Projected to hit $23.96 billion by 2027
The global knapsack industry is poised to witness substantial growth, with an anticipated rise from $18.56 billion in 2022 to $19.60 billion in 2023, demonstrating a Compound Annual Growth Rate (CAGR) of 5.6%. Moreover, the market is expected to sustain this upward trend, reaching an approximate value of $23.96 billion by 2027, with a CAGR of 5.1%.
Read More: The Multicultural Center of Southwest Florida organizes the 24th Annual Grand Backpack Event.
One of the main drivers of this expansion is integrating intelligent technology into backpacks. Well-known companies in the market are embracing innovation by incorporating state-of-the-art features like Bluetooth, G.P.S., USB ports, mobile apps, and more. Notably, Huawei Technologies Co Ltd., a prominent China-based provider of infrastructure and smart devices in information and communications technology (I.C.T.), introduced an intelligent school bag in January 2022. This cutting-edge school bag features an LCD, innovative scheduling capabilities, and G.P.S. connectivity, enabling parents to track their children’s movements through the Huawei Smart Life App and HarmonyOS Connect. Real-time location updates and message alerts enhance safety and convenience, making this product highly sought after.
The report identified North America as the largest region in the knapsack market in 2022. The study covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Read More: Free Create Your Own Backpack Event
The surge in travel and recreational activities is also fueling the growth of the backpack market. As people increasingly engage in leisure pursuits and embark on various trips, the demand for backpacks of different shapes and sizes for leisure and business purposes has surged. According to the World Tourism Organization, global tourism experienced a 4% increase in 2021 compared to the previous year, with Europe and the Americas leading the way with notable growth rates of 19% and 17%, respectively. The economic contribution of tourism reached an estimated US$1.9 trillion in 2021, indicating the strong potential for the backpack market.
The backpack market is categorized based on type, material, distribution channel, and end-use. Key players in the industry include Under Armour Inc., Nike Inc., Adidas AG, Dakine I.P. Holdings L.P., Samsonite I.P. Holdings S.ar.l., V.F. Outdoor L.L.C., V.I.P. Industries Limited, Wildcraft India Private Limited, Sierra Designs, Kelty, Wenger, Marmot Mountain L.L.C., Everest Trading Corp., Herschel Supply Co., and Patagonia Inc.
Share Us