The global hiking gear and equipment market size is expected to reach USD 7.4 billion by 2027, expanding at a CAGR 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.
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.
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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.
Further key findings from the report suggest:
- 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.
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.
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Rising instances of consumer participation in outdoor recreation and sports activities are paving the way for hiking gear and equipment. According to a report by the Outdoor Foundation, 146.1 million Americans aged 6 or above had participated in an outdoor activity in 2017. Hiking being the fourth most popular outdoor activity in the U.S., witnessed 44.9 million American participants in 2018. The report also states that the average outing experienced by each hiker was 14 in 2018. Therefore, rising consumer attraction towards different outdoor sports and adventure is boosting awareness towards this activity thereby generating the demand for hiking gear and equipment.
Growing consumer attraction towards different treks in Southeast Asia such as Kawah Ijen in Indonesia, Cameron Highlands in Malaysia, MacRitchie Reservoir, Singapore, and among others are resulting in increasing number of hikers participations, thereby driving the demand for associate gear and equipment products. Furthermore, rising trend of adventure tourism is attracting investment towards trail construction, which is positively affecting the growth of the market.
The hiking gear and equipment market is bifurcated into various product categories such as clothes, footwear, backpacks, equipment, and others. The clothes segment accounted for the largest share of 50.0% of the market for hiking gear and equipment in 2019. Rising instances consumer participation in hiking activities is becoming a lifestyle among the masses which in turn is driving the need for hiking clothes. Popularity of hiking activity in the U.S., according to the Outdoor Participation Report by Outdoor Foundation is likely to propel the need for hiking clothes. Moreover, gaining prominence of women in outdoor clothing segment owing to rising participation of women hikers is also fueling the demand for hiking apparel.
Equipment is a growing product, thereby exhibiting a revenue-based CAGR of 7.0% in the market for hiking gear and equipment from 2020 to 2027. Equipment includes products such as sleeping bags, tents, and hiking poles. Increasing number of companies entering the segment is largely offering hiking equipment which is increasing the overall product visibility as well as availability. Thus, ease of purchasing these products is gaining traction in the product category thereby driving the market. Rising trend of athleisure in combination with increased spending poses a lucrative growth opportunity for outdoor sports equipment such as poles and tents with added benefits and functionality. For instance, prominence of poles for improved stability and lowered leg fatigue is likely to gain consumer attention towards use of this product, thereby contributing to the demand for global market.
North America was the largest market, accounting for a revenue share of about 63.2% of the market for hiking gear and equipment in 2019. Increasing number of consumers seeking places for outdoor recreation in order to connect to nature as well as practice healthy exercise has derived the largest market for hiking gear and equipment in this region. Rising construction of hiking trails in the U.S. is generating large number of hikers in the region, thereby progressing the demand for such products. For instance, the Pacific Crest Trail Association, which runs from Mexico to the Canada border, issued 7,313 trail permits in 2018 from 1,879 trails in 2013.
Moreover, rising trend towards gaining experience of the Appalachian Trail among hikers is increasing awareness towards this outdoor sports activity. According to Appalachian Trail Conservancy (ATC), the number of hikers set out from Georgia to Maine more than doubled to 3,735 hikers in 2017, from 1,460 in 2010. This scenario is paving the market for increasing demand for different hiking gear and equipment in the region.
Asia Pacific is anticipated to witness a CAGR of 7.4% in the market for hiking gear and equipment over the forecast period on account of increasing awareness towards outdoor sports activities. This region witness overwhelming growth of fitness industry which is driving consumers to opt for various outdoor sports events such as a marathon, camping, trekking, and hiking. Gaining acceptance of such activities is propelling the demand for hiking gear and equipment. Also increasing instances of obesity prevailing in the region is motivating consumers to choose for outdoor recreation activates such as trekking and hiking. According to WHO, more than 340 million population aged 5-19 years were overweight or obese in 2016. Thus, it is thereby offering growth prospects for the market.