NEW YORK , May 6, 2022 /PRNewswire/ — The Smart Backpack Market value is set to grow by USD 305.81 million, progressing at a CAGR of 4.55% from 2020 to 2025, as per the latest report by Technavio. The market is segmented by capacity (15-35 liter, 35-60 liter, and above 60 liter) and geography (APAC, North America, Europe, MEA, and South America).
Moreover, the rise in trade offers by key competitors is notably driving the market growth, although uncertain weather patterns may impede the market growth.
Smart Backpack Market Geography Outlook (Revenue, USD mn, 2020-2025)
APAC – size and forecast 2020-2025
North America – size and forecast 2020-2025
Europe – size and forecast 2020-2025
MEA – size and forecast 2020-2025
South America – size and forecast 2020-2025
41% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for smart backpacks in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The increase in spending by millennials on personal goods (such as travel and business bags) will facilitate the smart backpack market growth in APAC over the forecast period.
Smart Backpack Market Capacity Outlook (Revenue, USD mn, 2020-2025)
15-35 liter – size and forecast 2020-2025
35-60 liter – size and forecast 2020-2025
above 60 liter – size and forecast 2020-2025
The smart backpack market share growth by the 15-35 liter segment will be significant during the forecast period. From a competitive perspective, this segment is highly fragmented as almost all the smart backpack manufacturers have product offerings in this category. As travel restrictions have been lifted since Q1 2021, many users are looking for a short travel experience or short trip owing to the increased prices for hotel rooms and airline fares post COVID-19. Such instances are enhancing the demand and sales of 15-35 liter backpacks.
Rise in Trade Offers by Key Competitors to Drive the Market Growth
In today’s extremely competitive market environment, customer retention has become very difficult. Therefore, the vendors operating in the global smart backpack market are introducing various trade offers for consumers to trigger sales. Discounts, exchange offers, and festival offers are some of the trade deals being provided by the vendors through several distribution channels in different countries. The frequent introduction of trade offers by the competitors also tends to attract price-sensitive consumers, especially in developing regions such as APAC.
Uncertain Weather Patterns to Challenge the Market Growth
Globally, the outdoor activities market is dependent on weather conditions because unfavorable weather conditions can hamper outdoor recreational activities, including camping, mountain biking, hiking, and trekking. Weather conditions such as extreme heat, cold, and humidity can lead to unpleasant experiences, which can, in turn, discourage participation in outdoor activities. Changes in weather can lead to cancellations of outdoor activities and reduce the rate of participation. As the demand for smart backpacks depends on the rate of participation in outdoor recreational activities and trips, unfavorable weather conditions act as a challenge to the growth of the global smart backpack market.
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Smart Backpack Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.55%
Market growth 2021-2025
$ 305.81 million
YoY growth (%)
APAC, North America, Europe, MEA, and South America
Performing market contribution
APAC at 41%
Key consumer countries
US, China, Spain, Canada, and Japan
Leading companies, competitive strategies, consumer engagement scope
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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Table of Contents
Value chain analysis
Five Forces Analysis
Market Segmentation by Capacity
Comparison by Capacity
15-35 liter – Market size and forecast 2020-2025
35-60 liter – Market size and forecast 2020-2025
Above 60 liter – Market size and forecast 2020-2025
Market opportunity by Capacity
APAC – Market size and forecast 2020-2025
North America – Market size and forecast 2020-2025
Europe – Market size and forecast 2020-2025
MEA – Market size and forecast 2020-2025
South America – Market size and forecast 2020-2025
Key leading countries
Market opportunity by geography
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