Bicycle Bags and Bag-packs Market Size, Share, Trends, Application Analysis and Growth by Forecast to 2019-2029

(Markitwired via Comtex)

There is a significantincrease in bicycle long tours among the young population worldwide. Growingcycle tourism and long tours for a social cause are the major reasons for theincrease in the number of bicycle long tours. Long tours demand for varioustypes of carrier bags to carry the essential things for the journey. Cyclecarrier bags are specifically designed to be mounted onto bicycle frame so asto relieve the cyclists from carrying weight on his back.

Cycle carrier bags lowers the centre ofgravity of the bicycle that makes controlling the bicycle much easier withcompact transportation of the gear such as food, clothing, and biking tools.Consequently, there is a growing demand for cycle carrier bags globally. Therefore, bicycle bags andbag-packs market is expected to register new growthopportunities during the forecast period. The market is projected to rise at aCAGR of ~5.6% between 2019 and 2029, Future Market Insights foresees highgrowth for the market.

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Key Takeaways from the Bicycle Bags andBag-packs Market Study

  • Asia Pacific region is at forefront for cycling globalization.There is a considerable young population in this region. The benefits ofcycling to maintain a healthy lifestyle is a major factor influencing themillennial. Government in this regions are taking initiatives to promotecycling activities such as development of cycling tracks, cycle sharing spots,and arranging cycling events.
  • According to Union Cycliste Internationale (UCI), Asia region isextremely active in hosting major cycling events. Currently, there are 40 UCIContinental Teams registered in Asia, which is more than twice of 2009 having17 teams. Also, a significant number of manufacturers of bicycle bags andbag-packs is present in this region. Considering all these factors, AsiaPacific regions holds potential opportunities for bicycle bags and bag-packsmarket. Association of manufacturers with governmental initiatives isanticipates to generate new opportunities in this region.
  • E-commerce sales channel is estimated to generate high revenuein the forecasted years for the bicycle bags and bag-packs market owing toincreasing internet usage among consumers.

"Manufacturersare developing bicycle bags and bag-packs by targeting the growing number ofwomen cyclists such that the bags cater its basic function in a fashionableway. The low awareness among consumers about Bicycle Bags and Bag-packs whencompared with other personal care products is major barrier of the marketgrowth. Consequently, effective advertising is essential for the rapid growthof bicycle bags and bag-packs market." says an FMI analyst.

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Celebrity Endorsement to InspireConsumer's Buying Behaviour

An emerging trend in thebicycle bags and bag-packs market is the increasing number of key playersappointing various celebrities from the field of sports and films to endorsetheir products, with an objective to influence consumers to adopt the same.This is winning trust of the customers and attracting them to use of bicyclebags and bag-packs instead of conventional bags.

Who is winning?

Some of the key playersoperating in the bicycle bags and bag-packs market are as Shimano, Inc., GiantManufacturing Co., Ltd., Merida Industry Co Ltd., Wiggle Ltd., BROOKS ENGLAND, RecreationalEquipment, Inc., Ortlieb USA, Topeak, Trek Bicycle Corporation, Velotransit,MAINSTREAM-MSX, Madden Equipment, Lone Peak Packs, Inertia Designs, DeuterSport GmbH, and others. Several leading market players are engaged inpartnership with other companies to increase their product offering across theworld. Moreover, companies are engaged in celebrity endorsement and productinnovation.

  • For instance, the BLS Group features famous professionalcyclists such as Mariske Strauss, Nate Koch, and Jolien D'hoore as brandambassadors.

Get Valuable Insights into Bicycle Bags and Bag-packs Market

Future Market Insights, inits new offering, provides an unbiased analysis of the global bicycle bags andbag-packs market, presenting historical demand data (2014-2018) and forecaststatistics for the period from 2019-2029. The study divulges compellinginsights on the bicycle bags and bag-packs market based on product type (cyclecarrier bags and bag-packs), sales channel (offline and online) across sixregions. Offline sales channel is further sub-segmented into specialty bicycleretailers, full line sporting goods stores, and department & others. Thestudy focuses on product innovations, key developments, and variousopportunities and trends in the bicycle bags and bag-packs market.

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COMTEX_390229528/2612/2021-07-22T05:53:28