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The increasing preference for backpacks with innovative designs, especially by the millennial and Gen-Z population, is propelling the market growth. Leading companies are increasingly launching innovative backpacks to cater to specific segments of the population such as students and office workers, among others. With the robust growth of the e-commerce sector, the availability of backpacks is significantly increasing. In addition, the development of functional, versatile, and cost-effective backpacks that enable users to efficiently organise their belongings is fuelling the market growth. As the focus on comfort is growing, backpacks offering padded back panels and broad shoulder adjustable straps are increasingly preferred. Moreover, the growing young population with a knack for adventurous activities such as hiking and trekking is leading to a surge in demand for backpacks. Travellers are increasingly seeking lightweight backpacks with waterproof properties, enhanced computability with modular attachments, and adjustable interiors, which is positively impacting the market’s expansion.
Some of the leading companies in the market for backpack are Nike, Inc. (NYSE: NKE) and Wildcraft India Private Limited. In November 2019, the latter bagged a deal from the Indian Ministry of Defence to make rucksacks for the Indian army. Under the deal, the company would design, develop, and deliver 1.8 lakh units of 90-litre rucksacks that would be equipped to carry supplies for 30 days. Moreover, the company announced that the bags would be made of nylon and provide abrasion resistance. They also feature a lightweight alloy back frame for comfortable stay on soldiers’ backs even after being mounted with armament. Such deals by the leading companies are propelling the market growth of backpack.
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The major players in the global backpack market are Under Armour, Inc., VF Outdoor, LLC, Nike, Inc., Adidas AG, V.I.P. Industries Limited, Wildcraft India Private Limited, and Dakine IP Holdings LP., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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