Bicycle Chain Market: Current Analysis and Forecast (2024-2032)

Report Description

Global Bicycle Chain Market Size & Forecast

The Global Bicycle Chain Market was valued at USD 6980 million in 2023 and is expected to grow at a strong CAGR of around 4.44% during the forecast period (2024-2032). Owing to rising demand for recreational activities across the globe.

Global Bicycle Chain Market Analysis

Global Bicycle chain market has witnessed a stable growth in the historical years. Bicycle chains are one of the crucial components which help in forward movement and help increase or decrease the force through gears and ease of handling. With the stable demand for bicycles for recreational and leisure activities, customers’ inclination towards sustainable mobility, health consciousness, etc., the demand for bicycles have exhibited a notable growth. Additionally, the rapid surge in the demand for bicycles after the COVID-19 pandemic is another factor that has increased the demand for bicycle chains.

The Global Bicycle Chain market was valued at USD 6980 million in 2023 and is expected to grow at a strong CAGR of around 4.44% during the forecast period (2024-2032). One of the key factors that has increased the demand for bicycle chains is the rising demand for bicycles in recent years. Many of the companies have reported an increase in the demand for bicycle in the subsequent years. For instance, in 2023, according to the Bureau of Transportation Statistics, total demand for bicycles and accessories grew by 620% from March 2020 to March 2023 in the US. Total docked bikeshare ridership on six of the largest systems increased 42% from March 2020 to March 2023.

With the increased demand for bicycles across the globe as well as the focus on sustainable transportation by the customers the demand for bicycles chains are anticipated to rise. Additionally, the demand surge in the leading economies as the US, China, etc., for the traditional bicycles and electric bicycles for commute the bicycle chain market would also experience a surge.

Additionally, the demand for derailleur-based bicycles (gear-based) bicycles among the young-age population is also considerable. Additionally, the integration of smart technologies in the bicycles would also lure a sizable number of customers to opt for the bicycles further promoting the demand for the bicycle chains during 2024-2032.

Global Bicycle Chain Market Trends

This section discusses the key market trends that are influencing the various segments of the Global Bicycle Chain Market as identified by our team of research experts.

Increased E-Bike Adoption

E-Bike adoption across the globe has significantly increased as customers are focusing on enhanced range and speed in the bikes. In line with this many of the companies have started offering electric bicycles in their lineup to cater to a wider category of customers. These electric bicycles are majorly equipped with lithium-ion batteries for quick charge and enhanced range, e-brakes with power-cutoff and high-power motors for quick acceleration.

Companies such as Emotrad, Ninety One, Hero Lectro e-cycles are some of the key names that have been offering a wide range of electric bicycles in Asia-Pacific region, i.e., one of the fast-growing regions for bicycles. Additionally, the electric bicycles have also become one of the solutions to bridging the gaps between manual cycles and other mobility solutions with their enhanced speed.

Considering the factors the electric bicycles are anticipated to emerge as one of the key trends in the global bicycle chain market for which bicycle chain market would also experience a fast growth.

North America is Expected to Hold Major Market Share During Forecast Period

North America Bicycle Chain market has held a sizeable market share in 2023. With the higher demand for bicycles for recreational, leisure and daily commuting purposes the bicycle chain demand has significantly enhanced. Additionally, the growing popularity of electric bicycles has infused higher demand for the bicycle chains. These E-bikes required customization in the existing bicycle chains in order to properly handle the shift of torque in different gears with consistent power. Considering this the demand for upgraded bicycle chains has extensively improved.

Additionally, there is a rising demand for bicycles in the suburban cities of the US and Canada in the region among the young-age population. This is due to growing cycling culture among the young customers. Considering this many of the cities in the region have extensively focused on the development of cycling infrastructure to support the environment-friendly mobility infrastructure. Los Angeles, USA has announced on developing bicycle lanes and allied infrastructure under its Vision Zero LA and Mobility Plan 2035.

Global Bicycle Chain Industry Overview

The Global Bicycle Chain market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Shimano Inc., KMC Group, SRAM LLC, Izumi Chain Mfg. Co. Ltd., Taya Chain Co. Ltd., Renold PLC, Oriental Chain Mfg. Ltd., Wippermann, SunRace Sturmey-Archer Inc., RK South Asia Sdn. BHD.

Global Bicycle Chain Market News

In 2021, Ministry of Youth Affairs and Sports organized world cycling day throughout India in order to increase the inclination towards bicycling.

In another instance, in 2021, Nexzu Mobility launched its range of electric bicycles which is available both offline and on the online websites as Amazona and Flipkart.

Global Bicycle Chain Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Global Bicycle Chain market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Bicycle Chain Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Bicycle Chain market were the three major steps undertaken to create and analyze the adoption of Global Bicycle Chain in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Bicycle Chain market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Global Bicycle Chain market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Global Bicycle Chain market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by Chain type, by Material, by Bicycle Type. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Bicycle Chain market. Further, we conducted factor analysis using dependent and independent variables such as by Chain type, by Material, by Bicycle Type in the Global Bicycle Chain market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Bicycle Chain market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Bicycle Chain market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Bicycle Chain market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Global Bicycle Chain market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Bicycle Chain market. Data was split into several segments and sub-segments after studying various parameters and trends by Chain type, by Material, by Bicycle Type in the Global Bicycle Chain market.

The main objective of the Global Bicycle Chain Market Study

The current & future market trends of the Global Bicycle Chain market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Global Bicycle Chain market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas by Chain type, by Material, by Bicycle Type.
• Define and analyze the regulatory framework for global Bicycle Chain industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Global Bicycle Chain market for the major regions.
• Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
• Company profiles of the Global Bicycle Chain market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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