Bicycle Chain Market

Bicycle Chain Market Outlook from 2024 to 2034

The global bicycle chain market size is projected to reach USD 7,610.2 million in 2024. It is estimated to surge at a CAGR of 4.6% during the forecast period and is anticipated to attain a value of USD 11,940.6 million by 2034. It will likely showcase a Y-O-Y growth of 3.7% in 2024. It further indicates a volume growth of 1.6x from the current value over the assessment period.

Individuals in developed countries are rapidly turning toward bicycles over driving fuel-powered cars owing to the increasing environmental consciousness. This high use is bolstering the demand for premium bicycle parts, including bicycle chains. Urbanization has also resulted in increased investments in cycling infrastructure, thereby augmenting the expansion of bicycles and their essential components.

Innovations in bicycle technology, such as the integration of strong and lightweight materials, are enhancing performance and attracting enthusiasts. The rise of e-commerce platforms has facilitated consumer access to a diverse array of bicycle chains, thereby bolstering expansion.

Attributes	Description
Estimated Global Bicycle Chain Market Size (2024E)	USD 7,610.2 million
Projected Global Bicycle Chain Market Value (2034F)	USD 11,940.6 million
Value-based CAGR (2024 to 2034)	4.6%

City is set to be the leading bicycle type segment in the market whereas 12-speed is dominating in terms of chain type. E-bikes are progressively gaining popularity owing to their quick transportation.

City bikes are required for commuting in cities while e-bikes benefit from electric support. Both of these require chains that can withstand continuous use and strain. To meet this requirement, renowned companies like Shimano and SRAM are incorporating customized chain options that cater to various uses in their product portfolio.

The 11-speed and 12-speed chains are dominant in mountain bicycles. These also have a rising demand from upscale cities. Their precise shifting capabilities and improved driving performance make them appealing to professional cyclists.

The industry is experiencing a surging demand for versatile gear options. The 3/32” variant is commonly deployed in single-speed and internal hub bikes. These chain sizes showcase a perfect balance between strength and weight, making them suitable for everyday cycling, especially in urban environments.

Alloy steel and carbon steel chains are popular materials used in the manufacturing of bicycle chains. Carbon steel provides a cost-effective solution for rust resistance whereas alloy steel offers superior strength and durability. These materials cater to various consumer needs, including performance and affordability.

Semi-annual Market Update

The table showcases the estimated CAGR for the global bicycle chain industry over semi-annual periods ranging from 2023 to 2024. The examination provides businesses with a better understanding of the growth over the year by divulging crucial shifts in performance and growth patterns. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.

Figures exhibited in the table below showcase the growth rate for each half between 2023 and 2024. The market was anticipated to grow at a CAGR of 3.2% in the first half (H1) of 2023. The second half of the same year presents a noticeable increase in the growth rate at a CAGR of 3.4%.

Particular	Value CAGR
H1	3.2% (2023 to 2033)
H2	3.4% (2023 to 2033)
H1	3.5% (2024 to 2034)
H2	3.3% (2024 to 2034)

Preceding in the subsequent period, from H1 2024 to H2 2034, the CAGR is set to slightly increase to 3.5% in the first half (H1) and then dip to 3.3% in the second half (H2).

Key Industry Highlights

Increasing Adoption of Lightweight Materials is a Key Trend

Technological innovations in bicycle materials are revolutionizing the bicycle chain market. Companies like KMC and SRAM are increasingly using lightweight alternatives, such as carbon fiber and composite chains, as these assist in improving bicycle performance for professional cycling. Shimano makes its commuter chains using high-strength alloys and stainless steel, increasing their endurance and making them ideal for use in urban areas.

Manufacturers are further utilizing ceramic and titanium coatings that are prominently found on speed chains, as these help reduce friction, increase longevity, and require less maintenance. Rising environmental awareness has resulted in a shift toward sustainable and recyclable materials.

Businesses like Campagnolo are leading the way in eco-friendly practices. Ongoing research efforts by manufacturers ensure compliance with regulatory standards while catering to consumer expectations and environmental concerns, thereby positioning the industry for continuous growth.

Shift toward Zero-emission Transportation Options Create New Opportunities

A huge portion of the population in developed countries is opting for bicycles over public transportation and private vehicles, owing to the global shift toward a sustainable lifestyle. Bicycles are gaining popularity especially due to their zero-emission advantages. This assists in the global efforts to combat climate change with increasing environmental issues and overpopulation in cities.

Government authorities across the globe are working toward improving their cycling infrastructure while promoting the adoption of riding bicycles for commuting and recreational purposes. Authorities of prominent cities like Amsterdam and Copenhagen have made significant investments in enhancing their cycling infrastructure, resulting in the rising use of bicycles. This increasing popularity of bicycles is boosting the demand for bicycle chains, as these are necessary to obtain power from the pedal to the wheels.

