DUBAI, U.A.E, Sept. 21, 2020 /PRNewswire/ — Future Market Insights (FMI), in its recent research report on the bicycle chain market, opines that the market will grow at a steady CAGR of 4.6% over the assessment period of 2020-2030. According to the study, demand for bicycle chains will be influenced by long-term, as well as immediate prevailing trends, including the COVID-19.
However, the bicycle chain manufacturers are witnessing a slump in demand amid the COVID-19 crisis which has impacted the overall market. While manufacturers are seeing a downturn in demand & investments in the sector, currently, amid the COVID-19 led disruption, recovery is projected over 2021-2022.
“The market prospect for new bicycle sales stays positive, as conventional bicycle component manufacturers commence calibrating their businesses to keep pace with dynamic environment,” says the FMI analyst.
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Bicycle Chain Market- Key Takeaways
- Based on the material, alloy steel-based bicycle chains will grow remarkably as they offer durability and prevents corrosion.
- By chain type, although demand for derailleurs is anticipated to heighten in the near future, the demand for one-speed chains will consistently rise amid 2020-2030.
- In terms of width, the 3/32″ will retain its dominance throughout the forecast period.
- By bicycle, the need for bikes utilized on the roads is considerably high.
- Based on the sales channel, OEM’s will be a lucrative segment as it offers an extensive array of bikes.
Bicycle Chain Market – Key Drivers
- Growing presence towards shifting to environment-friendly transport methods such as cycling to be the primary driver of the bicycle market.
- The rising sports segment is seeking enhanced technologies in shifting gears and chain tensioner mechanism will bode well with the bicycle chain market.
- Government initiatives to encourage users for healthier and more sustainable living through modes of transport and infrastructure boosts the market growth.
- Asia Pacific continues to be the most lucrative market due to the high production & consumption of bicycles that tower over other regions.
- Europe is projected to exhibit growth prospects, wherein Italy, Germany, and the Netherlands will prove extremely lucrative for growth.
- North America will augur well for the makers with the US reflecting huge prospects for market growth amid 2020-2030.
Bicycle Chain Market – Competitive Landscape
The global bicycle chain market is highly competitive, characterized by the existence of small & medium size players. Manufacturers operating in the market will focus on innovation to strengthen their foothold and boosting their distribution network.
Some of the prominent bicycle manufacturers have begun providing customization to satiate to dynamic customer preference. For instance, they could get the bicycles equipped with a favored model of gear with advanced settings according to consumers’ liking.
Key manufacturers identified in the global bicycle chain market are Renold PLC., SRAM LLC., Taya Chain Co., Ltd., Shimano Inc., KMC Group, Zhejiang Dong Mei Chain Co., Ltd., Tien Yuen Machinery Mfg. Co. Ltd., Metro Group, RK South East Asia SDN. BHD, Izumi Chain Mfg. Co. Ltd., ASR Overseas and Oriental Chain Mfg. Co. Ltd.
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Bicycle Chain Market – Segmentation
- Carbon Steel
- Alloy Steel
- Nickel Plated
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Get Valuable Insights into the Bicycle Chain Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global bicycle chain market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the bicycle chain market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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SOURCE Future Market Insights