The global hiking gear & equipment market size was valued at USD 22 billion in 2021 and is estimated to reach an expected value of USD 32 billion by 2030, registering a CAGR of 4.4% during the forecast period (2022 – 2030). Hiking can be defined as an activity that involves long-distance walks, done primarily for pleasure or exercise. Hiking is an outdoor activity that requires preparation as well as planning to execute safely but does not require any specialized knowledge or skill. The tools, bags, clothes, and shoes utilized in this sport include knives, first aid supplies, and emergency equipment, including lighters and first aid kits. With the increased popularity of outdoor sports worldwide, hiking is one of the most popular outdoor hobbies, right after jogging and cycling.
The primary factor that boosts market growth is an increase in the popularity of outdoor activities among people all around the world. Moreover, a busy lifestyle coupled with growing instances of people choosing outdoor activities such as adventure sports and outings to unwind or break the monotony of their daily life drives the market growth. Furthermore, the increase in adventure travel and the rise in the number of agencies organizing hiking tours drive the growth of hiking gear & equipment worldwide. However, the rise in the influence of social media and video logging is expected to provide opportunities for growth for hiking gear & equipment.
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Increase in Disposable Income
Increasing disposable income has encouraged people to buy quality apparel and equipment. The rising propensity of consumers to buy protective clothing for a good hiking session has fueled the growth of the hiking equipment and apparel market. High spending capabilities of consumers have increased the sale of premium products. Over a period, disposable income has witnessed growth in major world economies. According to the National Bureau of Statistics, India's overall annual disposable income increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013. However, the annual per capita disposable income of urban households in China increased from $2,818.6 in 2010 to $4,692.9 in 2014. Furthermore, the per capita annual disposable personal income in the US increased from $37,807.0 in 2011 to $41,099.0 in 2014. Thus, increasing disposable income is one of the primary growth factors of the global hiking equipment and apparel market.
Growing Trend of Fashionable Sports Apparel
The growing demand for fashionable hiking apparel and backpacks has led the companies to launch new products to cater to the rise in customer demand. The demand for these outfits from middle-aged individuals has also increased in the past few years. Newer technologies, such as the Polytech Smart shirt by Ralph Lauren, help monitor a person's heart rate, breathing depth, stress level, and calories consumed. Such products help increase a brand's popularity and improve its customer base.
The hiking equipment and apparel market offer a lucrative potential for growth; however, the presence of fake and low-priced products restricts the market's growth. The higher income classes cannot afford the expensive hiking gear, and clothing known manufacturers offer. As a result, the local manufacturers create the same-style goods at comparatively lower prices. Such products are of poor quality and damage the reputation of the company's original products in the market, which hurts sales of those items. The availability of counterfeit or low-quality apparel restricts the sale of branded apparel; thus, threatening the growth of the hiking equipment and apparel market.
Increase in Participation of Women in Sports
In the last several years, there has been a considerable increase in women participating in sports and fitness events. Women professionals have become conscious about their health, so they opt for fitness programs such as hiking and yoga and visit fitness centers. Numerous companies launch products in vibrant colors, which offer enhanced comfort, thereby increasing the popularity of hiking apparel and equipment among women.
The global hiking gear and equipment market is segmented based on product type, consumer profile, distribution channel, and region.
By product type, the global hiking gear and equipment market is further classified into gear & equipment, apparel, footwear, and others. The gear and equipment segment dominated the global hiking gear and equipment market and is estimated to grow at a CAGR of 4.2% during the forecast period. Equipments are objects or goods that are essential to complete the sport. The equipment includes walking rods, backpacks, and more among others. The equipment segment accounted for a significant market share in 2021 and is expected to exhibit steady growth during the forecast period. Consumers are gradually spending more on sportswear and related equipment, with athleisure-related clothes and accessories accounting for a sizable portion of the cost. Due to numerous well-established market participants, the equipment area remains highly competitive. The equipment market is booming on e-commerce, which is a significant shopping channel nowadays and gives customers the advantage of comparing all the brands of sports equipment, including hiking gear.
The apparel segment is the second largest. Hiking apparel has been gaining traction in emerging markets due to the affluent population's rise. Moreover, growth in health awareness and an increase in the adoption of fitness activities among consumers drive market growth. Moreover, the rise in the participation of women in sports and fitness activities, such as hiking, further fuels market growth.
By customer profile, the global hiking gear and equipment market is classified into men, women, and kids. The men's segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.1% during the forecast period. The Outdoor Foundation's study on participation in outdoor sports indicates that in 2016, around 54% of participants were males, and 46% were women. During the projected period, the growth of outdoor hiking gear and equipment is anticipated by the steady rise in male participation in outdoor activities. Players in the market have been introducing men's clothing that is breathable and cozy. These have wicking qualities and are constructed of stretchy fabric components. The market for hiking clothing and equipment is expected to develop due to new product offers targeted at the male market.
