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Bicycle Chain Market Overview 2024: Growth Opportunities, Key Players, and Regional Dynamics
Bicycle Chain Market Overview
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According to The Business Research Company's, The bicycle chain market size has grown strongly in recent years. It will grow from $6.97 billion in 2023 to $7.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to an increase in urbanization and the need for efficient transportation, rising awareness of health and fitness benefits, government initiatives promoting cycling, the development of cycling infrastructure, growth in bicycle-sharing programs, and high fuel prices driving demand for cost-effective transportation.
The bicycle chain market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to continued urbanization and congestion in cities, advances in electric bicycles (e-bikes), increasing investments in cycling infrastructure, growing environmental consciousness and sustainability efforts, and innovations in lightweight and durable materials. Major trends in the forecast period include increasing adoption of electric bicycles (e-bikes), growth in demand for connected and smart bicycles, a rise in cycling tourism and events, expanding bike-sharing and micro-mobility options, and technological advancements in lightweight and durable materials.
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Market Drivers and Trends:
The growing cycling enthusiast population is expected to propel the growth of the drug-eluting stent market going forward. Cycling enthusiasts are individuals passionate about and dedicated to cycling as a recreational activity or sport. Cycling is an excellent cardiovascular exercise that improves heart health, builds muscle strength, and enhances endurance. Moreover, bicycles are more affordable to purchase and maintain compared to cars. The bicycle chain supports the transfer of energy from pedaling to propel the bicycle forward by engaging with the chainrings and rear cassette or freewheel. For instance, in June 2023, according to a report by the Outdoor Industry Association (OIA), a US-based non-profit organization, participation in outdoor cycling grew to 54.7 million enthusiasts, marking a 6.5% increase from 2021 to 2022. Additionally, BMX bicycling saw an annual growth rate of 8.5%. Therefore, the growing cycling enthusiast population will drive the growth of the bicycle chain market.
Major companies operating in the bicycle chain market are engaged in customizing and personalizing components by advancing chain sprocket kits to enhance performance and expand market reach. A chain sprocket kit typically refers to a set of sprockets or gears designed for electric bicycles/bicycles, which include components such as chainrings, cogs, or a complete cassette tailored to the specific needs of electric bike motors and drivetrains. For instance, in December 2023, L. G. Balakrishnan & Bros. Ltd., an Indian-based automotive component manufacturer, introduced the industry's first electric bike chain sprocket kit, exclusively supplied to Tork Motors, marking a significant advancement in electric mobility solutions. Additionally, they unveiled specialized chain sprocket kits designed for the Ultraviolette F77, catering to the specific requirements of high-performance electric motorcycles. Alongside these advancements, the company expanded its offerings with a new range of dampers made from poly PU rubber materials, enhancing its portfolio of automotive components.
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Major Key Players of the Market:
Shimano Inc, Tsubakimoto Chain Co. , SRAM LLC, Renold PLC, KettenWulf Betriebs GmbH, Campagnolo Srl, Sedis, Wippermann GmbH, SunRace Sturmey-Archer Inc, Taya Chain Co. Ltd., Full Speed Ahead (FSA), Sugino Machine Limited, BBB Cycling, Miche S.p.A., Regina Chain, CeramicSpeed Sport A/S, KMC Chain Industrial Co Ltd., Izumi Chain Mfg Co Ltd, Kettenfabrik Unna AG, Atlas Engineering Works (Atlas Chains), Token Products USA, HKK Chain, OMO Bikes, VisionTech
Bicycle Chain Market 2024 Key Insights:
• The bicycle chain market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Cycling Enthusiast Population Sparks Surge In Bicycle Chain Market Growth
• Advancements In Electric Bike Chain Sprocket Kits And Customized Component Solutions
• North America was the largest region in the bicycle chain market in 2023
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