Cycle Carrier Bags Segment Holds Dominance with 89.4% Share in 2019
Cycle carrier bags holds the highest share in the global bicycle bags and bag-packs market due to high demand and awareness among customers about the product. Moreover, bag-packs are expected to witness a significant growth during the forecast period due to increasing awareness among customers and increasing retail space for the product. From a historical and recreational perspective, it is estimated that about four times as men rides bicycles as women.
However, an enormous increase in number of women cyclists’ participation is observed over the past decade. In response of this, there is a substantial growth in women bicycling activities. For instance, in 2002, the Amstel Gold Race had 1.7 percent of women participants, while in 2012, 8 percent of 15,000 participants constituted by women, and in 2019, about 17 percent of total participants were women.
Also, in the Limburgs Mooiste Tour of the Netherlands, women accounted about 10 percent of total participants in 2014. In addition, women made up to 15 percent of all participants in 2018. This trend highlights the emergence of more bicycle bags and bag-packs brands focusing particularly on female market.
Europe has Higher Penetration Rate for Bicycle Bags and Bag-packs
According to FMI analysis, Europe holds the prominent share in the global bicycle bags and bag-packs market. Most of the European countries are bicycle-friendly. A considerable population of European countries uses bicycle regularly. According to bicycle cities index 2019, countries such as Netherland, Denmark, Belgium and Germany are leading in the usage of bicycles. Moreover, population in this region are highly aware regarding importance of bicycle accessories.
Hence,Europe holds a prominent share for bicycle bags and bag-packs market. Also, no car day and various bicycle tours and events are organized in Europe. This fuels the usage of bicycle and thereby consumers here tend to purchase bicycle bags and bag-packs as they require them quite often. Although Europe have high penetration rate of bicycle bags and bag-packs, East Asia has relatively more number of consumers.
Increasing Fashion Trends of Bicycle Bags and Bag-packs
Manufacturers are endorsing brand ambassadors to enhance the sales of bicycle bags and bag-packs as they spread a positive word-of-mouth, boost brand on social media, and humanize their brand. Consumers perceive brand ambassadors’ immense credibility and respect their opinion. Consequently, manufacturers are promoting their product through brand ambassadors as a fashion trend that serves multiple purposes, resulting in high adoption of bicycle bags and bag-packs by consumers.
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How Growth will Unfold
In the last few years, there has been an increased urbanization, especially in developing countries, with a large population moving from rural to urban areas. This has led to increasing people inclination towards professional cycling activities and events. These factors are expected to lead the population purchase bicycle bags and bag-packs in the near future.
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