The bicycle bags and bag-packs market was worth US$ 489.5 Million in the year 2022 and is expected to reach US$ 724.2 Million by the year 2029 at a CAGR of 5.8% between 2022 and 2029.
The present situation is such that people have begun to very well understand the vitality of cycling to stay fit. Moreover, the fact that cycling can help in keeping obesity at bay is the factor drawing bicycle bags and bag-packs market. As does frequency of cycling increase; so do sales of bicycle bags and bag-packs. Long bicycle tours are also in greater demand amongst the youth. Long tours do ask for various travel bags for transporting the journey’s basics.
The manufacturers are into promotion of bicycle bags as well as bag-pack sales by opting for social media for creating brand awareness. At times, even celebrities are roped in for this purpose. The ongoing trend also speaks of devising footwear to cater to cycling. For instance – Shimano, Inc., in 2019, came up with cycling footwear called RC5W (SH-RC500) and RC5. These fall in the category of mid-range road cycling shoes.
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At the same time, the fact that there is a dearth of dedicated cycling tracks in under-developed economies can’t be ignored. This factor could hamper the bicycle bags and bag-packs market going forward.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Bicycle Bags and Bag-Packs market’. It has its team of analysts and consultants to look through the macros as well as micros.
“Europe is expected to grow seeing the increase in number of female cyclists in regions like Germany”, says an analyst from Future Market Insights.
Key Takeaways from Bicycle bags and Bag-Packs Market
- North America holds a significant market share due to the US being subject to cycling being increasingly resorted to. The status quo is expected to remain unchanged even going forward.
- Europe is expected to grow on the back of Germany. This is basically due to the fact that 70% of Germans prefer cycling. As such, there are several cycling paths all across the region. The other regions holding the baton of cycling include Belgium, Denmark, France, and The Netherlands.
- The Asia-Pacific is expected to grow at the fastest pace in the bicycle bags and bag-packs market going forward with China being at the forefront regarding cycling.
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Competitive Bags
- The key players in bicycle bags and bag-packs include Deuter Sport GmbH, Wiggle Ltd., Intertia Designs, MSX, Lone Peak packs, Velotransit, TOPEAK, SHIMANO Inc., Merida Industry Co. Ltd., SELLE ROYAL SPA, Recreational Equipment, Inc., Lone Peak Packs, and likewise.
- The key players are engaged in organic as well as inorganic modes of expansion to strengthen their foothold in the bicycle bags and bag-packs market. They include mergers, acquisitions, new product launches, partnerships, joint ventures, and likewise.
What does the Report say?
- The research study is based on product (cycle carrier bags and bag-packs), by sales channel (offline sales of bicycle bags and bag-packs (specialty bicycle retailers, full line sporting goods stores, and departmental stores & others), and online sales bicycle bags and bag-packs).
- With more number of people turning toward cycling as a healthy sport, the global bicycle bags and bag-packs market is bound to grow on a stellar note in the forecast period.
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.
Product Type
- Cycle Carrier Bags
- Bag-packs
Sales Channel
- Offline
- Online
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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