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NEW YORK , Dec. 10, 2021 /PRNewswire/ -- The "Smart Backpack Market by Capacity and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the smart backpack market between 2020 and 2025 is USD 305.81 million , as per the latest market analysis report from Technavio. The report also identifies the market to register an accelerating growth momentum at a CAGR of 4.55%.
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The rise in trade offers by key competitors is one of the key factors expected to influence the market growth positively during the forecast period. Vendors operating in the global smart backpack market are introducing various trade offers for consumers to trigger sales. The frequent introduction of trade offers by the competitors also tends to attract price-sensitive consumers, especially in developing regions such as APAC. Discounts, exchange offers, and festival offers are some of the trade deals being provided by the vendors through several distribution channels in different countries. In addition, other factors including the increasing urbanization rate and growing adoption of outdoor recreational activities and adventure sports will further fuel the market growth positively during the forecast period.
The uncertain weather patterns will challenge market growth. 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. Furthermore, rise in travel costs and long product replacement cycle will further limit the market's growth during the next few years.
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The smart backpack market report is segmented by Capacity (15-35 liter, 35-60 liter, and above 60 liter) and Geography (APAC, North America , Europe , MEA, and South America ). The 15-35 liter segment will hold the largest smart backpack market share during the forecast period. 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.
In terms of Geography, APAC was the largest revenue-generating segment of smart backpack market in 2020. 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. 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.
View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.
Luggage Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2021-2025
Smart Carry-on Bags Market by Technology and Geography - Forecast and Analysis 2020-2024
Accelerate at a CAGR of over 4.55%
APAC, North America, Europe, MEA, and South America
US, China, Spain, Canada, and Japan
Leading companies, competitive strategies, consumer engagement scope
CO.ALITION, Ghostek, Himawari Bags, Lumzag, Mancro, NOMATIC, Sewell Direct, Targus Inc., TYLT Inc., and Xindao BV
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 the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About Us 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 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.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email:[email protected] Website: www.technavio.com/
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