Sleeping Bags Market is Anticipated to Expand at a Prolific CAGR of 6.3% from 2022 to 2032
The Sleeping Bags Market size was valued at US$ 1,545 Million in 2021, and is likely to reflect a Y-o-Y growth of 7.1% in 2022 to reach US$ 1,655 Million. By 2032, a valuation of US$ 3,050 Million is projected, with an expected CAGR of 6.3%.
Report by FMI.The demand for sleeping bags in the market is growing at a swift rate owing to the rise in outdoor activities such as hiking, hill walking, climbing, and camping.
The hike in demand for sleeping bags is directly proportional to the rise in adventure enthusiast. Adventure activities not only brings you closer to nature but also serves as an economical and affordable vacation thereby leading more and more people to indulge in such activities leading to a rise in demand for products such as sleeping bags in the market.
Sleeping bags have become an essential item while packing bags for going out for camping activities. The growth in e-commerce is making sleeping bags and its variants more accessible to the consumer and acts as a contributing factor in boosting the demand for sleeping bags in the market.
The market for sleeping bags worldwide, which was valued at US$ 1,545 million in 2021, is anticipated to rise by 7.1 percent year over year in 2022 to reach US$ 1,655 million. A valuation of US$ 3,050 million is anticipated by 2032, with a CAGR of 6.3 percent predicted.
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Rise in prevalence of outdoor activities coupled with increasing population of adventure enthusiasts is driving the Sleeping Bags Market:
Globally, the demand for sleeping bags is rising at a steady rate owing to an increase in the population of nature lovers as they are more inclined towards adventurous activities. The increasing rate of adoption of adventurous vacation spots of the millennial population owing to increasing awareness about the benefits of camping such as reduces stress and improved mental and emotional health has led to an increase in the demand for sleeping bags in the market.
The availability of different variants of sleeping bags which are suitable for different purposes and different demography makes it a customer friendly product. The manufacturers of sleeping bags are coming up with new and innovative products for serving various types of consumer demand by introducing products which are suitable for all types of climatic conditions, durable and at the same time are pocket-friendly leading to a hike in demand for sleeping bags in the market.
The emergence of social media as a key influencer on the interest of consumers also plays a major role in encouraging the growth of camping activities and eventually the growth in demand for sleeping bags in the market.
Sleeping Bags Market: Market participants:
The key market participants identified across the value chain of the Sleeping Bags market are Decathlon S.A, Recreational Equipment, Inc., Johnson Outdoors Inc., Western Mountaineering, V.F. Corporation, ENLIGHTENED EQUIPMENT, Oase Outdoors ApS, Feathered Friends, Katabatic Gear LLC, Jarden Corp., Patagonia International, Inc., Exxel Outdoors, LLC, and NEMO Equipment, Inc. are among others.
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Opportunities for Sleeping Bags Market Participants:
The global sleeping bags market is anticipated to grow at a steady rate owing to the rising trend of adventure activities coupled with the growing interest of the millennial population in outdoor activities. The market is driven by the multifunctional nature of the sleeping bags such as providing safety, temperature insulation, comfort, ease of use, convenience factor, and portability making sleeping bags a must-have equipment in a mountaineer’s bag.
The growing awareness about the availability and accessibility of the sleeping bags also supplement the growth of the sleeping bags in the market. Sensing a lucrative growth in the sleeping bags market various new market entrants are expected to enter this niche market.
The Sleeping Bags market on the basis of region has been segmented as:
- North America
- Latin America
- CIS & Russia
- The Middle East & Africa
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
Sleeping Bags Market: Market Segmentation
On the basis of Demography, the Sleeping Bags market has been segmented as:
On the basis of Insulation Type, the Sleeping Bags market has been segmented as:
On the basis of Size, the Sleeping Bags market has been segmented as:
On the basis of Shape, the Sleeping Bags market has been segmented as:
- Rectangular Shape
- Mummy Shape
On the basis of Sales Channel, the Sleeping Bags market has been segmented as:
- Multi Brand Stores
- Independent retailers
- Online Sales
- Company Website
- 3rd party Online Sales
- Specialty stores