated the hiking gear and equipment market in 2019 and constituted for 63.2% of the revenue share. This trend is projected to continue over the next few years
- The industry is highly competitive in nature with key players including The North Face, Mountain Hardwear, Black Diamond Equipment, Ltd., Marmot Mountain LLC, Amer Sports, Equinox Ltd., TATONKA, mont-bell Co.,Ltd., AMG-Group, and Sierra Designs.
Read 80 page research report with ToC on "Hiking Gear & Equipment Market Size, Share & Trends Analysis Report By Product (Clothes, Footwear, Backpack, Equipment), By Distribution Channel (Specialty Stores, Retail Stores, Online), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/hiking-gear-equipment-market
Increasing number of millennials is resulting in rising prominence of various adventure sports activities which is causing growth in the market. According to the U.S. Census Bureau, youngest millennial is expected to reach its adulthood by 2020, thereby accounting for 28% of the U.S. population as well as 50% of the working population in the country. . Moreover, rising acceptance of various adventure sports as a measure to gain different experiences is holding greater attraction of consumers towards hiking. According to findings of a survey conducted by the Adventure Travel Trade Association in 2016, hiking was ranked as the most popular adventure activity, with 92.3% of the people surveyed had done the activity in U.S. thus, rising trends in the outdoor recreation and sports industry is fueling the market for hiking gear and equipment across regions.
Hiking clothes witnessed the highest penetration in the market on account of being an integral part of the sporting essential. Latest trends suggesting urban hiker style is in vogue is also complementing the product sales. Rising prominence towards sustainability have led to introduction of new fabric and insulation technology which is also addressing animal welfare as well as environmental standards. Moreover, gaining prominence of women in outdoor clothing segment owing to rising participation of women hikers is also fueling the market demand for hiking apparel.
Online channel of distribution witnessed the highest growth in the market owing to rising internet penetration across developing countries such as China, India, and Brazil which is helping develop online sales for the growing outdoor recreation and hiking products including gear and equipment. Increasing penetration of companies using online retail channels such as Moosejaw, Backcountry.com, and Eastern Mountain Sports is paving the way for increased demand of hiking gear and equipment.
North America led the hiking gear and equipment market in 2019. Increased number of consumers seeking places for outdoor recreation in order to connect to nature as well as to practice healthy exercises is driving the market in this region. Increasing construction of hiking trails in U.S. is rising the number of hikers in the region, thereby propelling the growth of the market. According to report by the Outdoor Foundation, hiking is the fourth most popular outdoor activity in U.S., witnessing 44.9 million participants in 2018.
Grand View Research has segmented the global hiking gear and equipment market on the basis of product, distribution channel, and region:
- Hiking Gear & Equipment Product Outlook (Revenue, USD Million, 2016 - 2027)
- Hiking Gear & Equipment Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Specialty stores
- Retail stores
- Hiking Gear & Equipment Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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