NEW YORK, Dec. 1, 2021 /PRNewswire/ -- North America will dominate the bicycle bags market during the forecast period. The market size is expected to increase by USD 31.65 mn from 2021 to 2026, accelerating at a CAGR of 4.07%.

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Market Dynamics

Factors such as growing disposable incomes and government initiatives to promote cycling will be crucial in driving the growth of the bicycle bags market. However, the presence of counterfeit products and stringent government regulations for procuring raw materials such as leather will restrict the market growth.

Company Profiles

The bicycle bags market report includes information on the product launches, sustainability, and prospects of leading vendors. Some of these vendors include Arkel, ASG International SRL, Axiom Cycling Gear, Basil BV, ORTLIEB Sportartikel GmbH, Thule Group AB, TOPEAK Inc., Trek Bicycle Corp., VAUDE Sport GmbH and Co. KG, and Vista Outdoor Inc.

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Competitive Analysis

The competitive scenario provided in the bicycle bags market report examines, assesses, and positions companies based on various performance indicators. A few of the factors considered for this analysis include the financial performance of companies over the last few years, product innovations, growth strategies, new product launches, investments, growth in market share, etc.

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Market Segmentation

• Based on distribution channel, the market is classified into offline and online. The offline segment will contribute the largest share of the market.
• Based on geography, the market is classified into North America, Europe, APAC, South America, and MEA. North America is expected to have the largest share of the market.

Regional Analysis

Technavio's market forecast report includes detailed information on the competitive intelligence, marketing gaps, and regional opportunities for vendors to assist organizations in creating efficient business plans. According to our analysis, 42% of the market's growth is expected to originate from North America during the forecast period. The US and Canada are the key countries for the bicycle bags market in the region. Factors such as growth of the online sales channel and the availability of import options in North America will drive the bicycle bags market growth in the region.

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SOURCE Technavio