The report forecasts the global hiking gear and equipment market to grow at a CAGR of 2.53% during the period 2016-2020.
The rise in value-added and innovative adventure sports products is an important emerging trend, which is expected to have a positive impact on market growth during the forecast period. To cater to the varied needs of consumers, vendors today are introducing innovative product offerings in terms of design, color, shape, and weight. The competition among key players is intense, and it becomes necessary for these manufacturers to constantly improve their product offerings in order to maintain their position in the market. For instance, manufacturers have started reinventing the insulation used in tents, which helps in keeping cold air from reaching the user's body.
According to the report, one of the key drivers for market growth will be government initiatives to promote outdoor activities. In many countries, the government is introducing initiatives to promote various outdoor activities, which can boost the growth of the hiking gear and equipment market during the forecast period. In India, the Ministry of Tourism is working with the Indian Mountaineering Federation and Adventure Tour Operators Association to promote the country as an adventure tourism destination. In 2013, the Indian government gave security clearance for the opening of 104 additional peaks to visitors in Leh, Jammu and Kashmir. This will help promote the Indian Himalayas as an adventure tourism destination.
Further, the report states that growing popularity of RVs will be a challenge for the market. The growing popularity of RVs across the globe can hinder the growth of the hiking gear and equipment market during the forecast period. The comfort of RVs over traditional campsites, can decrease the demand for hiking gear like hiking shoes, hiking rods, and sleeping bags over the next five years.