Major bicycle bags and bag-packs manufacturers are focusing on contracts with brand ambassadors to bolster marketing efforts and brand credibility, resulting in higher adoption rates.
DUBAI, UAE / ACCESSWIRE / April 1, 2020 / The global bicycle bags and bag-packs market will expand at an promising 6% CAGR through 2029. As per a new study by Future Market Insights (FMI), the market for bicycle bags and bag-packs is largely influenced by increasing applications for college students, working commuters, gym workouts, local races, and international competitive events.
"Manufacturers are developing bicycle bags and bag-packs to target the growing demographic of women cyclists with increased focus on fashionable designs," reveals the FMI report.
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Key Research Findings
- Cycle carrier bags will account for more than 89% of the overall market share through the forecast period.
- Bicycle bags and bag-packs will continue to be targeted towards men through the forecast period. However, women-centric products will make substantial growth in the years ahead.
- E-commerce channels of distribution, will lead the market in terms of revenue, driven by widespread internet penetration.
- Gains of the global bicycle bags and bag-packs market will remain largely concentrated in Asia Pacific, driven by a younger population, major cycling events and support of government initiatives.
Key Growth Drivers
- Strong bicycle long tour activities taking place among the global population of young people plays a major role in the growth of market.
- Design innovations in bicycle bags and bag-packs for multi-functionality features to add to the global footprint of players.
- High durability characteristics and easy product availability are major factors contributing to market growth.
- The development of fashion-based accessories and designs will drive adoption among varied demographics.
- The bicycle bags and bag-packs market is facing continued challenges owing to the issues of inadequate bicycle friendly areas in many parts of the world.
Explore the complete bicycle bags and bag-packs market report with 89 illustrative figures, 56 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11176
Competition Structure Analysis - Bicycle Bags and Bag-packs Market
The competition landscape of bicycle bags and bag-packs market is moderately fragmented. Key players are also investing in strategic collaborations within the industry to widen their range of product offerings. Players are also focusing their efforts towards product innovations and setting up contracts for celebrity endorsements.
Some of the key players in the bicycle bags and bag-packs market include, but are not limited to Deuter Sport GmbH, Shimano Inc., Inertia Designs, Giant Manufacturing Company Ltd., Lone Peak Packs, Merida Industry Co.Ltd., Madden Equipment, Wiggle Ltd., MAINSTREAM-MSX, BROOKS ENGLAND, Velotransit, Recreational Equipment Inc., Trek Bicycle Corporation, Ortlieb USA, and Topeak, among others.
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About the Report
This report offers global, regional, and national level analysis on the latest trends in the industry influencing the bicycle bags and bag-packs market. The study provides actionable insights on the bicycle bags and bag-packs market on the basis of product type (cycle carrier bags and bag-packs), and sales channel (offline and online), across 30 countries spanning six key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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Market Report: https://www.futuremarketinsights.com/reports/bicycle-bags-and-bag-packs-market
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SOURCE: Future Market Insights