Rising Collaborations among Municipalities and City Planners Boost Demand

Governments across the globe are rapidly investing in bicycle infrastructure to encourage environmentally friendly transportation. Paris, for instance, as a part of its “Plan Vélo,” has reserved USD 250 million for the construction of new bike lanes, to establish safe and long riding routes. The Oregon Transportation Commission, in the 2024 to 2027 Statewide Transportation Improvement Program (STIP), also approved USD 55 million to improve walking and bicycle infrastructure.

Amsterdam is adding new bike bridges and car-free zones to its already excellent bicycle network. These initiatives are set to favor the growth of bicycle chains, as these are an essential component in the proper operation of bicycles.

Manufacturers are adapting to the increasing needs by collaborating with municipal politicians and city planners to drive innovation. Rising investments in cycling infrastructure align perfectly with the global trend toward sustainable and urban transportation, thereby presenting new opportunities to manufacturers.

Rise of Bike-sharing Initiatives Creates Lucrative Opportunities for Manufacturers

Bicycle-sharing programs are proliferating in cities as these offer a convenient and sustainable mode of transportation for daily commuters. Bike-sharing is an effective substitute for short trips within the city limits. For instance, Beijing’s Mobike and Ofo along with Paris’ Vélib have gained immense popularity and use as these help address the last-mile connectivity issue.

Cities are progressively investing in necessary infrastructure that makes the adoption of these initiatives seamless, such as docking stations, special bike lanes, and maintenance facilities. Bike-sharing programs require this kind of support to succeed. These initiatives have created a need for robust and dependable bicycle chains as frequent use results in wear and tear.

Manufacturers can capitalize on this trend by developing highly durable and low-maintenance bicycle chains, making them ideal for the demanding environment seen in the bike-sharing fleet. Companies can expand their reach and serve a broad urban sector by engaging with these programs and focusing on product innovations specific to these schemes.

Improvements in Alternative Transportation Options Presents Limitations for Growth

The bicycle industry is facing competitive pressure from the increasing popularity of alternative transportation modes, including electric scooters, improved public transportation, and ride-sharing services. Compared to bicycles, electric scooters from Lime and Bird coupled with ride-sharing services like Uber and Lyft offer effective solutions for quick urban trips with less physical effort. This, in conjunction with innovations in public transportation, is likely to result in a shift in consumer preferences away from traditional bicycles as well as their components.

Manufacturers, however, can manage these changes by focusing on innovation and pursuing business alliances for partnerships or collaborations. They can ensure a robust industry presence by participating in bike-sharing initiatives or developing cutting-edge bicycle chains that are appropriate for urban settings.

2019 to 2023 Global Bicycle Chain Sales Analysis Compared to Demand Forecast for 2024 to 2034

The global bicycle chain industry was valued at USD 6,429.9 million in 2019. It grew at a CAGR of 3.3% during the historical period ranging from 2019 to 2023. It attained a value of USD 7,331.6 million by 2023.

The historical demand for bicycle chains remained steady with an upward trend augmented by the increasing adoption of bicycles in end-use industries. The first half of the COVID-19 pandemic experienced notable fluctuations whereas the second half saw a significant rise in bicycle sales.

The growth was mainly attributed to rising recreational activities during the lockdown period owing to the increasing awareness regarding physical and mental well-being. The growth of the bicycle industry, however, experienced a reversed trend as the world adjusted to post-pandemic realities.

The industry is anticipated to reach a value of USD 7,610.2 million by 2024 and is further estimated to surge at a CAGR of 4.6% through 2034. The overall market is projected to reach a value of USD 11,940.6 million by 2034.

Despite the downturn in the post-pandemic era, the analysis indicates a gradual recovery in the growth and sales of bicycles, thereby driving demand for bicycle chains during the forecast period. The industry is projected to rebound as consumer interest in cycling remains strong, pushed by a renewed focus on health, sustainability, and outdoor activities.

Market Concentration

Tier 1 consists of key companies with a revenue of above USD 10 million. They capture a significant share of 30% to 40% in the global market. These businesses are characterized by high production capacity and an extensive product portfolio.

Their expertise in manufacturing and a broad geographical reach underpinned by a robust consumer base distinguishes them from other stakeholders. Prominent companies in Tier 1 include SHIMANO INC., RENOLD PLC., KMC (KUEI MENG) INTERNATIONAL INC., SRAM LLC, Izumi Chain Mfg Co. Ltd., and TAYA CHAIN CO., Ltd.

