The ever rising number or cycling enthusiasts has been aiding expansion of bicycle chains market. Future Market Insights (FMI) in a recent study forecasts the market demonstrate a steady growth at 4.6% between 2020 and 2030.
Bicycles have been through numerous design changes over the years, currently however the focus is more on ensuring robust performance and precise gear shifts. Ascertaining the efficiency of bicycle chains is therefore top priority among manufacturers.
The rising demand for faster cycling speed and more power is creating scope for innovations. Consequently, manufacturers are encouraged to integrate digital intelligence to boost mechanism as is expected from smart bicycle technologies.
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There is immense focus on manufacturing durable and robust chains without making them any heavier. The development of hollow pins for instance is intended to enable production of lightweight chains.
Some are even using diamond and gold coatings on chain to enhance its performance and durability. A host of similar novel developments will underscore growth prospects for the market. Likewise, FMI forecasts the bicycle chain market to reach a valuation of US$1.4 Bn by the end of 2030.
The report also uncovers various hidden growth opportunities in the market. Some of the key takeaways from the report are as follows:
- With China demonstrating extensive production of e-bikes, East Asia accounted for leading share in the global market in 2019. The installation of high-end bicycle chains in e-bikes will further boost growth prospects
- Some of the leading bicycle manufacturers have started offering customization to cater to dynamic consumer preference. For instance, they can get the bicycles fitted with preferred model of gear with advanced settings as per customer liking. They are also aiming to manufacture chains that can silently mesh across a micro-geared platform
- A standard bicycle chain has a lifetime. It wears out that affects its performance after covering certain miles. Timely replacing chains is therefore essential to ensure optimum bike performance
- The COVID-19 pandemic has given a major blow to global industries. Outlook for bicycle chain market will remain indefinite for the rest of year. The manufacturing sector has been hit hard due to COVID-19 outbreak and subsequent restrictions. While the sector is limping its way back to recovery, it might be a slow start for manufacturing of bicycle chains
“As mainstream bicycle component manufacturers begin realigning their businesses to keep pace with dynamic environment, the market outlook for new bicycle sales remains positive,” said a lead analyst at FMI.
Who is winning?
The global market for bicycle chain is fairly competitive and exhibits the presence of several regional and local players. According to FMI, Tier 1 companies constitute more than one-fourth of the global market.
In order to gain competitive advantage, market players are focusing on innovation and product improvement. They are adopting novel advanced transmission mechanisms to optimize old designs and manufacture robust and efficient chains.
Several companies are adopting innovative product development strategies to penetrate in overseas market thus expanding their global footprint. Companies operating in Tier 2 and 3 are likely to witness intense competition from established brands.
About the Report:
The research report analyzes the total sales of bicycle chain on the basis of volume (‘000 Units) and value (US$ Mn). The market is projected on the basis of factors such as transportation industry growth, global bicycle sales, global GDP growth, industry value added, and sports activities. The scope of the research report includes new sales of bicycle chain for OEM as well as aftermarket.
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Bicycle Chain Market Report: Scope
|Historical Data Available for||2015-2019|
|Market Analysis||USD Million for Value and ‘000 Units for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa|
|Key Segments Covered||Material Type, Chain Type, Bicycle Type, Width, Sales Channel, Region|
|Key Companies Profiled||SRAM LLC., Renold PLC., Taya Chain Co., Ltd., KMC Group, Shimano Inc., Tien Yuen Machinery Mfg. Co. Ltd., Zhejiang Dong Mei Chain Co., Ltd., Metro Group, Izumi Chain Mfg. Co. Ltd., RK South East Asia SDN. BHD, Oriental Chain Mfg. Co. Ltd., ASR Overseas|
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered by the Report
- What is the bicycle chain market size?The global bicycle chains market was valued at US$ 949.1 Mn in 2019. The market is forecast to rise at a CAGR of 4.6% between 2020 and 2030
- Which is the largest market for bicycle chains?Asia Pacific currently holds dominance backed by surging demand and production in high potential markets such as India and China
- Which are the top companies in bicycle chain market?Some of the leading companies operating in the bicycle chain market are Taya Chain Co., Ltd., Renold PLC., SRAM LLC among others