Increase in popularity of outdoor activities among people all around the world, rise in adventure travel, and surge in the number of agencies organizing hiking tours propel the growth of the global hiking gear & equipment market
PORTLAND, Oregon, May 7, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Hiking Gear & Equipment Market by Product Type (Gear & Equipment, Apparel, Footwear and Others), Customer Profile (Men, Women and Kids), and Distribution Channel (Online and Physical): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global hiking gear & equipment industry garnered $20.65 billion in 2018, and is estimated to generate $28.78 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
Prime determinants of growth
Rise in popularity of outdoor activities among people all around the world, increase in adventure travel, and surge in the number of agencies organizing hiking tours drive the global hiking gear & equipment market. However, the potential risk and uncertain conditions in hiking limits the growth to certain extent. On the other hand, increase in influence of social media and video logging is expected create new opportunities in the market.
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The men consumer profile to continue its lead position during the forecast period
Based on customer profile, the men consumer profile held the highest market share in 2018, contributing to half of the global hiking gear & equipment market, and is estimated to continue its lead position during the forecast period. This is attributed to high participation of men in outdoor activities such as hiking cycling and more. However, the women customer profile is expected to witness the highest CAGR of 4.6% from 2019 to 2026, owing to growing participation of women in sports.
The offline segment to maintain its dominant position in terms of revenue by 2026
Based on distribution channel, the offline segment contributed for the highest market share in 2018, accounting for more than two-thirds of the global hiking gear & equipment market, and is expected to maintain its dominant position in terms of revenue by 2026. This is due to the benefits such as trail before use and immediate gratification. However, the online segment is expected to register the highest CAGR of 4.9% during the forecast period, owing to the growing penetration of mobile banking and shopping.
North America to dominate throughout 2026
Based on region, North America region contributed for the major market share, accounting for more than one-third of the total share of the global hiking gear & equipment market in 2018, and is estimated to maintain its dominance during the forecast period. The consumer in this region having high purchasing power, which propels the growth of the market in this region. In addition, the increased number of professional and casual hikers in this region have fueled the growth as well. On the other hand, the region across Asia-Pacific is estimated to register the fastest CAGR of 5.0% from 2019 to 2026. This is due to growing interest in the young population for outdoor activities and increase in purchasing power in this region.
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Leading market players
- The North Face
- Mountain Hardwear
- Black Diamond
- AMG Group
- Big Agnes
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