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Floating Backpack Market Segmentation By Product Type (Ergonomic Backpack and Electricity-Generating Backpack); By Product Size (Large, Midsize Molle and Assault Packs); By Demographics (Men, Women and Children) and By End User (Military and Non-Military) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Floating Backpack Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • 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.

Introduction to Floating Backpacks Market

Floating backpack is a type of a luggage bag which is carried on the back portion of the body. The backpack is termed as floating backpack as the backpack is designed to reduce the weight away from the shoulders by advance advanced sliding suspension system involving rail and pulley which oscillates in a vertical motion. Hence, the user carrying the floating backpack feels to have a light backpack that floats in the users back. Further, floating backpack reduces stress on the body by providing maximum comfort and an everlasting experience that can be attributed to its channelled air flow and adjustable design, which are meant for a specific load and size.

Pictorial Representation of Floating Backpacks Graph

Market Size & Forecast

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

Growth Drivers

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.

Projected Prevalence of Arthritis Image

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.

Restraints

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.

Market Segmentation

Our-in depth analysis of the global floating backpack market includes the following segments:

By Product Type

  • Ergonomic Backpack
  • Electricity-Generating Backpack

By Product Size

  • Large
  • Midsize Molle
  • Assault Packs

By Demographics

  • Men
  • Women
  • Children

By End Users

  • Military
  • Non-Military

By Region

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

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.


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