Global Bike Bags Market Report 2023: Growing Awareness of Sustainable Transportation Fuels the Sector
Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "Bike Bags Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global bike bag market is anticipated to grow at a substantial CAGR of 6.3% during the forecast period.
Blackburn (Vista Outdoor Inc)
EVOC SPORTS GmbH
Fenix Outdoor International AG
Hermes International S.A.
ORTLIEB Sportartikel GmbH
Osprey Europe Ltd.
Trek Bicycle Corp
Vincita Co. Ltd.
Bike bags such as panniers have many advantages. Bike bags displace load from the back, neck, shoulders, or body to the cycle frame thus making the ride more comfortable and painless.
The rising demand for bicycle bags or bike bags has increased, especially among those opting for recreational cycling activities. Its adoption across different income classes is primarily led by the health benefits of cycling, personal liking, and growing awareness of sustainable transportation. These factors are driving the growth of the market.
However, some negative factors might act as critical restraints in the growth of the market such as growing road congestion in the emerging economies due to rising population and increasing numbers of cyclist mortality. As per National Safety Council, the number of preventable mortality from bicycle transportation incidents increased 16% in 2020 and has increased 44% in the last 10 years, from 873 in 2011 to 1,260 in 2020. This fact may likely reduce the number of a cyclist along with necessary accessories such as bags.
The global bike bag market is segmented based on the material type, design, and distribution channel. Based on the material type, the market is sub-segmented into polyester, fabric, leather, and others. Among these, the leather segment is predicted to contribute the highest share while the polyester segment is likely to be the fastest-growing during the forecast period. Based on the design, the market is classified into panniers, handlebars, saddles, trunks, frames, and others. Based on the distribution channel, it is further sub-segmented into online and offline.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Among these, North America is expected to witness notable growth in the market owing to the presence of prominent bike bag manufacturers such as Arkel, ASG International SRL, and Axiom Cycling Gea.
In addition, growing disposable income is also the key factor in the market showing impressive growth. The government initiatives to promote cycling and rising funding for recreational activities to motivate people to take steps toward a healthy lifestyle to create significant scope for market growth.
The Report Covers
Comprehensive research methodology of the global bike bag market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global bike bag market.
Insights about market determinants that are stimulating the global bike bag market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.3. Porter's Analysis
3. Competitive Landscape
3.1. Key Company Analysis
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Determinants
5. Market Segmentation
5.1. Global Bike Bags Market by Material type
5.2. Global Bike Bags Market by Design
5.3. Global Bike Bags Market by Distribution Channel
5.3.1. Online Sales
5.3.2. Offline Sales
6. Regional Analysis
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/gn6fyt
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