An increased investment by professional hikers & video bloggers on quality gears and equipments has also driven the market growth
Propelled by the growth in travel and recreation industry, the hiking gear and equipment market is set to grow at Compounded Annual Growth Rate (CAGR) of 4 pc up to 2026, says a report published by Allied Market Research.
As per the report, the hiking gear & equipment market size was valued at USD 20.6 billion in 2018 and is projected to reach USD 29 billion by 2026, registering a CAGR of 4.2 pc from 2019 to 2026.
The boom is largely influenced by the travel and recreation industry and rise in these sectors directly affect the momentum for market growth, says the report.
An increased investment by professional hikers and video bloggers on quality gears and equipments has also driven the market growth. However, the potential risk to human life by uncertain conditions in hiking act as the major restraint for the market. On the contrary, increase in influence of social media and video logging is expected to provide opportunities for growth for hiking gear & equipment, says the survey.
The statement adds that players in the hiking gear & equipment industry have adopted product launch as their key development strategy to increase profitability, and to improve their stance in the hiking gear and equipment market share. Key players profiled in the report includes the North Face, Marmont, Mountain, Black Diamond, Arc’teryx, Marmot, Mountain Hardwear, Kelty, MontBell, AMG Group and Big Agnes.
According to the hiking gear and equipment market analysis by product type, the gear and equipment segment was the most prominent category in 2018 and is expected to remain dominant during the forecast period. However, the apparel segment is expected to grow at a higher CAGR through the forecast period.
In terms of customer profile, the survey says that men’s segment was the highest contributor to the global market in 2018 and is expected to remain dominant through 2019-2026. However, the women segment is expected to grow at a higher growth rate through the forecast period
By region, North America was the most prominent market in 2018 and is expected to dominate the hiking gear & equipment market through 2019-2026. The key players in the industry have adopted product launch as their key strategy to stay competitive in the market.
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