New York, US, May 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Motorcycle Chain Market Information by product type, and Region - Forecast till 2032", the market for motorbike chains touched USD 2.33 billion and by 2022, it could be worth USD 4.53 billion, recording a 6.82% CAGR from 2023 to 2032.
Motorcycle Chain Market Overview
One major factor supporting the rising sales of motorcycle chains is the increasing need for strong and reliable chains throughout the world. Due to the growing demand for effective and long-lasting chains in both commercial and private vehicles like trucks, buses, cars, and motorcycles, this demand is likely to rise. Additionally, a trend that is on the rise is the customizing of motorcycles with lightweight, standardized, and personalized chains, which is predicted to bolster the sales of motorcycle chains.
Market Competitive Landscape:
The important companies active in the motorcycle chain industry are
- DID Corporation
- Tsubakimoto Chain Co. Ltd
- D.I.D. Co. Ltd
- Zhejiang Xinyu chain Co. Ltd
- Dayco
- Renold Plc.
- Among others.
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These companies place a lot of attention on partnerships and collaborations with other suppliers and merchants in order to grow their business on a global basis. Additionally, these companies have been successful in expanding their customer bases and capturing market share by concentrating on launching new products and product lines with cutting-edge features.
Leading industry players are focusing on mergers and acquisitions to broaden their product lines and improve their competitiveness.
Motorcycle Chain Market COVID 19 Analysis
The market was adversely affected by the COVID-19 pandemic. Due to the pandemic, the global market had a reduction in user sentiment in 2020, which resulted in major nations including India, Vietnam, the Philippines, and Thailand experiencing double-digit declines from the year before. This resulted from the closure of plants in leading motorcycle-producing nations including China, Japan, India, and ASEAN. Motorcycle exports decreased during the epidemic since manufacturing ceased and the supply chain was disrupted. Manufacturers anticipate that after the lockdown period is over, commuters will be more inclined to use private transportation instead of public transportation, which will raise demand for bikes and, consequently, for motorcycle chains throughout the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 4.53 billion |
| CAGR during 2023-2032 | 6.82% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, and Region |
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Motorcycle Chain Market USP Covered:
Market Drivers:
Conventional motorcycles are anticipated to experience considerable expansion, which is anticipated to fuel the growth of the global market. Supported by a rapidly expanding middle-class population and rising disposable income. Other factors influencing the growth of the motorcycle market and, consequently, the expansion of the motorcycle chain market during the anticipated period include affordable price ranges for middle-class buyers, low environmental impact, associated freedom of movement in congested urban environments, and ease of parking. It is realistic to assume that the demand for motorcycle chains in the aftermarket sector will rise as motorcycle fleets grow in the future.
The conditions under which motorcycle chains are driven determine their total longevity. Motor chains have an operational lifespan of five to seven years in favorable driving conditions. But regular upkeep is necessary, including servicing and oiling.
On the other hand, in poor road conditions, the overall operational life of motorcycle chains is significantly reduced, necessitating routine repair. Therefore, poor road conditions have the potential to increase aftermarket sales on a global scale. Poor road conditions in nations like Vietnam, Brazil, the Philippines, Poland, and India will provide motorcycle chains in the aftermarket with considerable development potential.
Market Restraints:
Due to a lack of experienced labor, low knowledge about installing wheels and chains of the same brand, and the need for periodic maintenance, sales of factory fresh and aftermarket chains are predicted to suffer.
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Motorcycle Chain Market Opportunities
Given the rapid urbanization and the high levels of customer acceptance in China and India, Asia Pacific will serve as a prime hub for many global vendors, in terms of business opportunities. According to Infineum International Limited, the major nations that contributed the most to the Asia Pacific market's overall income were India, China, Indonesia, and Vietnam. Because they have ample raw materials and high processing capacities, China and Taiwan are ideal locations for the production of various types of motorcycles. As a result, there is a significant demand for motorbike chains in the Asia Pacific, which helps to increase the region's revenue.
Motorcycle Chain Market Segmentation
By Product Type
The motorcycle chain market can be classified into three categories, with respect to the product type: polymer and steel chains. In 2020, the Polymer chains market had the greatest market share (35.19%). By 2027, analysts predict that its market worth will be USD 2.4 billion. Due to their useful characteristics like excellent heat resistance, lightweight, and flexibility, polymer chains are widely used in high-performance applications in the motorcycle chain market. The market for steel chains, which had a value of USD 3.13 billion in 2020, is anticipated to grow at a CAGR of 5.3% from now until 2022. The rising demand for adaptable and dependable chains is a primary factor driving the steel Motorcycle Chain Market.
Motorcycle Chain Market Regional Insights
From 2020 to 2027, the Asia Pacific is expected to remain the leading region, with a share of 48.02% in 2020 and a projected CAGR of 5.6%. The region is growing as a result of its quickly developing infrastructure, the growing needs for durable, reliable chains in two-wheelers, and favorable government policies governing the production of motorcycles in countries like China, India, and Taiwan. Additionally, as the middle class grows and per capita income rises, more people, particularly the younger generation, are being compelled to purchase motorcycles and sports bikes, which drives up the demand for chain sprockets in this region. The motorbike markets in the Asia Pacific will grow really quickly in India and China.
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Europe is the second biggest market, with a share of 31.43%. A major bike manufacturer in the area is driving up demand for reliable motorcycle chains. In the area, riding a motorbike is becoming more and more popular as a way to rejuvenate. The motorcycle market is expected to have more growth potential in the future thanks to the development of lightweight, high-performance motorcycles. In order to capitalize on the rising demand for standard and cruiser motorcycles, many motorcycle manufacturers are entering these markets. The GDP is increased by this sector by 21 billion euros. It is not surprising that the Motorcycle Chain Market in the area would experience exceptional growth in the next years.
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