Outdoor gear equipment mkt size to be $65 bn by 2024
Given India's rich and diverse cultures, travel niches, history, and multiple leisurely domains, our country can become a hotspot of enriching, meaningful, and experiential travel. The new-age consumers want to invest in experiences that trigger personal learning and are transformative
The pandemic has intertwined office and home for millions, leaving people isolated and struggling to find an equilibrium of work and play. Working from home professionals show a soaring urge to move beyond the four walls of their room to do something more exotic and less monotonous. Reports say people are travelling for longer days to change their work environment and rejuvenate professional creativity.
Most of us know that spending time outside contributes to overall health and wellness, but few of us make time for it...that is until 2020 gave us more time than what we knew to do with.
2020 enticed many new and newly re-engaged outdoor participants back into the folds of the great unknown. Seeking health, social, and mental benefits, screen-time was traded for sunshine in droves.
Now, as the world begins to reopen, we're continuing to go outside. Many in the outdoor industry are optimistic that the last 15 months have incited a lasting change in our collective understanding of how necessary, important, and interesting the outdoors can be, but some fear that with time, interest will recede, and the open air will again become one of umanity's least taken advantage of gifts.
City planners, hobbyists, industry associations, parks and recreation commissions, conservationists, R3 activists, outdoor retailers, and many others are tirelessly working to do their part to make the outdoors a safer, more accessible, better understood place for people to enjoy for the long-haul.
While the pandemic was a catalyst for people re-engaging in outdoor recreational activities, it wasn't the only one. In fact, many individuals and families were already spending more time camping, hiking, and kayaking. Because of this, some specific startups had already launched when Covid struck, placing them in a winning business position. Naturally, the pandemic forced many to reconsider outdoor recreational activities this past year. According to industry reports, this sector expanded to $887 billion globally with an increase of over 50 per cent. Camper van rentals alone grew to $40 billion in revenues with more than two-thirds of bookings being first-time renters. And likewise, the demand for outdoor gear and equipment outpaced supply, resulting in several product shortages. Without question, Covid was a major driver for these shifts, but others also existed as well.
Outdoor recreational activities have dramatically increased in popularity, creating an outdoor gear and equipment boom. Outdoor gear market size in 2021 is expected to grow at a CAGR of roughly 6.4 per cent over the next five years, will reach $65 billion in 2024, from $44.9 billion in 2020, according to a New Research.
Prior to the pandemic, popularity of outdoor recreational activities was already increasing. Between 2014 and 2019, sales of outdoor gear and equipment grew by 72 per cent according to some reports. Some of this growth has been attributed to increased use of social media, which got some people's attention. But at the same time, trends like increased urbanization and environmentalism also encouraged individuals to explore nature more. In essence, the pandemic simply fuelled a market that was already set to expand. But rather than gradual, steady growth, it instead exploded as people realized what great escapes outdoor recreational activities offered.
Those who sell or rent outdoor gear and equipment naturally face some upcoming threats as the pandemic subsides. Some analysts are concerned that outdoor recreational activities may lose their popularity in the process. But those in the industry believe otherwise. As companies have made access to outdoor recreational activities easier, many have adopted these as part of a healthy lifestyle. And with other drivers still in place, the demand for outdoor gear and equipment is expected to persist. At least for the immediate future, the great outdoors looks to be quite the attractive industry.
In India, current safety parameters have invoked a sense of fear in customers over public transportation, causing more and more people to drive to their preferred locations. This has enabled the exploration of offbeat destinations within close vicinity of their homes. Popular destinations at driving distance from key cities, such as Goa, Kerala, Rajasthan, Himachal Pradesh, and Uttrakhand, have also witnessed an upsurge in recent months.
The upsurge of new trends and dynamic consumer needs has necessitated the need for businesses in the travel industry to revolutionize their operations to sustain. Given India's rich and diverse cultures, travel niches, history, and multiple leisurely domains, our country can become a hotspot of enriching, meaningful, and experiential travel. The new-age consumers want to invest in experiences that trigger personal learning and are transformative. From rainforest trekking in the Western Ghats to exploring numerous indigenous cousins, mountaineering in the Himalayas to more - India offers a diverse platter to cater to every taste.