The transport sector is heavily reliant on fossil fuels, especially diesel, which according to the UN is a key contributor to air pollution. Switching to eco-friendly methods of transport, such as cycling or walking is one of the best changes society can adopt to reduce the level of local air pollution and congestion.
This simple two-wheeled solution is expected to be the chief growth driver of the bicycle chain market. In the coming years, scope for expansion of the market will rise especially with leading manufacturers focusing on making their bicycle technologies sturdier and more powerful.
Tech Holds the Key
Some of the leading chain manufacturers are eyeing bringing significant changes design to manufacture more efficient and robust chains and optimize their performance.
Customers belonging to the demand-side sectors, including sports, are looking for technologies ensuring better precision in shifting gears. As a result, an increasing number of companies are investing in improving the designs for various parts of chain such as pins, rollers, and derailleurs.
There also is immense focus on change in designs to offer smoother chain guides. Experts foresee keen interest among market players to improve chain tensioner mechanism. Their efforts towards improving design of chain and other components will aid the overall expansion of the market.
There is high demand for more compatible and smoother chains. Bicycle is already globally accepted as one of the most sustainable modes of transport. The bicycle chain industry has been recording improving uptake over the last couple of years.
To boost the trend, they are looking for various technologies to enhance bike performance for improved on-road efficiency. Driven by this, the market for bicycle chain will witness immense scope for expansion in the near future.
Surging Bicycle Sales Spurring Growth
Globally, there is immense focus on making roads and traffic safer and more streamlined. To tackle with soaring pollution levels, governments have been increasingly encouraging more sustainable modes of transport.
Nearly all renovation and reconstruction plans undertaken across the world mandatorily include bicycle paths and lanes. Prominent cities around the world are creating infrastructure to encourage pleasant bike rides, separated from motorized traffic.
Governments are even organizing various events to encourage cycling. Bike parades for instance have become popular. Besides this, “Cycle-to-work” initiatives are increasingly talked about. To encourage healthier and more sustainable living, many companies have even mounted bike racks outsides their offices.
The aforementioned factors are indicative of robust outlook for bicycle manufacturers. This will in turn stoke sales prospects for bicycle chain producers as well.
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Overall Market Outlook Remains Positive
Bicycle chain manufacturers are reeling under the impact of unprecedented COVID-19 outbreak, much like its parent industry. While sluggish growth remains likely in the immediate future, Future Market Insights (FMI) feels that the overall outlook of the market will remain positive.
The demand for bicycle chain industry corresponds directly to the surging demand for cycles. With leading market players focusing on strategic collaborations with distributors and OEMs, sales prospects will remain impressive for the market.
Overall, growth is expected in response to the increasing number of cycling enthusiasts and sporting activities. Asia and Europe are expected to emerge as the most lucrative markets for bicycle chain in the near future. FMI even foresees East Asia to retain dominance through the forecast tenure – 2020 and 2030.
The humble bicycle chain has been around almost as long as bicycle itself. However, some of the market watchers fear that their days might be numbered. No-chain and no-derailleur bicycle are gearing replace greasy and incompetent linkages with their innovative concepts.
Advent of bike that ditches old gear-set and chain altogether with a driveshaft arrangement is a looming threat to the market. Prototype chain-less bikes are already showcased across international forums. This could hamper prospects for the market in the long run.
North America Bicycle Chain Market
The U.S. exhibits immense prospects for the expansion of the market driven by the rising demand for both fitness and leisure. An increasing number of people in the country are using bicycle for recreation.
It is also preferred as a convenient method of achieving fitness goals. In North America, the demand for trendy mountain bikes and e-bikes are significantly high. This is consequently insisting bicycle chain producers to focus on improvement.
A recent study suggests that Eastern cultural hubs including the New York City, Minneapolis, and Chicago have witnessed a considerable rise in cycling population, suggesting climate and weather are not always key factors influencing bike use.
Surging demand for bicycle in North America is expected to bode well for bicycle chain manufacturers.
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Europe Bicycle Chain Market
Opportunities for expansion are expected to be plenty in Europe bicyle chain market. According to FMI, Europe accounts for a sizeable share of the market. Growth witnessed in the region is backed by increasing bicycle fleet and sharing activities across various countries.
