Increasing preference for backpacks as compared to briefcases has boosted the production as well as adoption of backpacks. Thus, an increase in the production of backpacks, in conjunction with continuous technological advancements as well as the introduction of smart devices/products, has led to the introduction of smart backpacks.
The implementation of innovation technologies in backpacks has resulted in the creation of smart backpacks. Smart backpacks include various advanced features such as inside light, wireless charger/power bank, real-time tracking tools, back-view camera, missing item reminder, remote anti-theft alarm & open alert, Wi-Fi everywhere, solar charging, Bluetooth speakers, NFC tag and a rugged design, among others. Owing to these features, smart backpacks are ideal and widely adopted for various purposes, which include hiking & camping, commuting in cities, outdoor sports & activities, travelling, and the like.
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The smart backpack market has witnessed considerable traction since its inception and is expected to witness a double-digit growth rate during the forecast period.
Smart Backpack Market: Market Dynamics
The trend of preferring and adopting smart devices in the market is expected to be a major factor boosting the global smart backpacks market in terms of value. Increase in disposable income and consumer expenditure witnessed across various developed and developing countries of the world is expected to supplement the aforementioned trend. This, as a result, is expected to be a key driver of the global smart backpack market. The advanced features associated with smart backpacks in spite of the high cost associated with the same (as compared to conventional backpacks) is also among factors driving the smart backpacks market in terms of value. Besides these, increase in the awareness and participation of end-users in outdoor activities & sports across the globe has also encouraged the adoption of smart backpacks, and is expected continue boosting the market during the forecast period.
However, the high cost of smart backpacks is expected to be a major factor challenging the adoption of the same, and thus, the primary restraining factor for the global smart backpack market.
Smart Backpack Market: Segmentation
Global smart backpack market can be segmented on the basis of capacity, sales channel and region.
Segmentation for smart backpack market by capacity:
On the basis of capacity, the smart backpack market can be segmented as:
- <30 litres 30 litres to 60 litres >60 litres
Segmentation for smart backpack market by sales channel:
On the basis of sales channel, the smart backpack market can be segmented as:
- Online Specialty Stores Department Stores Others
Of the above-mentioned industry verticals, the online segment is expected to hold a majority of the market share of the global smart backpacks market. This segment is also expected to witness the highest growth rate during the forecast period due to an increase in the global penetration of the Internet, especially in developing countries. This is further complimented by the increasing adoption of ecommerce and online transactions.
Smart Backpack Market: Key Players
Some of the key players in the smart backpack market are AMPL Labs; Targus; TRAKK Tech, LLC; CO.ALITION; TYLT; Fur Jaden; Eceen Electronic Limited; Poros; MOS Organizer and Portronics.
Several players (manufacturers and vendors that offer smart backpack solutions) are focusing on expanding their product portfolios to offer a range of options to end-users and strengthen their position in the smart backpack market. For instance, in August 2018, Portronics, a provider of smart backpacks, added the POR 929 smart backpack to its existing Elements series of smart backpacks.
Smart Backpack Market: Regional Overview
By geography, the smart backpack market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others of APAC and the Middle East & Africa. Among these regions, North America is expected to dominate the global smart backpack market during the forecast period owing to the high adoption of smart backpacks since their inception and the presence of various smart backpack providers in the region. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global Smart Backpack market. However, China is expected to exhibit the highest growth rate during the forecast period owing to economic growth and an increase in the demand for advanced smart devices in the region. Besides this, Latin America and MEA are also expected to witness a considerable growth rate during the forecast period in the global smart backpack market.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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This post was originally published on The Market Plan