PUBLISHER: KBV Research | PRODUCT CODE: 1374107
PUBLISHER: KBV Research | PRODUCT CODE: 1374107
The Global Hiking Gear & Equipment Market size is expected to reach $8.7 billion by 2030, rising at a market growth of 6.5% CAGR during the forecast period.
Asia Pacific's market is expanding as people become more aware of outdoor sporting activities. Thus, the Asia Pacific region would register more than 20% share in the market by 2030. Consumers are increasingly choosing outdoor sporting events like marathons, trekking, camping, and hiking due to the region's explosive expansion in the fitness business. The growing popularity of these activities is driving up the price of hiking equipment. Consumers are encouraged to pick outdoor recreational activities like trekking and climbing due to the region's rising obesity rates. As a result, it is providing the industry with development prospects. Some of the factors impacting the market are rising outdoor recreation and adventure tourism, increasing innovation in gear & equipment, and high costs of quality gear and equipment.
People increasingly recognize the physical and mental health benefits of outdoor spending. Trekking and hiking provide an excellent way to stay active, reduce stress, and improve overall well-being. Many individuals living in urban environments seek respite from the hustle and bustle of city life. Trekking and hiking offer an escape into natural landscapes, contrasting the urban lifestyle. Outdoor enthusiasts are drawn to the sense of adventure and exploration that trekking and hiking provide. Discovering new trails, conquering challenging terrain, and reaching summits offer a sense of accomplishment. Outdoor enthusiasts, bloggers, and social media influencers share their hiking experiences, gear recommendations, and travel stories, inspiring others to explore the outdoors. The demand for hiking gear & equipment is being driven by an increase in customer engagement in outdoor recreation as well as sports.
Additionally, Gear manufacturers continually introduce innovative products with advanced materials, designs, and features. This innovation attracts consumers looking for improved performance, comfort, and durability. Innovative designs, materials, and features enhance hiking gear's functionality, comfort, and safety, making outdoor adventures more enjoyable and accessible. Hiking equipment manufacturers are constantly developing and incorporating lightweight materials, such as advanced synthetic fabrics and alloys, to reduce the overall weight of gear without sacrificing durability. Thru-hikers and ultralight backpackers especially value lightweight gear. As technology and sustainability efforts advance, hikers can expect even more exciting developments in the gear they rely on for their outdoor adventures. Therefore, the rising product innovation will propel the market's growth in the coming years.
However, the high cost of quality gear can have several impacts on the market, affecting both manufacturers and consumers. One of the most direct impacts is that quality hiking gear may be financially out of reach for some individuals and families. This limits the accessibility of outdoor activities to those who can afford the necessary equipment. Lower-income individuals may be deterred from hiking due to the cost of gear. The cost barrier can lead to reduced participation in outdoor activities like hiking, especially among younger and budget-conscious individuals. This can impact on the market's overall growth as fewer people engage in the activity. Some consumers may prioritize other recreational activities or interests over hiking due to the perceived high cost of quality gear, resulting in a shift in consumer preferences and spending patterns. Thus, the high cost of hiking gear & equipment can limit the expansion of the market significantly.
On the basis of product, the market is categorized into clothes, footwear, backpack, equipment, and others. The equipment segment procured a considerable growth rate in the market in 2022. The growing number of businesses entering the market mainly sells hiking gear, raising the visibility and availability of the entire product line. As a result, the simplicity of buying these products is expanding within the product category and driving the market. A profitable expansion potential for outdoor sports equipment with extra features and benefits exists due to the growing athleisure trend and rising consumer expenditure.
Distribution Channel Outlook
Based on distribution channel, the market is divided into specialty stores, retail stores, and online. The online segment recorded a significant revenue share in the market in 2022. This is because firms use digital marketing methods more frequently to market and sell their goods. Growing internet usage in nations like India, Canada, China, and Brazil has created a need for online sales channels, which have expanded over the past three to four years. Additionally, the high demand for hiking equipment through this medium is facilitated by firms' growing penetration through online retail channels, including Backcountry.com, Eastern Mountain Sports, and Moosejaw.
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed the maximum revenue share in the market in 2022. The demand for hiking gear & equipment in the region has been created by consumers looking for outdoor recreation areas to get outside and connect with nature while getting some good exercise. More hiking routes are being built in the United States and Canada, attracting more hikers to this region and driving up demand for these products.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Black Diamond Equipment, Ltd., Amer Sports, The North Face (VF Outdoor LLC), Mountain Hardwear(Columbia Sportswear Company), Marmot Mountain, LLC (Newell Brands, Inc.), Equinox Ltd., TATONKA GmbH, Mont-bell Co., Ltd., Big Agnes, Inc. and Exxel Outdoors, LLC.
Market Segments covered in the Report:
By Distribution Channel
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