Bicycle Chain Market Set to Grow at 4.6% CAGR through 2030: Study
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.
Bicycle Chain Market
A recent market study published by FMI on the Bicycle Chain market includes global industr...
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.
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.
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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