Tier 2 comprises mid-size players with a revenue below USD 10 million. They have a presence in specific regions and highly impact the local industry. These businesses may not have access to unique technology and wide global reach but use modern technology in their manufacturing processes. Renowned companies in Tier 2 include RK SOUTH ASIA SDN. BHD, TIEN YUEN MACHINERY MFG. CO., LTD., and Wippermann.

Country-wise Insights

The section provides businesses with an overview of the industry. It consists of a detailed analysis of the emerging trends and opportunities on a country-by-country basis. This country-specific examination of the dynamics is projected to assist organizations in understanding the complex nature of the business.

The examination comprises key factors, potential challenges, and forecasts influencing the demand, production, and consumption of the product within each country. It aims to assist organizations make informed decisions and develop effective strategies customized to individual countries.

Türkiye is estimated to emerge as a dominating country during the forecast period with a projected CAGR of 5.9% through 2034. Russia, Mexico, and China are estimated to follow closely behind to become the key countries with anticipated CAGRs of 4.5%, 4.3%, and 3.8%, respectively.

Countries	CAGR 2024 to 2034
Türkiye	5.9%
Russia	4.5%
Mexico	4.3%
China	3.8%
Germany	3.5%

China’s Robust Domestic Market is a Key Factor Augmenting Demand

Sales of bicycle chains in China are projected to rise at a CAGR of 3.8% to reach a size of USD 2,579.2 million by 2034. The country commands the most prominent share in the bicycle chain industry with 65% of global production of the component. Robust domestic demand and a sizeable manufacturing infrastructure are the key factors sustaining this dominance.

The growth is further cemented by the country's low labor costs. KMC, for instance, runs several high-capacity factories in the country. As of 2023, the annual production of the company surpassed 120 million chains.

Sales for domestic bicycles reached 35 million units in 2023. These figures demonstrate the sizable domestic market in the country that fuels the substantial chain demand. The country is a leading producer of bicycle chains and serves both local and international markets.

Germany’s Push for Green Transportation is Driving Demand

The demand for bicycle chains in Germany is estimated to rise at a CAGR of 3.5%. The country is likely to reach a size of USD 415.3 million by 2034. Germany’s growing focus on electric bicycles and eco-friendly transportation is closely associated with its notable role in the bicycle chain industry.

For instance, the German company Bosch, one of the leading suppliers of technology and services in mobility solutions, industrial technology, consumer goods, and energy and building technology, added a sophisticated chain system to its e-bike motor technology. There is a growing requirement for robust bicycle chains, as evidenced by the rising sales of e-bikes in Germany which reached 1.5 million units in 2023.

Berlin’s heavy investment in green transportation, including the construction of new bike lanes and charging stations, further highlights the popularity of electric bikes. These programs showcase Germany’s commitment to sustainable transportation and its influence on the global bicycle chain market.

Mexico’s Expanding Urban Cycling Infrastructure is Strengthening its Position

The demand for bicycle chains in Mexico is anticipated to rise at a CAGR of 4.3% to reach a value of USD 452.6 million by 2034. The rising popularity of urban cycling coupled with the country’s robust manufacturing sector highly contributes to Mexico’s leadership in the bicycle chain industry. The country has a surging requirement for sturdy chains owing to the rising popularity of bike-sharing programs like Ecobici.

Trade agreements like the United States-Mexico-Canada Agreement (USMCA) not only facilitate local production but also improve market access. Bicycles are extensively used in various industries.

Grupo Bimbo, for instance, uses these for delivery purposes. The country’s position as a prominent contributor to the rising demand for bicycle chains is further strengthened by the increasing emphasis on environmentally friendly transportation.

Category-wise Insights

The section provides businesses with insightful data and analysis of the two leading segments of the target market. Segmentation of these categories assists organizations to understand the dynamics of the business and invest in beneficial zones.

Examination of the growth helps companies gain a thorough understanding of the trends, opportunities, and challenges. This analysis is anticipated to help businesses navigate the multifaceted environment and make informed decisions.

The 12-speed segment is anticipated to dominate in terms of chain type with a value share of 34.4% in 2024. In terms of bicycle type, the city is projected to lead with a value share of 25.9% in the same year.

Need for Effortless Cycling Experience Accelerating Demand for 12-speed Chain Type

Segment	12 Speed (Chain Type)
Value Share (2024)	34.4%

The 12-speed chain type segment is anticipated to grow at a CAGR of 4.2% during the forecast period. The increased performance of 12-speed chains is pushing their demand in high-end cycling set-ups. SRAM’s Red eTap AXS and Shimano’s 12-speed Dura-Ace are a couple of examples of the systems that professional riders prefer.

