Bicycle Bags and Bag-packs Market Value to Surpass US$ 724.2 Mn in 2029
Multi-functionality of bicycle bags and bag-packs is expected to fuel growth of the market during the forecast period. Bicycle bags and bag-packs are designed such that they have multiple applications. They are compact and convenient for traveling and features dedicated compartments for bicycle kit, shoes, helmet, and other accessories. Some of the bicycle bags and bag-packs are also designed to keep laptops to serve the college students and working population.
Moreover, most of the bicycle bags and bag-packs available in the market are highly durable in bad weathers. As a result, the multi-functionality of bicycle bags and bag-packs caters the commuters to work, gym, local race, or even international competitions. These factors enhances the bicycle bags and bag-packs market growth. Moreover, companies through the use of promotional activities and marketing techniques such as advertising are increasing sales of bicycle bags and bag-packs. Thus, the market is exhibiting a moderate CAGR of ~6 yearly growth in revenues, the global bicycle bags and bag-packs market will surpass US$ 724.2 Mn mark in 2029. This FMI study reveals that the market will grow at a significant pace during 2019 - 2029.
Global Bicycle Bags and Bag-packs Market - Key Research Findings
- The global bicycle bags-packs market will expand at a CAGR of 5.6%over 2020-2030.
- The cycle carrier bags in bicycle bags and bag-pack market is likely to continue to dominatingthe market during the forecast period.
- The bag-packs segment is also likely to register growth during the forecast period.
- East Asia is likely to dominate the market during the forecast period.
- Growth is likely to unfold due to an increase in e-Commerce penetration.
- Manufacturers are focusingon making investments in product development to gain competitive advantage.
Bicycle excursions gaining popularity among millenials likely to unfold market growth.
Key Factors Global Bicycles and Bag - packs Market
Bicycle Adventure Traveling Gaining Popularity Among Millenials
Millenial generation is the largest generation of all times. Millenials along with the younger generation are more fond of adventure traveling than the elder generations. Many millenials prefer adventure traveling than business or work-related travel if given an option. Millenials often like to do something different when it comes to traveling and adventure and so the concept of Bicycle expeditions is gaining more popularity among millenials. This is further likely to drive the demand for cycle carrier bags during the forecast period.
The current COVID-19 outbreak has forced governments of different nations to enforce nationwide lockdowns to prevent the spread of the disease. This has caused certain temporary disruptions in the production and supply chain of the market. Besides this, there will be a slight temporary impact on product sales as the governments have restricted nonessential activities like adventures and traveling
Increasing Investmentsin Innovation to Enhance Product Offerings Likely To Impact Positively Growth
Innovative bicycle bags and bag-packs with GPS, wireless connectivity, and other features are anticipated to witness high growth over the forecast period. Launch of innovative products that suffice the consumer’s requirements will expand the product offerings in turngenerating lucrative opportunities forthe market. Companies are increasingly making investments in product developments cater to consumers’ changing needs.
A Growing Number of Women Cyclists Positively Impacting Growth
Cycling is gaining more popularity, especially among women. The number of female cyclists is rising rapidly than the number of male cyclists. This is especially observed in western countries. The changing lifestyles of women have resulted in a significant rise in females opting for bicycles either for sports or for leisure. This rise in women cyclists is likely to contribute significantly to the growth of the Bicycle Bags and Bag-packs market.
Bicycle bags and bag-packs market : Structure Analysis
- Some of the major players in the Deuter Sport Gmbh, Shimano Inc, Giant Manufacturing Company Ltd, Inertia Designs, BROOKS ENGLAND, Trek Bicycle Corporation, Ortlieb USA, Merida Industry Company Ltd, Wiggle Ltd, and others
- The companies in the market are investing heavily in research and development. One such example is Shimano Inc. The company focuses on R&D to ensure development of good quality and lightweight products ensuring high functionality.
Base year considered
Actual estimates/Historical data
2015 - 2019
2020 - 2030
Value (USD) Bn
Product Type, sales channel, and regions
North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa (MEA)
Deuter Sport GmbH, Shimano Inc, Giant Manufacturing Company Ltd, Inertia Designs, BROOKS England, Trek Bicycle Corporation, Ortlieb USA, Inertia Designs, Merida Industry Co. Ltd, Wiggle Ltd, and others.
Revenue forecast, company share, competitive landscape, growth factors, and trends
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.
Cycle Carrier Bags holds leading revenue share
Bag-packs to showcase noteworthy CAGR
Offline to remain top in distribution channel
Online is expected to show a high CAGR
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.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Bicycle Bags and Bag-packs Market: Global Industry Analysis 2014-2018 and Opportunity Assessment 2019-2029
A new market study published by FMI on the bicycle bags and bag-packs market offers global industry analysis for 2014-2018 and opportunity assessment for 2019-2029. The report offers a broad assessment of the most significant market dynamics. After conducting in-depth research on the historic as well as current growth factors of the bicycle bags and bag-packs market, growth prospects of the market have been obtained with maximum precision.
