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The smart backpack market size is estimated to grow at a CAGR of 4.78% between 2023 and 2028. The market size is forecast to increase by USD 367.74 million. The market's growth depends on several factors such as the growth in smart backpack sales, technological advancements, and the increasing urbanization rate.
This smart backpack market report extensively covers market segmentation by distribution channel (offline and online), capacity (15-35 liter, 35-60 liter, and above 60 liter), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in smart backpack sales is the key factor driving market growth. Although the growth in the use of backpacks is mainly attributable to a higher level of participation in outdoor recreational activities, there has also been a slight increase in business trips where backpacks are used. The demand for smart backpacks equipped with mobile charging points, app-based control to power gadgets on the go, bag-open alarms, external USB ports, wireless charging, and other features has increased.
In addition, there is a high demand for smart backpacks among consumers who prefer cycling to their offices. The practical solutions provided by these smart backpacks have helped the market carve a niche among office-going consumers. Hence, due to their advancements and reliability, office-goers tend to purchase smart backpacks, which drives the global smart backpack market positively during the forecast period.
Advanced technological innovations in product features is the primary trend shaping market growth. Innovation in the field of design, colors, shapes, and weights is anticipated. In view of its convenience and ease of transport, as well as providing comfort to the customer, demand for lightweight and reliable backpacks is growing around the world. To meet the demand, the vendors in the market are using leather and microfibers for manufacturing lightweight backpacks.
In addition, some bags incorporate removable 10,000 mAh batteries that can supply power to two external USB ports. One of the advanced technologies used for the security of backpacks is AirBolt, a lock that is enabled with Bluetooth and controlled through a smartphone. Hence, such technological advancements will tend to boost the global smart backpack market during the forecast period.
Threat from counterfeit products is a challenge that affects market growth. The nature of counterfeit smart backpacks is driven by the rising popularity of these high-tech accessories, showing unscrupulous companies to mimic the design and features of reputable brands. This not only deceives consumers, who may unknowingly purchase fake products but also inflicts damage on the reputation of authentic manufacturers of smart backpacks.
Moreover, the rise of online marketplaces as platforms for counterfeit trade exacerbates the issue of counterfeit smart backpacks, overcoming which will require concerted efforts in education, legal enforcement, and technological advancements to safeguard the authenticity and integrity of smart backpacks. Hence, the rising issue of counterfeit smart backpacks will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Backpack Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel contains traditional brick-and-mortar retail stores, such as hypermarkets, supermarkets, specialty stores, and others, which deliver consumers with a hands-on shopping experience. In-store displays of smart backpacks provide customers with the opportunity to check out the products physically and consider the design and features before making a purchase.
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The offline segment was the largest segment and was valued at USD 1,024.48 million in 2018. Traditional retail channels offer a tangible and immersive shopping experience, and customers benefit from the expertise of in-store staff, the ability to physically inspect products, and the immediate availability of the smart backpacks that they choose to buy. All these advantages contribute to the overall appeal of offline shopping and will have a positive impact on the growth of the global smart backpack market during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China, Japan, and India are the significant contributing countries in APAC. China is a well-known market for manufacturers of personal goods (such as smart backpacks) due to the increase in spending by consumers on premium and high-quality personal goods.
In addition, key players like CO.ALITION deliver affordable, low-capacity smart backpacks in countries like China and India. They believe that this strategy will help in attracting more customers and develop brand loyalty in these countries. The established market players are exploring opportunities in tourist destinations like Malaysia and Thailand in APAC, where they can generate revenue from the tourist population as well as from domestic consumers. Hence, such factors are expected to drive market growth in this region during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the smart backpack market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.
The smart backpack market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Smart Backpack Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.78% |
Market growth 2024-2028 |
USD 367.74 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.56 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key countries |
US, Canada, China, Japan, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Eceen Electronic Ltd., Fur Jaden, Himawari Bags, HP Inc., Korin Design, MATEIN, Noconah, NOMATIC, Nordace Ltd., Red Horns, Samsonite Australia Pty Ltd., Solgaard Design, SunnyBAG GmbH, Swissdigital USA Co. Ltd., Targus, Tata Sons Pvt. Ltd., The Carriall Co., TYLT Inc., XD Connects B.V., and Xiaomi Communications Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Capacity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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