Sleeping bags are portable, insulated packs that provide protection and warmth while sleeping outdoors. Sleeping bags come in different ratings based on temperature conditions. They are essential gear for camping, hiking, mountaineering and other outdoor recreational activities. The global participation in outdoor recreational activities has increased substantially over the years due to changing lifestyles and increased disposable income of people. Sleeping bags assure comfort and safety during outdoor trips and adventures. 

The global Sleeping Bag Market is estimated to be valued at US$ 1.64 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Opportunity:

The growing participation in outdoor recreational activities presents a major market opportunity for sleeping bags. According to the Outdoor Industry Association, outdoor recreation generates over $788 billion in annual consumer spending in the United States alone. Activities such as hiking, camping and mountaineering have witnessed increased interest among people of all age groups over the years. Sleeping bags form an integral part of the gear required for these activities. With more people taking up outdoor sports and travel, the demand for high quality and functional sleeping bags is expected to rise significantly. Manufacturers can capitalize on this opportunity by developing advanced sleeping bags catering to different outdoor applications and weather conditions. They can also focus on launching lightweight and compact sleeping bags for enhanced portability and convenience of outdoor enthusiasts.

Porter's Analysis:

Threat of new entrants: Low. The sleeping bag market requires significant investments in R&D and manufacturing facilities to produce high-quality and innovative products. Established brands have strong brand recognition and distribution networks.
Bargaining power of buyers: High. The market has numerous suppliers and buyers can easily switch to substitutes. Buyers can negotiate on price and demand custom specifications.
Bargaining power of suppliers: Low. Raw material suppliers have limited influence due to availability of substitutes and less differentiation in components.
Threat of new substitutes: Moderate. Alternatives include blankets, bedrolls but lack features of sleeping bags. However, technological advances can increase threat from new substitutes.
Competitive rivalry: High. Major players compete on product innovation, design, quality, and endorsements. Market dominated by top brands with strong brand loyalty.

SWOT Analysis:

Strengths: Established brands with brand recognition, quality products and innovation.
Weaknesses: Seasonality of demand, vulnerable to price wars during off-season. Dependence on external component suppliers.
Opportunities: Growing outdoor activities and adventure tourism. Demand from rentals, clubs and youth groups. Expand into related product categories.
Threats: stringent regulations on materials sourcing & production. Rising cost of raw materials and labor. Intense competition from private labels.

Sleeping Bags Market Segmentation

  • By Product Type
  • Rectangular
  • Mummy
  • Double
  • 3-season
  • 4-season
  • Kids
  • Others (blankets, quilts)
  •  By End User
  • Individual
  • Institutional (military, scouts)
  • Commercial (rentals)
  •  By Distribution Channel
  • Offline (specialty stores, department stores)
  • Online
  •  By Insulation Material
  • Down
  • Synthetic (polyester)
  • Wool
  • Cotton
  • Others (silk)
  •  By Temperature Rating
  • Summer (+35°F to +50°F)
  • 3-season (+15°F to +35°F)
  • Winter (0°F to +15°F)
  • Extreme (-10°F and below)
  •  By Size
  • Kids
  • Single
  • Double
  • Queen/King
  • Others (oversized)

 

Key Takeaways:

The global Sleeping Bag Market Size is expected to witness high growth over the forecast period driven by increasing outdoor recreational activities. The global sleeping bag market is estimated to be valued at US$ 1.64 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030.

North America dominates the sleeping bag market currently owing to a strong base of outdoor enthusiasts. The US accounts for the major share and witnesses high demand for premium and specialty bags. Europe is the second largest market for sleeping bags. Countries like Germany, France and UK are major European markets. The growing participation in adventure sports and outdoor activities is driving demand. Asia Pacific is expected to be the fastest growing region attributed to rising outdoor enthusiasts in China, Japan and India. Increasing government initiatives to promote tourism will support regional growth.

Key players operating in the sleeping bag market are The Coleman Company Inc., Johnson Outdoors Inc., Oase Outdoors ApS, AMG Group, VF Corporation, Kelty, Marmot, Mountain Equipment, NEMO Equipment Inc., Sierra Designs, Snugpak Ltd., Blackpine Sports, Hyke & Byke LLC, Exxel Outdoors LLC, ALPS Mountaineering, Naturehike, Teton Sports, MalloMe, Western Mountaineering, and Mountain Hardwear.

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