Smart Backpack Market: 41% of Growth to Originate from APAC | Global Industry Trend Analysis and Forecast 2021-2025

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.

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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.

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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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Some of the Major Smart Backpack Companies:

  • CO.ALITION
  • Ghostek
  • Himawari Bags
  • Lumzag
  • Mancro
  • NOMATIC
  • Sewell Direct
  • Targus Inc.
  • TYLT Inc.
  • Xindao BV

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Vacation Rental Market in Europe by Management and Geography - Forecast and Analysis 2022-2026: The vacation rental market share in Europe is expected to increase by USD 63.15 billion from 2021 to 2026, at a CAGR of 15.33%. To get more exclusive research insights: Download Our Sample Report

Smart Backpack Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.55%

Market growth 2021-2025

$ 305.81 million

Market structure

Fragmented

YoY growth (%)

3.87

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 41%

Key consumer countries

US, China, Spain, Canada, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

CO.ALITION, Ghostek, Himawari Bags, Lumzag, Mancro, NOMATIC, Sewell Direct, Targus Inc., TYLT Inc., and Xindao BV

Market Dynamics

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,

Customization preview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Capacity

  • Market segments
  • 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

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • 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
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • CO.ALITION
  • Ghostek
  • Himawari Bags
  • Lumzag
  • Mancro
  • NOMATIC
  • Sewell Direct
  • Targus Inc.
  • TYLT Inc.
  • Xindao BV

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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