COVID-19 is an economic and health disaster that has permanently changed the way people live and work. The effect of coronavirus on consumer products industry is profound and lasting. This crisis is fundamentally changing what and how consumers buy, which is accelerating massive structural changes in the consumer goods industry. Further, in some of the developed countries, the imports and exports of consumer goods have reduced tremendously. The impact of coronavirus has created a shift in priorities for consumer goods. Government is taking certain actions to keep the production ramped up for essential consumer goods. The production of only basic goods is being largely focused on to meet the needs of the consumers. Due to this, manufacturing of bicycle bags and bag packs are on halt across the globe.
Surging Use of Multi-Functionality Bicycle Bags and Bag-Packs
Multi-functionality of bicycle bags and bag packs is expected to boost the market growth during the forecast period. These bags are designed in such a way that they offer several benefits. They are convenient and compact for traveling with additional features for bicycle shoes, kit, helmet, and other accessories. Moreover, some of these bicycle bags are designed to keep laptops, thereby enabling working population and college students to ride bicycle to work and colleges efficiently.
With the development in retail and consumer goods products, manufacturers have also started manufacturing bags in the market that are highly durable. As a consequence, these bags are also being used for local traveling, gym, workplaces and are also carried during international competitions. These factors are heightening the demand for bicycle bags and bag packs.
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Bicycle Carrier Bags to Gain Traction
Carrier bags hold a major share in the global bicycle bags and bag packs market, owing to growing awareness among customers along with rising retail space for the product. Accelerating trends of long tours and bicycle tourism for social causes are the major reasons giving impetus to bicycle riding. In addition, these bags lower the center of gravity of the bicycle that helps in balancing the cycle and are specially designed for this purpose. As a result, there is huge demand for cycle carrier bags globally.
New Products Emerge as Game Changers in Bicycle Bags and Bag Packs Market
- Aeroe Bike Pack: In January 2019, bicycle bags and bag packs market witnessed an introduction of BikePack by Aeroe. This is versatile bag designed, tested, and verified for carrying gear on bikes. It is rugged, lightweight, and has quick mount and release action and is a perfect fit for any long cycling tours, MTB expeditions, urban commuting for everyday use. This BikePack is also perfect for use on eBikes.
- Rapha Rolltop backpack: The Rolltop backpack by Rapha is one of the latest product launches for fashionistas of cycling and designed to promote city slicker styling, an upcoming trend in Western countries, matching different types of bikes. These backpacks are widely being used as they have abrasion-resistant fabric and are water-resistant and easy to rummage around inside the cavernous interior. Also, the black stripes on the back have a series of attachments for locks and lights.
Celebrity Endorsement to Remain Key Growth Strategy
In recent times, manufacturers are hiring celebrities to promote their brands. This is expected to boost sales of bicycle bags and bag packs as they spread positive word-of-mouth and promote the brand on social media. Consumers perceive these celebrities as having immense credibility and respect their opinion. Owing to this, sales of bicycle bags and bag packs are poised to grow at a modest rate in the near future.
The outbreak of COVID-19 has resulted in the rise of number of people staying indoors causing a reduction in the cycling tours and related activities. This has impacted the way the companies are marketing their products. Also, it has critically hampered the production of bicycles and related accessories such as bicycle bags and bag packs.
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