The hiking gear & equipment market size was valued at $20,652.6 million in 2018, and is projected to reach $28,789.7 million by 2026, registering a CAGR of 4.2% from 2019 to 2026.
The gear and equipment segment was the highest contributor to the market, with $8,772.0 million in 2018, and is estimated to reach $12,081.1 million by 2026, at a CAGR of 4.0% during the forecast period.
Hiking gear & equipment are a set of items that are used by people who go on the outdoor activity called hiking.
Hiking is a trail sport primarily done by people for leisure, improve health or to unwind and break the monotony of daily life.
Hiking is one of the most preferred activities in the U.S. after jogging, and cycling. The industry is entering into a maturity stage and has had a steady growth in the last few decades.
The growth of the hiking gear & equipment market can be attributed to rise in popularity of outdoor activities among people all around the world.
Moreover, busy and hectic lifestyle coupled with increase in instances of people choosing outdoor activities such as adventure sports and outings to unwind or break the monotony of their daily life, which paves the way for the hiking gear & equipment market growth.
Furthermore, increase in adventure travel and rise in the number of agencies organizing hiking tours drives the growth of the market worldwide.
However, the potential risk and uncertain conditions in hiking majorly restraints the market.
On the contrary, increase in influence of social media and video logging is expected to provide opportunities for growth for the global market.
The players in the hiking gear & equipment industry have adopted product launch as their key development strategy to increase profitability, and to improve their stance in the hiking gear & equipment market share.
The key players have also relied on business expansion to stay relevant in the market. The key players profiled in the report include The North Face, Marmont, Mountain, Black Diamond, Arc’teryx, Marmot, Mountain Hardwear, Kelty, MontBell, AMG Group, and Big Agnes.
For more information, visit www.researchandmarkets.com