A substantial rise in bicycle long tours among the young population worldwide has been catalyzing the bicycle bags and bag-packs market growth. Increasing long tours and cycle tourism for a social drive are the key factors responsible for the increment in number of bicycle long tours. Several kinds of carrier bags are used for long tours to hold the necessary belongings for the journey. Cycle carrier bags are particularly designed to be put on top of the bicycle frame to ease the cyclists from containing a burden on his back.
A cycle carrier bag lowers the bicycle’s center of gravity that makes controlling the bicycle much simpler with compact transportation of the gear such as biking tools, clothing, and food. As cycle carrier bags continue to gain traction worldwide, the bicycle bags & bag-packs market is anticipated to record novel development prospects during the assessment period of 2019-2029. Future Market Insights expects the market to grow at a 5.6% CAGR through 2029.
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Key Takeaways of Bicycle Bags & Bag-packs Market Study
- APAC region is at the vanguard of global adoption of cycling culture. The advantage of cycling to keep up a healthy lifestyle is the foremost aspect influencing its adoption among ever-increasing number of millennial in the region, which in turn pushes the market growth.
- As the government takes the first steps to promote cycling activities such as arranging cycling events, cycle sharing spots, and development of cycling tracks, the regional bicycle bags and bag-packs is expected to witness healthy growth.
- As per Union Cycliste Internationale (UCI), the Asia’s market is mainly active in hosting most of the cycling events. Presently, there are 40 UCI Continental Teams recorded in Asia, which is over twice of 2009 having 17 teams.
- APAC accounts for potential prospects for the bicycle bags & bag-packs market growth. Favorable government initiatives are projected to open a window of opportunities for market players.
- e-Commerce is expected to remain a highly preferred sales channel and generate high market revenue over the forecast period, owing to increasing internet use among consumers.
“Manufacturers are developing bicycle bags and bag-packs targeting the expanding number of women cyclists such that the bags supply their basic purpose in a trendy way. The less awareness among customers in contrast to other personal care products is the foremost hurdle of the market development. Accordingly, efficient advertising is crucial for the quick market growth,” says an FMI analyst.
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Celebrity Endorsement to Prompt Consumer’s Buying Behavior
A rising trend in the bicycle bags & bag-packs market is the expanding number of key participants appointing several celebrities from the films and sports field for the endorsement of their products, with a purpose to influence customers to adopt the same. This remains a key to gaining customers’ trust and drawing them to make use of these rather conventional bags.
Various key market participants are employed in partnership with different companies to boost their product offering all over the world. Additionally, companies are absorbed in product innovation and celebrity endorsement.
For example, the BLS Group has famous professional cyclists, Jolien D’hoore, Nate Koch, and Mariske Strauss, as brand ambassadors.
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