The bicycle bags and bag-packs market size is projected to reach a valuation of US$ 489.5 Mn in 2022, likely to surge at a vigorous 5.8% CAGR from 2022 – 2029
There is a significant increase in bicycle long tours among the young population worldwide. Growing cycle tourism and long tours for a social cause are the major reasons for the increase in the number of bicycle long tours. Long tours demand for various types of carrier bags to carry the essential things for the journey. Cycle carrier bags are specifically designed to be mounted onto bicycle frame so as to relieve the cyclists from carrying weight on his back.
Cycle carrier bags lowers the centre of gravity of the bicycle that makes controlling the bicycle much easier with compact transportation of the gear such as food, clothing, and biking tools. Consequently, there is a growing demand for cycle carrier bags globally.
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Key Takeaways from the Bicycle Bags and Bag-packs Market Study
Asia Pacific region is at forefront for cycling globalization. There is a considerable young population in this region. The benefits of cycling to maintain a healthy lifestyle is a major factor influencing the millennial. Government in this regions are taking initiatives to promote cycling activities such as development of cycling tracks, cycle sharing spots, and arranging cycling events.According to Union Cycliste Internationale (UCI), Asia region is extremely active in hosting major cycling events. Currently, there are 40 UCI Continental Teams registered in Asia, which is more than twice of 2009 having 17 teams.
Also, a significant number of manufacturers of bicycle bags and bag-packs is present in this region. Considering all these factors, Asia Pacific regions holds potential opportunities for bicycle bags and bag-packs market. Association of manufacturers with governmental initiatives is anticipates to generate new opportunities in this region.E-commerce sales channel is estimated to generate high revenue in the forecasted years for the bicycle bags and bag-packs market owing to increasing internet usage among consumers.
“Manufacturers are developing bicycle bags and bag-packs by targeting the growing number of women cyclists such that the bags cater its basic function in a fashionable way. The low awareness among consumers about Bicycle Bags and Bag-packs when compared with other personal care products is major barrier of the market growth. Consequently, effective advertising is essential for the rapid growth of bicycle bags and bag-packs market.” says an FMI analyst.
Celebrity Endorsement to Inspire Consumer’s Buying Behaviour
An emerging trend in the bicycle bags and bag-packs market is the increasing number of key players appointing various celebrities from the field of sports and films to endorse their products, with an objective to influence consumers to adopt the same. This is winning trust of the customers and attracting them to use of bicycle bags and bag-packs instead of conventional bags.
Who is winning?
Some of the key players operating in the bicycle bags and bag-packs market are as Shimano, Inc., Giant Manufacturing Co., Ltd., Merida Industry Co Ltd., Wiggle Ltd., BROOKS ENGLAND, Recreational Equipment, Inc., Ortlieb USA, Topeak, Trek Bicycle Corporation, Velotransit, MAINSTREAM-MSX, Madden Equipment, Lone Peak Packs, Inertia Designs, Deuter Sport GmbH, and others. Several leading market players are engaged in partnership with other companies to increase their product offering across the world. Moreover, companies are engaged in celebrity endorsement and product innovation.
For instance, the BLS Group features famous professional cyclists such as Mariske Strauss, Nate Koch, and Jolien D’hoore as brand ambassadors.
BICYCLE BAGS AND BAG-PACKS MARKET TAXONOMY
The global bicycle bags and bag-packs market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Cycle Carrier Bags
- Specialty Bicycle Retailers
- Full Line Sporting Goods Stores
- Department & Others
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East and Africa
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