Hiking Gear & Equipment Market Expected To Behold A CAGR Of 6.3% Through 2020-2027 | Grand View Research, Inc.

Hiking Gear & Equipment Market Expected To Behold A CAGR Of 6.3% Through 2020-2027 | Grand View Research, Inc.

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According to a recent report published by Grand View Research Inc., growing participation by millennial population for adventure sports and outdoor activities is anticipated to push the market growth in the coming years.

The global hiking gear & equipment market size is expected to grow by USD 7.4 billion to expand at a CAGR of 6.3% by 2027. Adventure sports and hiking is a trending sport worldwide. Every year many adventurists step out to set world record in rock climbing and mountaineering. This has attracted sport companies and startups to encourage the participants to take up sport and equip them with suitable tools to accomplish their goals. In addition, this also encourages the adoption of healthy lifestyle in the millennial population. Eventually, the growing adoption and rise in encouragement by sport companies has heightened the level of competition in adventure sports.

The demand for hiking boots, camping equipment and protective gears has tripled the market growth in the past few years. Amid the covid-19 pandemic and adoption of social distancing norms the demand for hiking and kayaking equipment along with other sports, grew in the last quarter of 2020 in the U.S. As Americans are finding ways to remain fit and healthy during the pandemic, they have been turning to outdoor sports in record numbers. This has boosted the demand for sporting goods in the retail segment in the past few months. 

Hiking Gear & Equipment Market Report Highlights

 Equipment segment is projected to witness a huge growth in the forecast years attributing to high presence of key players and product variation. Also, the consumer preference for safety is likely to encourage product improvement in the coming years

Specialty stores constitute the large channel of distribution exhibiting a large share for hiking gear & equipment. Moreover, the segment accounted for a revenue share of 46.1% in 2019

Online distribution channel is anticipated to witness significant growth owing to the influence of social media and venture expansion by key players in emerging markets

North America is expected to remain a key market owing to inclination of population towards rock climbing, mountaineering, and camping

The key players are emphasizing on product innovation and development to gain a huge market share on a global level. Additionally, the companies are adopting various strategies to enter the market based on the increasing preferences towards adventurous lifestyles in majority of the regions

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Hiking Gear & Equipment Market Segmentation

Grand View Research has segmented the global hiking gear and equipment market on the basis of product, distribution channel, and region:

Hiking Gear & Equipment Product Outlook (Revenue, USD Million, 2016 – 2027)

     Clothes
     Footwear
     Backpack
     Equipment
     Others

Hiking Gear & Equipment Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)

     Specialty stores
     Retail stores
     Online

Hiking Gear & Equipment Regional Outlook (Revenue, USD Million, 2016 – 2027)

     North America
        • The U.S.
     Europe
        • Germany
        • The U.K.
     Asia Pacific
        • China
        • Japan
     Central and South America
        • Brazil
    • Middle East & Africa

List of Key Players of Hiking Gear & Equipment Market

     AMG Group
     Amer Sports
     Black Diamond Equipment Ltd
     Equinox Ltc
     Mountain Hardwear
     Sierra Designs
     Tatonka
     The North Face

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About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

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