Increasing Cases Of Arthritis And Related Medical Injuries
According to the statistics by the Centers for Disease Control and Prevention (CDC), around 78 million or 26% of US adults aged 18 years or older are anticipated to have arthritis diagnosed by doctors by the end of 2040.
Rising cases of arthritis and related medical problems across the globe is one of the major factors which is fuelling the demand for floating backpacks. Additionally, increasing number of commuters and the concern for their luggage load is escalating the need for carrying their baggage more comfortably and conveniently during the period of their travel. Such factors are expected to drive the growth of global floating backpack market in the near future.
Growing Need for Light Weighed Backpacks for Military Operations
There is a rising need amongst military personnel for equipment that can help them increase their effectiveness, especially for products, such as floating backpacks, that can help them carry heavy loads in their back during a military operation. Military personnel are required to carry various type of equipment and goods to places where transportation by vehicle is not allowed. As such, utilization of floating backpacks can help these personnel increase their effectiveness by easing their backs from heavy weighed loads, and further help them achieve long travelled roads at ease. Such a factor is anticipated to drive the growth of the global floating backpack market.
The floating backpack market is thriving on the back of the growing travel and tourism industry, which has seen a major boost in the number of travellers around the globe, coupled with the growing need amongst individuals for light weighed backpacks, as it can lower their effort to carry the bags in their back. The market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by end user into military and non-military. Among these segments, the military segment is anticipated to hold the leading share in the market on account of the multifunctional purpose of the backpacks for carrying extreme heavy as well as light loads. The non-military-based segment, on the other hand, is anticipated to grow at the highest rate in the floating backpack market as a result of increase in the number of arthritic patients and spondylitis cases affected by the regular carrying of heavy loads. CLICK TO DOWNLOAD FREE SAMPLE
High Costs of Floating Backpack And Lack of Product Awareness
Floating backpacks are comparatively priced high owing to their design and technological advancements, when compared to a conventional backpack. Moreover, lack of awareness about the product is also anticipated to impact negatively towards the growth of the global floating backpack market.
Our-in depth analysis of the global floating backpack market includes the following segments:
By Product Type
By Product Size
By End Users
On the basis of regional analysis, the floating backpack market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for floating backpack in North America is anticipated to hold the largest share on account of presence of leading market players in the region which manufacture floating backpacks. Moreover, factors such as increasing number of hikers and day-to-day commuters in the region is further anticipated to raise the demand for floating backpacks and in turn the growth of the market. The market in Asia Pacific and Europe region is predicted to grow at the highest rate during the forecast period as a result of rising number of army trainees and huge demand from solo travellers in the region. The increasing number of military personnel and marine corps in this region, especially in countries such as China, Russia and India further raise the demand for floating backpack.
The floating backpack market is further classified on the basis of region as follows:
The floating backpacks market is dominated by several market players such as Lightning Packs, LLC, Tortuga Backpacks, LLC and Nomatic LLC amongst others. Moreover, several players in the backpack industry are increasingly expanding their product width and line by utilizing advanced technologies that help to reduce the overall laden weight on the backpack, and further helps the user utilizing the floating backpack to feel light on their back. Additionally, several players are also increasingly spending on research and developmental activities that help to advance the technologies in backpacks.
September 2018: Lightning Packs LLC announced the launch of HoverGlide, which is a “floating” backpack with a design that features patented Suspended Load Technology (SLT).
November 2019: Tortuga Backpacks, LLC announced the launch of 45L size variant of the Setout backpack as an expansion into their range of travel backpacks for women. The backpack is designed for city travellers and consists of a suitcase-style packing that helps to reduce the bag’s weight away from the shoulders.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash