The camping equipment market was valued at USD 13,954. 86 million in 2020, and it is projected to witness a CAGR of 6. 68% during the forecast period, 2021-2026. The situation of COVID-19 had a positive impact on the market growth, as recreationists spent a higher amount of leisure time from their complex work schedules.
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Camping Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106037/?utm_source=GNW
As per the sources, the implementation of lockdown came as an opportunity for campers and prospective campers across the world. Considering the leisure travelers of the North American region, the frequency of leisure trips made by the travelers increased from 11% to 16% post-COVID-19 situation. Hence, the market witnessed a positive impact on the demand for camping equipment during the period.
Vendors are introducing camping equipment that ensure higher safety and comfort level in terms of size, weight, and quality of the material. Moreover, vendors have started developing the type of insulation used in tents to protect the consumers from extreme climatic conditions.
A number of camping organizations and service providers are introducing camping programs targeted at different age groups in an effort to attract new campers. For the older generations, these programs often focus on the experience of camping, while for younger generations, they feature adventure sports. In addition, with the rising awareness about environmental preservation, demand for eco-friendly camping equipment is on the rise. Thus, vendors are introducing eco-friendly equipment to differentiate and expand their product lines. Such innovations in camping equipment may increase the sales of camping equipment during the forecast period.
Key Market Trends
Rising Participation in Outdoor Recreational Activities
The increasing participation in outdoor recreational activities is a significant factor that drives the prospects of growth in this market, especially in regions like Europe, North America, and Asia- Pacific countries, such as Australia & New Zealand. Factors such as changes in lifestyle and attitudes, demographics, increasing recreational expenditure, and the physical and mental benefits of outdoor recreational activities inspire consumers to engage in outdoor recreational activities. Outdoor recreational activities also help maintain a proper work-life balance. Camping is becoming a popular recreational activity, with more than 40.5 million people partaking in camping activities in the United States in 2016. This includes people camping with cars and tents, as well as recreational vehicles and backyard camping. Approximately 21% and 18% of campers were aged between 6-12 years and 13-17 years, respectively, in camping activities. Young adult participants (18-24 years) made up about 14% of all participants (as per the data published by Outdoor Foundation). Moreover, as per the Outdoor Foundation data, the frequency of purchasing or replacing camping tents is once every three years on average, and for sleeping bags, it is once in 2.9 years. For camping chairs, it is once in 2.7 years in the United States.
North America Holds a Major Share in the Market
North America accounted for the largest share in the camping equipment market, with the United States being the major market, followed by Canada and Mexico. According to the Outdoor Foundation, 40.5 million Americans, or 13.7% of the population over 6 years of age, camped at least once in 2016. The percentage of campers who camp more than three times each year has grown by 64% since 2014. The increased number of consumers demonstrating their interest in camping has further propelled the spending on camping equipment. For example, as per the data revealed by KOA, 47% of campers spent between USD 51 and USD 200 on camping equipment in 2016. Moreover, the COVID-19 pandemic has triggered increased spending on outdoor recreations across North American countries. For example, as per Moneris, the country’s largest payment processing company, retailers in the outdoor travel and sports and recreation sectors witnessed a big boost in spending as people stayed close to home and tried to do more open-air activities during 2020. This is supported by the fact that Ontarians bought 47% more camping gear in August 2020 than the previous year, which may contribute toward the industry growth during the forecast period.
The camping equipment market is competitive, and the major players are focusing on innovating their offerings through new product development and expansion to widen their presence across the world and cater to various preferences of consumers.? The most active companies in the market include key players, such as Newbell Brands, AMG Group Ltd, Exxcel Outdoor LLC, and mont-bell Co. Ltd.? In terms of strategies adopted, product innovation captured the major share and remained the most preferred strategy adopted by the leading market players. Companies are expanding their production lines and product portfolios geographically, which helps them gain a competitive advantage over other players. Technical advancement was another key factor in product innovation.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06106037/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001