Hiking Gear & Equipment: Introduction
- Hiking gear and equipment are required during outdoor trips during multiple-day hikes, one day-hikes, backpacking trips, walking tours, and trekking.
- The required equipment is decided as per the distance, duration, environment, and planned activities. Weight is an important factor while selecting hiking gear.
Key Drivers of the Global Hiking Gear & Equipment Market
- Increasing interest in different types of sports activities among millennial and generation is expected to boost the market growth for hiking gear & equipment.
- Consumer awareness about the importance of short recreational activities, healthy lifestyles, and fitness regimes are driving the population toward adventure sports activities.
Rising Number of Outdoor Sports Activity to Create New Market Opportunities
- Increasing participation in hiking is boosting the sale of hiking gear and equipment. As per data released by Outdoor Foundation, in 2017 over 146.1 million people in the U.S. had participated in outdoor activity. This factor is likely to create new opportunity for market growth.
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Growing Number of Accidents to Hamper the Market
- The average ratio of accidents during hiking trips has grown in the last few years. Limited consumer awareness in developing countries about the importance of using safety products during hiking is creating a huge challenge to the growth of this market.
Asia Pacific Expected to Experience Higher Growth in the Global Hiking Gear & Equipment Market
- Asia Pacific is the fastest growing hiking gear & equipment market as a result of increasing number of outdoor sports activity in developing countries such as India, China, and Sri Lanka. Increase in disposable income among the middle class population coupled with growing consumer spending on tours and travels is expected to propel the growth of the market in Asia Pacific.
- North America is the largest market for hiking gear and equipment. Consumers indulge in adventure sports activity to get a break from their daily hectic lifestyles. Growing trend of experiencing the Appalachian Trail hike is driving people toward this activity. According to a report published by Appalachian Trail Conservancy (ATC), the average hiker count from Georgia to Maine doubled in 2017 with a head count of 3,735. This factor is driving sales of hiking gear in this region.
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Key Players Operating in the Global Market
The global hiking gear & equipment market is fragmented in nature with the presence of large number of small and large players. Companies are adopting the strategy of product innovation & development as well as investing in geographical expansion. Adidas AG introduced premium hiking boots in February 2019. Some of the large players are acquiring small scale players to increase their product range and market share as well as geographical reach in the hiking gear & equipment market. A few of the key players operating in the global hiking gear & equipment market are listed below:
- The North Face
- Mountain Hardware
- Black Diamond Equipment Ltd.
- Marmot Mountain LLC
- Amer Sports
- Equinox Ltd.
- Montbell Co., Ltd.
- AMG-Group and Sierra Designs
Global Hiking Gear & Equipment: Research Scope
Global Hiking Gear & Equipment, by Product
Global Hiking Gear & Equipment, by Gender
Global Hiking Gear & Equipment, by Distribution Channel
Global Hiking Gear & Equipment, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.