DUBLIN, Sept. 28, 2021 /PRNewswire/ — The “Hiking Gear and Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global hiking gear and equipment market reached a value of US$ 4.4 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 7.1% during 2021-2026. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Hiking refers to a recreational activity that involves long, vigorous walks on trails or footpaths in the countryside. Hiking gear and equipment are carried along by hikers for safeguarding themselves against unexpected events, such as injuries, bad weather, a closed trail, wild animals and other emergencies. At present, different types of gear and equipment are available depending on the duration, planned activities, distance and the environment of the trek.
Significant growth in the number of individuals participating in recreational and sports activities on account of rapid urbanization, inflating disposable incomes and the increasing consumer preferences for healthy and adventurous lifestyles represents one of the significant factors stimulating the market growth. Moreover, governments of various countries are supporting vacation packages that include sports and physical activities. This, in confluence with the increasing trend of adventure tourism, is contributing to the market growth. Apart from this, the rising trend for athleisure, the growing influence of social media and the increasing popularity of catalog shopping are escalating the demand for hiking gear and equipment through e-commerce channels. Furthermore, leading players are adopting different digital marketing strategies to expand their consumer base. They are also focusing on the development of eco-friendly product variants with enhanced comfort and innovative designs. However, due to the coronavirus disease (COVID-19) outbreak, governments of several countries have imposed complete lockdowns and restrictions on outdoor and tourism activities. Consequently, the market has been impacted, however, it is anticipated to grow once these restrictions are relaxed.
The report has also analysed the competitive landscape of the market with some of the key players being Amer Sports Oyj, AMG Group Ltd., Black Diamond Equipment, Ltd. (Clarus Corp.), Equinox Industries Ltd., …….