12-speed chains enhance handling and efficiency on various terrains by offering wide gear ranges and precise shifting. The demand for 12-speed drivetrain in city and mountain bikes is also increasing in terms of popularity. The need for 12-speed chains is projected to increase as cyclists seek enhanced gear systems.

Rising Congestion in Urban Areas is Promoting the Adoption of City Bikes

Segment	City (Bicycle Type)
Value Share (2024)	25.9%

The city bicycle category is projected to exhibit growth at a CAGR of 4.3% during the assessment period. This growth is set to have a significant influence on the global demand for bicycle chains. Urban cycling is gaining popularity, thereby raising the demand for city bicycles. This growth of the segment can also be attributed to rising fuel costs across the globe.

Initiatives like Santander Cycles in London and Citi Bike in New York demonstrate that an increasing number of individuals are using city bikes as an affordable alternative for daily commutes. Improved urban cycling infrastructure encourages the high use of city bikes. The urban setting is also experiencing a surging need for sturdy city bicycle chains, especially considering the demand for regular commutes.

Competition Outlook

Key players in the industry include SHIMANO INC., KMC (KUEI MENG) INTERNATIONAL INC, SRAM LLC, Izumi Chain Mfg Co. Ltd., TAYA CHAIN CO., Ltd., and RENOLD PLC. Leading companies manufacturing bicycle chains consolidate the market with a 30% to 40% share. These businesses are prioritizing technological innovations, integrating sustainable practices, and expanding their footprints in regional markets.

Consumer satisfaction remains prominent with a keen focus on customizing products to meet the evolving industry requirements. Organizations are actively collaborating to stay at the forefront of innovation and ensure the bicycle chain market aligns with the evolving demand, maintains superior quality standards, and stays adaptable to new trends.

Industry Updates

• In May 2024, Izumi MFG Vietnam Co., Ltd., headquartered in Vung Tàu, launched its chain manufacturing plant for bicycles and motorcycles, named Specialized Industrial Park of Vietnam. An investment of around USD 10.6 million was made to set up this plant. It boasts a production capacity of 500 tons per year with an area of 10,000 sq. m. The plant is likely to serve the production of multiple products for bicycles, automobiles, and industrial machinery.
• In February 2023, Shimano, headquartered in Osaka, introduced Shimno CUE to enhance the biking experience. It features a high-durability LINKGLIDE technology, SIMANO CUES, and offers smooth shifting, durable components, and standardizes compatibility across several categories.
• In August 2024, Ola Electric, headquartered in Bengaluru, released another teaser of its upcoming electric bike that is set to launch on 15 August 2024.

Leading Bicycle Chain Brands

• SHIMANO INC.
• KMC (KUEI MENG) INTERNATIONAL INC
• SRAM LLC
• Izumi Chain Mfg Co. Ltd.
• TAYA CHAIN CO., Ltd.
• RENOLD PLC.
• Oriental Chain Mfg. Co., Ltd.
• Wippermann
• SunRace Sturmey-Archer Inc
• RK SOUTH ASIA SDN. BHD
• TIEN YUEN MACHINERY MFG. CO., LTD.
• Zhejiang Dong Mei Chain Co., Ltd.
• ASR OVERSEAS

Key Segments of Market Report

By Chain Type:

1-speed, 9-speed, 10-speed, 11-speed, 12-speed, and others are a few chain types.

By Material Type:

Carbon steel, alloy steel, and nickel plate are the key material types.

By Bicycle Type:

A few types of bicycles include kids, city, mountain, racing, and e-bicycle.

By Width Type:

The width type category is classified as 1/8", 3/16", and 3/32".

By Sales Channel:

Based on sales channel, the industry is divided into first fit (OEM) and replacement (aftermarket).

By Region:

The market is spread across North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.

Frequently Asked Questions

How big is the bicycle chain market?

The bicycle chain market is estimated to reach USD 7,610.2 million in 2024.

What are the sizes of bicycle chains?

A few key width types include 1/8, 3/16, and 3/32.

What is the outlook for the global market?

The market is set to reach USD 11,940.6 million by 2034.

Who are the key players in the industry?

SHIMANO INC., SRAM LLC, Izumi Chain Mfg Co. Ltd., TAYA CHAIN CO., Ltd., and RENOLD PLC are the key players.

At what rate will the industry grow from 2024 to 2034?

The industry is anticipated to rise at a CAGR of 4.6% through 2034.

What is a bicycle chain used for?

It is used to transfer power from the pedals to the drive wheel of a bicycle, propelling the bicycle forward.

Which country is expected to dominate?

Türkiye is projected to dominate with a CAGR of 5.9% during the assessment period.