Hiking Gear & Equipment Market

Global Hiking Gear and Equipment Market Size (2023 to 2028)

The global hiking gear and equipment market is expected to be worth USD 22,423.85 Million in 2023. It is expected to grow at a CAGR of 4.2% during the forecast period and reach a value of USD 27,545.38 Million by 2028.

Hiking gear and equipment are a collection of items used by people who do an outdoor activity called hiking, which is a trail sport practiced mainly by people for recreational purposes, to improve their health, or to relax and break the monotony of everyday life. Hiking is one of the most popular activities in the United States after jogging and biking. The industry is entering a mature phase and has experienced steady growth over the past decades.

Increased participation in hiking results in the sale of hiking equipment and gear. According to data released by the Outdoor Foundation, in 2017, more than 146.1 million people in the United States participated in outdoor activities. This factor is likely to create a new opportunity for market growth. The growth of the global hiking gear and equipment market can be attributed to the increasing popularity of outdoor activities among people all over the world. In addition, a busy and fast-paced lifestyle coupled with a surge in the number of people choosing outdoor activities such as adventure sports and excursions to relax or break the monotony of their daily lives paved the way for the growth of the global hiking equipment and gear market. In addition, the increase in adventure travel and the hike in the number of agencies organizing trekking tours are driving the growth of the market worldwide.

However, the potential risk and uncertain upside conditions severely restrict the market. On the contrary, the increased influence of social media and video recording is estimated to provide growth opportunities for the global market.

Impact of COVID-19 on the global hiking gear and equipment market:

The recent pandemic outbreak caused by the novel coronavirus severely affected the market for hiking gear and equipment in 2020. With the temporary travel ban, there has been a drastic drop in the number of adventure tourists in various regions. However, the governments of several countries are mobilizing to support the travel and tourism industry. For example, France recently announced a $ 19.4 billion bailout to help its tourism industry weather the coronavirus crisis that has closed restaurants and hotels in one of the country's top tourist destinations. World. As such, the negative impact of the coronavirus will only be felt in the short term.

REPORT COVERAGE:

This research report on the global hiking gear and equipment market has been segmented and sub-segmented into the following categories.

Hiking Gear and Equipment Market – By Product Type:

• Equipment
• Clothing
• Footwear
• Others

According to the analysis of the market based on the product type, the equipment segment recorded a substantial share in overall revenue in 2021 and is predicted to continue this trend throughout the forecast period. This can be attributed to the fact that they are essential for a good walk. In addition, increased investment in quality equipment and gear by VCRs and professional hikers is paving the way for the growth of this segment in the hiking equipment and gear market.

Hiking Gear and Equipment Market – By Customer Profile:

• Men
• Women
• Children

According to the trekking equipment and gear market forecast by customer profile, the men's segment was the largest segment, accounting for the maximum share of the global market. The growth of this segment of the hiking equipment and gear market can be attributed to increased male participation in mountain sports, including hiking. The female segment is expected to grow at a substantial rate due to the increase in female participation in outdoor sports.

Hiking Gear and Equipment Market – By Distribution Channel:

• Physical  
• Online stores

As per the distribution channel, purchases through online retailers are likely to expand with a considerable CAGR in the coming years.

Hiking Gear and Equipment Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America was the largest regional market in 2021. This can be attributed to the greater participation of people in the area in sports and outdoor activities. However, Asia-Pacific is anticipated to develop with a considerable CAGR during the conjecture period. The growth of this regional segment of the hiking equipment and gear market can be credited to the increased adoption of outdoor sports and recreational activities in the locale.

KEY MARKET PLAYERS:

Major players have also relied on business expansion to remain relevant in the market. The main players described in the report are The North Face, Black Diamond, Arc'teryx, Marmot, Mountain Hardwear, Kelty, MontBell, AMG Group, and Big Agnes.

RECENT HAPPENINGS IN THE MARKET:

• January 2021: Camping World Holdings, Inc. announced plans to purchase Erehwon Mountain Outfitter, the Midwest's leading specialty retailer of outdoor gear and clothing.
• January 2019: Callaway Golf Company completed the acquisition of Jack Wolfskin, a global brand of premium outdoor clothing, footwear, and equipment, for approximately $ 476 million.
• March 2020: MEC opened its new 33,000-square-foot flagship store in Vancouver, located in the Olympic Village at 111 East 2nd Avenue.
• January 2020: Arc'teryx, the Canadian outerwear brand, launches its first 2104-square-foot lifestyle store in Burnaby, British Columbia.
• May 2020: Moosejaw, a leading online outdoor activities retailer, partnered with Walmart and launched two inclusion-focused clothing and apparel lines, Lithic and Allforth, offering the best hiking gear and gear: high performance and quality at affordable prices.
• In June 2021, the Indian Ministry of Tourism released the guidelines for adventure tourism in the country in collaboration with the Indian Association of Adventure Tour Operators (ATOAI), which is supposed to guarantee the safety of people and develop India as an interesting destination for foreign tourists.
• In September 2019, the Canadian government published about its funding of over $ 11 million through the Canadian Experiences Fund (CEF), which is aimed to benefit 65 tourism projects in Western Canada.