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Hiking Gear & Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global hiking gear & equipment products market was valued at USD 27.5 billion in 2022 and is projected to expand at a CAGR of 7.4% from 2023 to 2030. Hiking has become a popular activity among millennials, which has led to an increase in demand for hiking gear & equipment products. Hiking gear & equipment products include items such as tents, sleeping bags, backpacks, climbing ropes, and navigation equipment. The demand for hiking gear & equipment is driven by increasing outdoor activities and the rise of adventure tourism.
Moreover, owing to the rising trend of outdoor activities among the younger generation, manufacturers are focusing on developing lightweight and durable products. For instance, in October 2021, The North Face, Inc. launched its new lightweight and durable camping equipment line. The company unveiled several products, including a tent, sleeping bags, backpacks, and navigation equipment. Furthermore, the company is investing heavily in the development of new hiking gear & equipment that are tailored to the needs of the active outdoor lifestyle.
The rising number of online stores is also supporting the growth of the market. For instance, in March 2021, Amazon launched its Camping Store, which offers a wide range of camping gear & equipment products. It also offers discounts on certain products. This move by the company has made a wide range of products available to consumers, helping to boost sales.
In addition, the increasing demand for eco-friendly and sustainable products is also driving the market growth. Companies are introducing products made from recycled materials, such as tents and sleeping bags, which are not only eco-friendly but also durable. Furthermore, the rising trend of adventure tourism is also driving the demand for these products. Adventure tourism has gained widespread popularity among travelers, leading to an increase in demand for these products.
Moreover, the increasing demand for technologically advanced products is also supporting the growth of the market. Companies are introducing products with advanced features such as solar-powered backpacks, navigation systems, and camping lights. This is expected to further drive demand for these products in the coming years.
Product Insights
The apparel segment accounted for a share of around 33.3% in 2022. The growing trend of outdoor activities such as hiking and camping among individuals, increasing number of fitness clubs, and the rise in disposable incomes are some of the major factors driving the growth of the hiking apparel market. According to an article published by Forbes, in August 2020, the sales of outdoor apparel grew by 5.1% in 2019. Moreover, rising popularity of athleisure products, growing investments in product innovation and technological advancements, and the rising trend of eco-friendly clothing are also driving the market growth.
The footwear segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. The increasing demand for hiking shoes and boots due to their comfort and convenience is driving the growth of the market. According to an article published by The New York Times, in August 2020, the sales of outdoor footwear grew by 5.1% in 2019. In addition, introduction of innovative products, rising trend of fashionable and stylish shoes, and the growing popularity of sports and outdoor activities are some of the key factors driving the growth of the segment.
Distribution Channel Insights
The outdoor specialty stores segment accounted for the largest share of the hiking gear & equipment market in 2022. Outdoor specialty stores offer a wide range of high-end hiking gear and equipment, including apparel, accessories, and shoes, among others. These stores also provide expert advice and help customers in making the right purchase decisions, which is likely to drive the segmental growth.
The e-commerce segment is expected to expand at the highest CAGR of 12.2% over the forecast period. The growing popularity of online shopping has been instrumental in driving the uptake of hiking gear and equipment through e-commerce channels. Moreover, the availability of a wide range of hiking gear and equipment options at competitive prices on e-commerce websites is also likely to boost the segmental growth. Furthermore, manufacturers have increased their presence on the digital platform, offering discounts and other promotional activities to attract customers.
Type Insights
The apparel and footwear segment accounted for the largest revenue share of 56.4% in the year 2022. The increasing demand for multipurpose and technical clothing is driving the growth of this segment. For instance, the brands such as The North Face, Patagonia, and Columbia offer a wide range of technical hiking apparel such as jackets, pants, and base layers. Furthermore, the increasing demand for lightweight and comfortable hiking shoes is also driving the growth of this segment. For instance, in May 2021, Columbia introduced a new version of its hiking shoes, which is equipped with a cushioning midsole and rubber outsoles for maximum traction and stability on rough terrain.
