Smart Backpack Market by Capacity and Geography - Forecast and Analysis 2021-2025

The smart backpack market share is expected to increase by USD 305.81 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.55%.

This smart backpack market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers smart backpack market segmentation by capacity (15-35 liter, 35-60 liter, and above 60 liter) and geography (APAC, North America, Europe, MEA, and South America). The smart backpack market report also offers information on several market vendors, including CO.ALITION, Ghostek, Himawari Bags, Lumzag, Mancro, NOMATIC, Sewell Direct, Targus Inc., TYLT Inc., and Xindao BV among others.

What will the Smart Backpack Market Size be During the Forecast Period?

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Smart Backpack Market: Key Drivers and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rise in trade offers by key competitors is notably driving the smart backpack market growth, although factors such as uncertain weather patterns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart backpack industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart Backpack Market Driver

One of the key factors driving growth in the smart backpack market is the rise in trade offers by key competitors. In today's extremely competitive market environment, customer retention has become very difficult. Therefore, the vendors operating in the global smart backpack market are introducing various trade offers for consumers to trigger sales. Discounts, exchange offers, and festival offers are some of the trade deals being provided by the vendors through several distribution channels in different countries. The frequent introduction of trade offers by the competitors also tends to attract price-sensitive consumers, especially in developing regions such as APAC. 

Key Smart Backpack Market Challenge

The uncertain weather patterns will be a major challenge for the smart backpack market during the forecast period. Globally, the outdoor activities market is dependent on weather conditions because unfavorable weather conditions can hamper outdoor recreational activities, including camping, mountain biking, hiking, and trekking. Weather conditions such as extreme heat, cold, and humidity can lead to unpleasant experiences, which can, in turn, discourage participation in outdoor activities. Changes in weather can lead to cancellations of outdoor activities and reduce the rate of participation. As the demand for smart backpacks depends on the rate of participation in outdoor recreational activities and trips, unfavorable weather conditions act as a challenge to the growth of the global smart backpack market.

This smart backpack market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Smart Backpack Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• CO.ALITION
• Ghostek
• Himawari Bags
• Lumzag
• Mancro
• NOMATIC
• Sewell Direct
• Targus Inc.
• TYLT Inc.
• Xindao BV

This statistical study of the smart backpack market encompasses successful business strategies deployed by the key vendors. The smart backpack market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The smart backpack market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Smart Backpack Market?

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41% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for smart backpacks in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The increase in spending by millennials on personal goods (such as travel and business bags) will facilitate the smart backpack market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Capacity Segments in the Smart Backpack Market?

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The smart backpack market share growth by the 15-35 liter segment will be significant during the forecast period. From a competitive perspective, this segment is highly fragmented as almost all the smart backpack manufacturers have product offerings in this category. As travel restrictions have been lifted since Q1 2021, many users are looking for a short travel experience or short trip owing to the increased prices for hotel rooms and airline fares post COVID-19. Such instances are enhancing the demand and sales of 15-35 liter backpacks.

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart backpack market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Smart Backpack Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive smart backpack market growth during the next five years
• Precise estimation of the smart backpack market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart backpack industry across APAC, North America, Europe, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart backpack market vendors

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