Outdoor Gear and Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Apparel, Shoes, Backpacks, Equipment, Other), By Application (Game, Sport Activity) and Regional Forecast to 2028

Updated On: 08 April 2024

REPORT OVERVIEW

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The global outdoor gear and equipment market size was 49250 million in 2021. As per our research, the outdoor gear and equipment market is expected to reach USD 75330 million by 2028, exhibiting a CAGR of 5.8% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, outdoor gear and equipment experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

People who engage in the outdoor activity known as hiking employ a collection of goods known as outdoor gear and equipment. The main reasons individuals engage in hiking, a trail sport, are for recreation, health benefits, stress relief, and to break up the everyday routine of daily life.  After jogging and cycling, hiking ranks as one of among the most popular pastimes in the United States. The sector has grown steadily over the past few decades and is now entering a stage of maturity.

The market has grown as a result of customers' shifting priorities toward leading healthy lives and the development of urbanization. Sales in the market are being stimulated by the shoes' popularity on social media, postings on the social network using the hashtag. Considering millennials account for the bulk of hikers' market clients, their increasing participation pushes increasing demand for these products.

COVID-19 Impact: Interruption in Services to Deplete Market Growth

COVID-19 has a profound worldwide influence. As lockdowns are lifted, increased unemployment, a loss in spending power, and uncertainty about the post-COVID-19 environment continue to weigh on premium goods sales. With fewer opportunities to socialize, social status symbols lose their attraction among customers. Luxury and expensive products suffer as a result of consumers' unwillingness to buy such items online, which is exacerbated by disruptions to inbound travel. During the COVID-19 period, the market as a whole suffered.

LATEST TRENDS

"Rising Demand for Athletic Endeavours to Stimulate Market Development  "

The market is being driven by rising demand for athletic endeavors amongst the younger population, notably millennials. The growing popularity of fitness regimes, brief leisure activities, and healthy habits has increased the significance of outdoor sporting events, favorably affecting the market for hiking clothing and equipment. Furthermore, increased demand for hiking clothing and equipment is being driven by expansion in the outdoor sports business as a result of changing demographics, relocation to cities, and a greater emphasis on healthy living.

SEGMENTATION

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• By Type

Based on type; the market is divided into apparel, shoes, backpacks, equipment, other

Apparel is the leading part of the type segment.

• By Application

Based on the application; the market is divided into game, sport activity

Game is the leading part of the application segment.

DRIVING FACTORS

"Clothing Category to Aid Market Expansion "

Clothes, shoes, bags, equipment, and others are just a few of the product categories that make up the outdoor gear and equipment market growth. In 2019, the clothing category held a substantial market share for hiking supplies and equipment. There is an increasing trend among consumers to engage in hiking activities as a lifestyle, which is fueling demand for hiking apparel. In accordance to the Outdoors Participation Survey by the Outdoor Foundation, the popularity of hiking in the United States is likely to increase demand for hiking apparel. Additionally, the popularity of women in the outdoor clothing market as a result of the increase in female hikers is boosting the need for hiking gear.

"Online Distribution Channel to Foster Industry Progress "

The outdoor gear and equipment market share is anticipated to grow from 2020 to 2027 via the online distribution channel. This is due to the growing importance of digital marketing methods used by firms to market and sell their goods. Increased internet usage has created an opportunity for online sales channels, which has been expanding over the past three to four years in nations including China, India, Canada, and Brazil. A high demand for hiking equipment and gear is also being facilitated by the growing company penetration of online retailing channels.

RESTRAINING FACTORS

"Fluctuations of Cost to Limit the Market Evolution "

The demand for outdoor supplies and equipment frequently follows a regular pattern, peaking during the warmer months or during particular outdoor seasons. Manufacturers and merchants must manage inventories and operations in line with the seasonality that may cause changes in sales and revenue. Outdoor gear and equipment can occasionally be pricey, especially for more expensive or specialist items. It is projected that factors such as price sensitivity and people opting for used or less expensive alternatives to brand-new equipment will impede the market share expansion of outdoor gear and equipment.

REGIONAL INSIGHTS

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"Rapid Expansion of Fitness Business in Asia Pacific to Support Market Advancement  "

Due to increased awareness of outdoor sports activities, the outdoor gear and equipment market in Asia Pacific is expected to grow over the forecast period. This region is experiencing rapid expansion in the fitness business, which is encouraging consumers to participate in outdoor sporting events such as marathons, camping, hiking, and trekking.

As such activities gain appeal, the need of outdoor gear and equipment rises. Additionally, rising obesity rates in the region are encouraging customers to engage in outdoor recreation activities such as hiking and trekking. In 2016, approximately people aged 5 to 19 were overweight or obese, according to the WHO. As a result, it provides market growth opportunities.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• ARCTERYX (U.S.)
• JACK WOLFSKIN (Germany)
• MobiGarden (China)
• Beijing Toread Outdoor Products (China)
• Columbia (U.S.)
• Marmot (U.S.)
• THE NORTH FACE (U.S.)
• NORTHLAND (U.S.)
• BlackYak (South Korea)
• Lafuma (France)
• Black Diamond (U.S.)
• ARCTOS (U.S.)
• Ozark (U.S.)
• Highrock (U.S.)
• Camel (China)
• Nextorch (China)
• Fire Maple (China)
• KingCamp (U.S.)
• MBC (South Korea)
• Snowwolf (U.S.)
• Mammut (Switzerland)
•  Schoffel (U.K.)
• Vaude (Germany)
• Fenix Outdoor (Switzerland)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.