Netherlands, Germany, and Italy are likely to prove exceptionally lucrative for growth. These countries have the maximum per capita bicycle. Surging concerns toward environment safety and increasing production and sales of bicycle will boost the market in Europe.
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Asia Pacific Bicycle Chain Market
Asia Pacific is the dominant market for bicycle chains. The consistently rising production and sales of bicycle is expected to support expansion of the market in the region. Studies suggest that Asia Pacific is home to the largest fleet of bicycles in the world.
Within the region, China and India are expected to emerge as prominent markets. The demand for two-wheelers is significantly high in both countries. Besides this, governments in both countries are encouraging sustainable transport as a more eco-friendly mode to combat against soaring pollution.
The rising demand for two-wheelers will in turn stoke growth prospects for the market for bicycle chain. Growth witnessed in the region also is backed by surging number of small and medium scale producers.
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Carbon steel, alloy steel, and nickel plated bicycle chains are most common in the market. In the current scenario, the demand for alloy steel based bicycle chains is expected to be considerably high.
Alloy steel makes bicycle chains more durable and prevents corrosion. Consequently, the rising focus towards health and safety, besides environmental sustainability will stoke growth in the segment. However, the demand for better performance will stoke growth prospects in the derailleurs segment.
One speed and derailleurs are most common chain types available in the market. Of these, one speed chains are in high demand in response to the consistently increasing sales of single-speed bicycle for daily commute within the city.
In the coming years however the demand witnessed in derailleurs segment is forecast to accelerate. Scales are expected tip in favor of bicycles ensuring robust performance and precise gear shifts. This will support growth of the derailleurs segment in the coming years.
Depending on customer requirements, bicycles are specially designed for kids, mountains, roads, and racing. Among these, the demand for bikes used on roads is significantly high.
Government initiatives aiming at promoting more sustainable modes of daily transport and commute will stoke growth in this segment.
In terms of width, the bicycle chain market covers 1/8”, 3/16”, and 3/32”. Of these, the 3/32” segment accounts for the leading market share. The segment is forecast to remain dominant through the course of the forecast period. FMI’s recent study offers exclusive insights into various factors impacting growth trajectory across these segments.
In terms of sales channel, the market can be bifurcated into original equipment manufacturer (OEM) and aftermarket. Of these, OEMs are expected to account for the dominant market share between 2020 and 2030.
The surging number of OEMs will support the expansion of the market in the coming years. Original equipment manufacturers offer a wide array of bikes consisting of existing and generic bike designs.
OEMs operating in the market have done a commendable job at keeping a lower price, thus dominating bicycle manufacturing.
The global market for bicycle chains is fairly competitive. The increasing presence of small and medium size companies is expected to make competition even fiercer in the coming years.
Reign of the market is however held by top 3 players comprising of nearly 59% of the global market. Companies operating in the market are expected to focus on expanding their distribution network and innovation to strengthen their foothold.
Some of the companies are even adopting unique strategies for promoting their brands.
Taya Chain Co., Ltd., for instance, is into sponsoring teams and riders. The company has identified BH Enduro Racing Team as one of its sports marketing assets for 2020. Through this it also aims at fostering product development because they believe that there is “No better laboratory than real life rides.”
Bicycle Chain Market Report: Scope
Historical Data Available for
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
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
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
- What is the most lucrative sales channel for bicycle chains?
OEMs are expected remain dominant among sales channels in bicycle chains market. OEMs operating in the market are doing a great job at keeping the prices low. This will help them sustain their dominance in the coming years
- What are the various types of materials used in bicycle chains?
Materials that commonly go into manufacturing bicycle chains are carbon steel, alloy steel, and plated nickel
- What is the outlook on bicycle chain market?
FMI foresees positive growth for the bicycle chains market. The consistently rising demand for bicycles will aid expansion of this market. The demand from countries in Asia and Europe also will favour growth in the coming years
Enquiry before Buying
- Is this research conducted by Future Market Insights?
Yes, bicycle chain market report has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions.
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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- Carbon Steel
- Alloy Steel
- Nickel Plated
- One Speed
- First Fit
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)