Sleeping bag market size is slated to witness substantial expansion during the period 2022 to 2028 owing to the influx of innovative products and the significant strides in the e-commerce sector. The escalating consumer household incomes and their growing spending capacities have steered the rising interest in recreational activities. The burgeoning tourism & travel industry has also resulted in the rise in the number of field trips, camping sites, and outdoor activities. The higher promotion of camping sites on numerous social media & online platforms coupled with the expanding adventure tourism industry will additionally drive the market progression.
Sleeping bags are blanket-like bags that allow individuals to sleep comfortably. They are mainly used for maintaining safety and providing portable bedding. The growing adoption of substitute products, including glamping equipment, camping tents, and recreational vehicles is likely to act as a bottleneck for the industry expansion. However, the rising number of R&D investments and the growing focus of manufacturers on upgrading the sleeping bags with enhanced quality materials will lead to increased industry progression.
In terms of distribution channels, the market share from the offline segment which is further bifurcated into supermarkets, specialty stores, hypermarkets, and departmental stores is expected to expand through 2028. This is ascribed to the rapid strides in the e-commerce sector along with the abundance and ease of access to various innovative and novel products on websites. A large number of sleeping bag manufacturers and suppliers are catering to an extensive pool of customers by selling their products across numerous e-commerce portals. The promotion of the product through several online channels will also likely favor market growth.
In terms of regional segmentation, the demand for sleeping bags in the Asia Pacific is anticipated to rise with the growing government support for tourism, mainly in India. The fast-growing sports and fitness verticals have also made way for a wide number of investments, complementing the growth of the physical activity industry. The thriving digital commerce sector will additionally infuse a positive scenario for the product progression in the region.
The North America sleeping bag market is likely to gain substantial proceeds from 2022 to 2028 due to the rising count of professional rock climbers and mountaineers. The growing instances of camping trips and the surging import rate for raw materials along with the spike in the number of recreational and outdoor activities will influence the regional market growth.
Inorganic strategic collaborations, like acquisitions, mergers, and partnerships, besides new product launches, and capacity expansions are largely adopted by these sleeping bag companies to strengthen their market position and attain competitive advantages.
For instance, in December 2020, The North Face, a well-known VF Corporation subsidiary inked a partnership with Gucci, a renowned Italian fashion house to launch a new collaborative collection, inclusive of outdoor items, such as sleeping bags and tents.
Oase Outdoors, Big Agnes, AMG Group, Snugpak, Johnson Outdoors, Vaude, Columbia Sportswear, Exxel Outdoors, Jack Wolfskin, Gelert (Frasers Group), and Jarden are some other industry players operating in this business space.
The COVID-19 crisis and its effect on the sleeping bag market trends
The ongoing COVID-19 outbreak led to a massive turmoil in the global economy with the burden of social distancing policies and nationwide lockdowns. The sleeping bag industry also experienced considerable heat of the pandemic due to the reduced camping and outdoor equipment sales, mainly in the first two quarters of the year 2020. However, the higher utility of sleeping pods, such as HOHM, by a vast number of university hospitals, to provide essential frontline workers with much-needed rest during the crisis played a significant role in uplifting the market share.