The women segment is the second largest. An increase in the participation of women in sports and fitness activities facilitates the growth of outdoor sports such as hiking. Health consciousness among the working population has led to growth in the gym, jogging, swimming, and aerobics activities. In 2013, about 46% of the total outdoor participants in physical and recreational activities in the US were women. Moreover, increased participation of women in outdoor activities such as hiking, trekking, biking, and others, results in the growth of the outdoor hiking gear and equipment market. Outdoor hiking gear and equipment are worn for various purposes and are not limited to only physical activities. They are paired with different clothes to make them look stylish and trendy, thus, leading to the growth of the market. Companies are launching new products to strengthen their portfolio and penetrate untapped markets. In September 2015, Fila launched a new women's collection in partnership with Urban Outfitters. The new product range offered its customers vintage-inspired apparel and a modern feel. The latest trends in the women's outdoor hiking gear and equipment market are launching designer sports clothing and apparel in vibrant colors.
By distribution channel, the global hiking gear and equipment market is split into online and physical stores. The offline segment dominated the global hiking gear and equipment market and is estimated to grow at a CAGR of 4% during the forecast period. The offline segment encompasses all the physical retail stores through which sports equipment and apparel are made available to buyers. Offline stores provide a broad range of products, from food items and groceries to merchandise under one roof, and the products can be viewed and tried by the customers before purchase, which makes it a go-to place for consumers to buy specialty goods. The expansion of offline retail formats like supermarkets and hypermarkets in developed and developing nations is responsible for the rise of the hiking equipment market's offline segment. Additionally, the one-stop shopping experience offered by these retail formats makes it a very well-liked choice for customers. Additionally, these retail formats provide clients with a broad selection of goods at affordable prices and are typically situated in convenient locations, which adds to the segment's allure.
The online segment is the second largest. The online channel has experienced exponential growth in the past few years, owing to the rise in popularity of the internet and the availability of a wide range of products at discounted prices. Moreover, the surge in the penetration of smartphones and the increase in mobile banking adoption have paved the way for the online segment. Online channel is one of the fast-emerging sales channels in the hiking equipment industry. Customers prefer online platforms since they are convenient and easily accessible. To entice more clients, this platform provides a variety of discounts on online purchases. The development of cutting-edge technology encourages the expansion of online channel commerce globally. Additionally, online sales have made a sizable contribution to the earnings of industry players. To increase their market presence, the major players in the sector are actively working with online channel sites.
By region, the global hiking gear and equipment market is categorized into North America, Europe, Asia-Pacific, and LAMEA.
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North America was the highest revenue contributor and is estimated to grow at a CAGR of 4.3%. North America is one of the major sports equipment and apparel markets in the world, and it comprises the U.S., Canada, and Mexico. The expansion of the sports gear market in this region is primarily driven by an increase in the involvement rate in outdoor sports or adventure activities. Additionally, people are now engaging in fitness activities like running, jogging, and others to maintain their health and fitness, promoting the market's expansion. For market participants, North America presents significant expansion potential. Market players are expanding in this region to gain a stronger foothold in the sports equipment and apparel market. Several companies have been setting up new outlets to expand their market presence. Furthermore, an increase in the interest of consumers in outdoor activities boosts the launch of new outdoor hiking gear and equipment in the market. Moreover, the young consumer segment in the region prefers the latest and trendy sports apparel, which drives the market growth.
Europe is the second largest region. It is estimated to reach an expected value of USD 10 billion by 2030 at a CAGR of 3.9% during the forecast period. Europe comprises Germany, the UK, France, Italy, Spain, and the rest of Europe. Growth in health and fitness awareness leads to increased participation in fitness activities such as hiking, gym, swimming, and aerobics. Consumers in the region have often been actively participating in organized hiking events. Numerous prominent players in the market have relied on product innovation and technological advancements to gain a significant share of this regional market. In addition, the rise in participation of women in outdoor sports and the adoption of hiking gear and equipment as a fashion item fuel this market in Europe.
Asia-Pacific is the third largest region. Asia-Pacific comprises China, India, Japan, Australia, and the rest of Asia-Pacific. The largest and fastest-growing region in the globe is Asia-Pacific. Of all the nations in the Asia-Pacific area, China has the most significant revenue share, making it the region's top earner. The largest and fastest-growing region in the globe is Asia-Pacific. This is due to the steady economic environment and rise in disposable income. The inclination of consumers for a healthy lifestyle and the steady increase in adventure travel and expeditions also contribute to the market's expansion in the area. The sports equipment and apparel market is expanding due to the rising adoption of premium items, rising disposable income, and the accessibility of new, performance-enhancing hiking gear and equipment.
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