Professional gear bag sales projected to expand steadily through 2026
Predominantly driven by a growing number of outdoor recreational activities worldwide, the global market for professional gear bags is presumed to be progressing at a moderate pace through the next decade. Over 2018-2028, the market will possibly exhibit a CAGR of 4.6%, attaining the revenue sales of nearly US$ 24 Bn by 2028 end.
As indicated by OIA’s (US) recently published Outdoor Recreation Economy report, the comprehensive expenditure for vehicles, gears, and accessories used for hunting, approached a value of US$ 27 Bn in 2017, of which around US$ 16 Bn was accounted by the US alone. The US, as the research reaffirms, will continue its lead over all other regional markets for professional gear bags.
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Business traveler bags & recreational shooter bags continue to spearhead
Growing consumer inclination towards carrying multifunctional gear bags daily, will play a crucial role in popularizing the demand for various gear bags, globally. With a traveler-friendly design and cabin-friendly dimensions with a series of additional features, business traveler carry-on bags are anticipated to bag the largest shareholder’s position in the global professional gear bags market.
As the number of passengers in developing regions shifting their regular travel preference to airlines, the demand for business carry-on bags is expected to be on the rise in next few years. An added benefit of not being required to go through the check-in process, will further attract consumer interest in near future.
The sales of recreational shooter bags will also represent a constantly growing trajectory, maintaining a significant share throughout the projection period. Rapidly growing demand for drone and quad devices over among both consumer and industrial channels is attributed to a promising growth rate of drone and quads bags between 2018 and 2028.
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Progressing scenario predicted for emergency bags & other ‘niche’ bags
On the other hand, emergency gear bags are expected to emerge as a lucrative segment, owing to impressively growing sales of consumer bags such as go bags, ready bags, and bug-out bags. This segment will continue to gain maximum support from indirect sales through retail stores, online stores, and specialty stores.
Apart from the aforementioned types of gear bags, the market will also benefit from some other niche gear bag segments targeting both businesses and consumers, such as equipment cases/bags, carry cases/bags, protective cases/bags, and logistical solutions.
Growing Internet penetration and rapid growth of Ecommerce have been the key factors accelerating the promotion and popularity of outdoor activities and accessories such as gear bags.
Although trip-related spending has been on a higher side, expenditure in activities such as hunting and wildlife watching will also continue to hold considerably large shares by value. As several governments are focusing on investing more in public safety in order to haul down the fatality rates in respective regions, it is most likely that the sales of gear bags will witness a surge in next few years.
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