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
The report begins with the executive summary of the bicycle bags and bag-packs market, which includes a summary of key findings and statistics of the market. It also includes market volume (Thousand Units) and value (US$ million) estimates of significant segments in the bicycle bags and bag-packs market.
Readers can find exhaustive taxonomy and definitions of the bicycle bags and bag-packs market in this chapter, which will help them understand basic information about the market. This section also highlights inclusions and exclusions, which will help readers to understand the scope of the bicycle bags and bag-packs market report.
The report provides key market trends that are expected to impact market growth significantly during the forecast period of 2019-2029. Detailed industry trends are provided in this section, along with key market developments and product innovations.
This section offers global overview of SWOT analysis and Porter’s five force analysis, along with value chain analysis, and major forecast factors. This chapter also explains key macroeconomic factors that are expected to influence growth of the bicycle bags and bag-packs market over the forecast period. Along with macroeconomic factors, this section also highlights opportunity analysis for the market. It also offers key market dynamics of the bicycle bags and bag-packs market. Moreover, it will help readers to understand key trends followed by leading manufacturers in the bicycle bags and bag-packs market.
This section provides detailed analysis of the historical bicycle bags and bag-packs market volume (Thousand Units), along with an opportunity analysis for the future. Readers can also find incremental opportunity for the current year (2019-2020), and absolute $ opportunity for the forecast period (2019-2029).
This chapter highlights the pricing analysis based on product type for base year 2018 and forecast year 2029.
This section explains the global market value analysis and forecast for the bicycle bags and bag-packs market during the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical bicycle bags and bag-packs market, along with an opportunity analysis for the future. Readers can also find the incremental opportunity for the current year (2019 - 2020), and an absolute $ opportunity for the forecast period (2019 - 2029).
In this chapter, readers can find market attractiveness analysis based on product type. Based on product type, the bicycle bags and bag-packs market is segmented into cycle carrier bags and bag-packs.
In this chapter, readers can understand the market attractiveness analysis based on sales channel. This chapter provides details about the bicycle bags and bag-packs market on the basis of sales channel, and has been classified into offline and online. Offline segment is further sub-segmented into specialty bicycle retailers, full line sporting goods stores, and department & others.
This chapter explains how the bicycle bags and bag-packs market is anticipated to grow across various geographic regions, such as North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East and Africa (MEA).
This chapter provides information about how the bicycle bags and bag-packs market is anticipated to grow in major countries of the North America region, such as the U.S., and Canada, during the forecast period of 2019 - 2029.
Readers can find detailed information about several factors such as regional trends, which are impacting the growth of the Latin America bicycle bags and bag-packs market. This chapter also includes growth prospects of the bicycle bags and bag-packs market in leading Latin American countries such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the bicycle bags and bag-packs market in several countries such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX, and the Rest of Europe, are included in this chapter.
ASEAN, Oceania, India, and others are leading countries in the South Asia & Pacific region, which are prime subjects of assessment to obtain growth prospects of the South Asia & Pacific bicycle bags and bag-packs market in this chapter. Readers can find detailed information on growth parameters of the South Asia & Pacific bicycle bags and bag-packs market during the period 2019-2029.
This chapter includes a detailed analysis of the growth of the East Asia bicycle bags and bag-packs market, along with a country-wise assessment that includes China, Japan, and South Korea. Readers can also find regional trends, regulations, and market growth based on product type, sales channel, and countries in East Asia.
This chapter highlights the growth of the bicycle bags and bag-packs market in the MEA by focusing on GCC Countries, South Africa, Turkey, Israel, and others. This section also helps readers understand key factors that are responsible for the growth of the bicycle bags and bag-packs market in the MEA.
This chapter provides information market analysis of companies, market concentration of companies, market share of top players and their presence.
In this chapter, readers can find a detailed information about the tier analysis and market concentration of key players in the bicycle bags and bag-packs market, along with their market presence analysis by region and product portfolio. Moreover, readers can find a comprehensive list of leading stakeholders in the bicycle bags and bag-packs market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are 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, and Deuter Sport GmbH.
This chapter explains various assumptions considered for the bicycle bags and bag-packs market. It explains different acronyms used throughout the report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, about the bicycle bags and bag-packs market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and long-term market growth prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- International Associations and Publications
- Union Cycliste Internationale (UCI)
- League of American Bicyclists
- Adventure Cycling Association
- European Cycling Federation
- National Interscholastic Cycling Association (NICA)
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits