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The global Hiking Gear & Equipment market size is expected to be worth around US$ 7.3 billion by 2027, according to a new report by Vision Research Reports.

The global Hiking Gear & Equipment market size was valued at US$ 4.5 billion in 2019 and is anticipated to grow at a CAGR of 6.2% during forecast period 2020 to 2027.

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Growth Factors

Rising demand for sporting activities among the younger population, particularly millennials is driving the market for hiking gear and equipment. Increasing inclination towards a fitness regime, short recreational activities, and healthy lifestyles have added prominence to the outdoor sports events, thereby positively affecting the demand for hiking gears and equipment. Moreover, growth in the outdoor recreation industry owing to shifting demographics, urban migration, and heightened emphasis on healthy living is causing a rise in the demand for hiking gear and equipment.

Several factors including increasing active travelers combined with rise in adventure tourism is boosting the trend towards hiking sports which is driving the penetration of hiking gear and equipment. In addition, the industry is expected to flourish owing to increasing prominence of outdoor sports activities as a result of rising emphasis on healthy living.

Increasing number of millennials is resulting in rising prominence of various adventure sports activities which is causing growth in the market. According to the U.S. Census Bureau, youngest millennial is expected to reach its adulthood by 2020, thereby accounting for 28% of the U.S. population as well as 50% of the working population in the country. . Moreover, rising acceptance of various adventure sports as a measure to gain different experiences is holding greater attraction of consumers towards hiking. According to findings of a survey conducted by the Adventure Travel Trade Association in 2016, hiking was ranked as the most popular adventure activity, with 92.3% of the people surveyed had done the activity in U.S. thus, rising trends in the outdoor recreation and sports industry is fueling the market for hiking gear and equipment across regions.

Report Highlights

The hiking gear and equipment market is bifurcated into various product categories such as clothes, backpacks, equipment, and others. The clothes segment accounted for the largest share of 50.0% of the market for hiking gear and equipment in 2019.

Equipment is a growing product, thereby exhibiting a revenue-based CAGR of 7.0% in the market for hiking gear and equipment from 2020 to 2027.

Specialty stores are the largest channel of distribution, accounting for a revenue share of over 46.1% of the market for hiking gear and equipment in 2019. Increasing presence of sports retail outlets such as Decathlon, Columbia Sportswear, REI, Wildcraft, and Dick’s Sporting Goods is enhancing product availability across the globe which is expected to have a positive impact on the growth of the global market.

North America was the largest market, accounting for a revenue share of about 63.1% of the market for hiking gear and equipment in 2019. Increasing number of consumers seeking places for outdoor recreation in order to connect to nature as well as practice healthy exercise has derived the largest market for hiking gear and equipment in this region.

Moreover, rising trend towards gaining experience of the Appalachian Trail among hikers is increasing awareness towards this outdoor sports activity.

Asia Pacific is anticipated to witness a CAGR of 7.3% in the market for hiking gear and equipment over the forecast period on account of increasing awareness towards outdoor sports activities.

Online distribution channel is projected to witness a CAGR of 6.5% in the market for hiking gear and equipment from 2020 to 2027.

Key Players

Key hiking gear and equipment manufacturers include The North Face, Mountain Hardwear, Black Diamond Equipment, Ltd., Marmot Mountain LLC, Amer Sports, Equinox Ltd., TATONKA, mont-bell Co., Ltd., AMG-Group and Sierra Designs.

Market Segmentation