The equipment and accessories segment is anticipated to expand at the highest CAGR of 8.2% over the forecast period. The increasing demand for advanced hiking equipment such as portable stoves and water filtration systems are driving the growth of this segment. Additionally, the increasing trend of camping is also driving the demand for accessories such as camping tents, backpacks, and sleeping bags. Moreover, the introduction of new technologies in hiking gear such as GPS devices and satellite transceivers are also propelling the growth of this segment.
Regional Insights
Europe is expected to hold the largest share of the hiking gear & equipment market over the forecast period. The region is expected to be driven by the growing trend of hiking and camping activities in countries such as the UK, France, Italy, and Spain. Furthermore, rising disposable income and the availability of various types of high-end and technologically advanced camping equipment are some of the factors expected to drive the growth of the market. For instance, in April 2021, Coleman, a leading camping gear manufacturer, launched its new range of camping equipment in the UK.
Asia Pacific is expected to witness the highest growth over the forecast period. Increasing awareness about outdoor activities and the availability of technologically advanced hiking gear & equipment are some of the factors contributing to the growth of the market in the region. Furthermore, easy access to online stores and the increasing presence of established players in the region are expected to drive the growth of the market. For instance, in April 2021, Black Diamond, a premium outdoor equipment manufacturer, opened its first retail store in Shanghai, China.
Financial Projections
In this part of the hiking gear & equipment business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your hiking gear & equipment business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a hiking gear & equipment business comes from the sale of equipment and apparel, sponsorship, and online sales. Here you will find a list with a description of each of them and other possible sources of profit such as online advertising, the sale of accessories, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the hiking gear & equipment business running will be described. The list of operating expenses includes rent, wages, inventory, marketing and advertising, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the hiking gear and equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Patagonia launched the Micro Puff collection of lightweight, high-performance jackets.
– In August 2022, The North Face launched the Hyperair GTX range of waterproof jackets.
– In October 2022, Columbia Sportswear Company launched the OutDry Extreme waterproof jackets and pants.
Some of the prominent players in the hiking gear and equipment market include:
– Patagonia Inc.
– The North Face Inc.
– Columbia Sportswear Company
– Marmot Mountain LLC
– Black Diamond Equipment Ltd.
– Mountain Hardwear
– Osprey Packs, Inc.
– Gregory Mountain Products
– Lowe Alpine International Ltd.
– L.L. Bean, Inc.
Global Hiking Gear & Equipment Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hiking gear & equipment products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Clothing & Footwear
– Camping & Shelters
– Cookware & Hydration
– Lighting & Navigation
– Electronics
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Traditional
– Lightweight
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Players in the Hiking Gear & Equipment Market?
[A]: Key players in the hiking gear and equipment market include Columbia Sportswear Company, Johnson Outdoors Inc., Black Diamond Equipment, Ltd., Wild Country Ltd., Petzl, Osprey Packs, Inc., Salewa GmbH, The North Face, Inc., Berghaus Ltd., and Marmot Mountain LLC.
[Q]: Who are the Main Consumers of Hiking Gear & Equipment?
[A]: The main consumers of hiking gear and equipment are outdoor enthusiasts, hikers, mountaineers, and campers.
[Q]: What are the Factors Driving the Hiking Gear & Equipment Market?
[A]: Factors such as the growing popularity of outdoor activities, technological advances in gear and equipment, and increasing disposable incomes of consumers are expected to drive the hiking gear and equipment market over the forecast period.
[Q]: What are the Opportunities for Growth in the Hiking Gear & Equipment Market?
[A]: Opportunities for growth in the hiking gear and equipment market include the development of lightweight and eco-friendly gear and equipment, increasing use of social media to promote outdoor activities, and the emergence of rental services.
[Q]: Which Region Offers the Largest Opportunity for Sales of Hiking Gear & Equipment?
[A]: Europe is expected to be the largest market for hiking gear and equipment, with an absolute dollar opportunity of $3.2 B (USD).
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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