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Gym Bag Market Size Is Expected To Witness Significant Growth Of USD $1.8 Billion By 2025 | Grand View Research, Inc.

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Gym Bag Market Size Is Expected To Witness Significant Growth Of USD $1.8 Billion By 2025 | Grand View Research, Inc.

April 24
12:06 2020
Gym Bag Market Size Is Expected To Witness Significant Growth Of USD $1.8 Billion By 2025 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global gym bag market size was valued at USD 1.0 billion in 2018 and is anticipated to register a CAGR of 7.9% over the forecast period. Increasing focus on health and fitness among the global population is the key factor driving demand.

The global gym bag market size is expected to reach USD 1.8 billion by 2025, according to a new report by Grand View Research, Inc., registering a 7.9% CAGR over the forecast period. The growth in the market is driven by increasing consumer consciousness regarding fitness and the availability of various products and accessories to suit individual needs. Moreover, rapid growth of the fitness and wellness sector in Asia and South America, along with rise in sales of health and fitness equipment, accessories, and products used in the industry and increasing presence of health clubs and fitness centers in these regions are contributing to the growth of this market.

The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the global sales of clothing, footwear, & accessories is attributable to massive supply chain disruptions across significant export markets, including China and India. However, the industry is likely to recover over the forecast timeframe, given the rising popularity of online/e-commerce sales. From a manufacturing standpoint, the sustainable or ethical fashion trend is expected to favor market growth throughout the forecast timeframe. Luxury apparel is another lucrative space for prospective manufacturers to target, given the mushrooming number of affluent and fashion-conscious consumers across the globe. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

Key players in the market include JensenLee; Everlast Worldwide, Inc.; Chateau Manufacturing; Harissons; Nike, Inc.; ToteBagFactory; Herschel Supply Co. USA; and Adidas AG. The market is characterized by several strategic activities, such as acquisitions, mergers, product innovations, and capacity expansions initiated by leading manufacturers in the industry. Growing preference for fashionable, trendy, and premium products has driven players to up their game and offer unique products. Demand for gym accessories and essentials in Brazil, Germany, Mexico, and Italy, thanks to the growth of the health and wellness industry, has a number of players focusing on these lucrative markets.

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https://www.grandviewresearch.com/industry-analysis/gym-bag-market/request/rs4

https://www.grandviewresearch.com/static/img/research/us-gym-bag-market.png

 

The market is also driven by increasing purchasing power of consumers in developing countries in recent years, which has propelled product demand. Growth of the middle-income population group in these countries has resulted in higher disposable income in recent years. This has enabled them to opt for on-trend, fashionable, and premium products in the health and fitness sector. Surge in new product launches and the impact of ecommerce are other key factors driving the global market. Leading manufacturers are looking to cater to varying consumer requirements when it comes to a gym bag. These are then being made available across a host of online and offline distribution channels.

Further key findings from the report suggest:

  • In terms of revenue, duffle bags are projected to register a CAGR of 7.5% over the forecast period
  • The offline channel led the market with a share of 86.6% in 2018. Varied products sold at supermarkets, hypermarkets, specialty stores, and others play a critical role in driving this segment
  • North America dominated the global gym bag market in 2018, accounting for 38.3% of the revenue that year. This trend is projected to continue over the next few years
  • A growing health and fitness industry, fueled by increasing awareness regarding fitness and well-being among consumers, is expected to propel the market
  • With increasing disposable income in India, South Korea, China, and Japan, these markets offer lucrative opportunities for growth in Asia Pacific
  • The industry is highly competitive in nature with the main players being JensenLee; Everlast Worldwide, Inc.; Chateau Manufacturing; Harissons; Nike, Inc.; ToteBagFactory; Herschel Supply Co. USA; and Adidas AG
  • Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovations to estimate existing and future demand patterns from upcoming product segments.

Increasing number of people turning to healthier lifestyles has also inspired several multinational companies to encourage their employees to take up health and fitness club memberships, a trend that is likely to give the market a boost. Gym bags that are compatible with various smart and connected devices is a lucrative opportunity for players in the market.

The market is also driven by increasing purchasing power of consumers in developing countries in recent years, which has propelled product demand. Growth of the middle-income population group in these countries has resulted in higher disposable income in recent years. This has enabled them to opt for on-trend, fashionable, and premium products in the health and fitness sector. Surge in new product launches and the impact of ecommerce are other key factors driving the global market. Leading manufacturers are looking to cater to varying consumer requirements when it comes to a gym bag. These are then being made available across a host of online and offline distribution channels.

Have some specific queries about this report, our team of analyst will be glad to help!

Increasing number of people turning to healthier lifestyles has also inspired several multinational companies to encourage their employees to take up health and fitness club memberships, a trend that is likely to give the market a boost. Gym bags that are compatible with various smart and connected devices is a lucrative opportunity for players in the market. The market is also anticipated to be driven by growth in the wellness and tourism industry, especially in developing countries such as China and India. These countries have been witnessing a surge in fitness clubs and centers to attract tourists and this will have a positive influence on product demand over the forecast period.

https://www.grandviewresearch.com/static/img/research/global-gym-bag-market.png

Local manufacturers have been aiming to compete with leading players by focusing on innovative and attractive products. For instance, the launch of anti-theft bags with smart in-built charging ports, RFID tracking and blocking options, locking pockets, and anti-slashing fabric is a new trend in the industry and takes into account various consumer requirements. Increasing advertising and promotional activities have also educated consumers on the various features and benefits of such gym bag.

The duffle bag segment accounted for a leading share of 72.7% in the global market in 2018. Being larger, these bags have more space to carry multiple items. Duffels with several pockets and zippers and separate compartments are more appealing to consumers as they are more convenient and useful. Growing brand awareness and increase in sales of fitness and health products among millennials is also influencing segment growth. The drawstring bags segment is expected to exhibit the highest CAGR of 9.5% from 2019 to 2025. Drawstring bags are easier to carry and are more durable, resulting in rising demand for the same. Their easy opening and closing also makes them a hit among users.

Access complete Gym Bag Report Portfolio By Grand View research, Inc.

The offline channel dominated the gym bag market in 2018, accounting for a share of 86.6% that year. Growth in offline sales is driven by consumers preferring to purchase gym bag that can be checked in person, in terms of quality, size and dimensions, and space provided. Moreover, a wide range of products are available in supermarkets, hypermarkets, and specialty stores, with various brand options from different suppliers. Strong presence of such offline distribution channels will continue to benefit this segment.

The online segment is estimated to register the fastest CAGR of 9.3% over the forecast period. The segment is driven by a thriving e-commerce sector, with the presence of websites such as Amazon, eBay, Alibaba, Flipkart, and BestBuy. These sites offer a host of gym bag and accessories at attractive prices. Easy payment and delivery options make online shopping increasingly convenient for consumers, thereby boosting segment growth.

In terms of value, North America held the largest share in 2018, accounting for 38.3% of the market. The market is driven by rise in consumer awareness regarding fitness and increasing demand for gym and associated accessories. Moreover, rise in spending on fitness clubs in U.S. is anticipated to drive regional growth over the forecast period. Revenue generated through health and fitness clubs in North America is anticipated to rise at a CAGR of over 5.0% during the forecast period, and accounted for about 40.0% of the global market in 2018.

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Grand View Research has segmented the global gym bag market on the basis of product, distribution channel:

Gym Bag Product Outlook (Revenue, USD Billion, 2015 – 2025)

  • Duffle
  • Drawstring
  • Others

Gym Bag Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)

  • Online
  • Offline

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
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Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/gym-bag-market


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