Global Sprockets Market growing at a CAGR of 6.7% from 2023 to 2030
Category : Automotive Services | Published Date : Jun 2023 | Type : Press Release
Key Market Overview
The sprockets market is expected to reach USD 8,167.91 million by 2030. The market, which was valued at USD 4,961.05 million in 2022, is predicted to grow at a compound annual growth rate of 6.7% during the period 2023-2030.
The report highlights the increasing adoption of sprockets in various automotive settings to transfer power from the engine to the rear wheel in two-wheeler vehicles. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the sprockets market.
Global Sprockets Market By Overview
Consegic Business Intelligence provided an inclusive research report on the sprockets market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The customizable pitch segment is anticipated to register the fastest CAGR as customized sprockets are designed with unique pitch sizes and tooth profiles to address specific application needs. Additionally, the rising demand of customized sprockets for specialized power transmission solutions in various industries is also contributing significantly in propelling the market growth. Moreover, customizable pitch sprockets allow for the precise optimization of power transmission systems by tailoring the pitch size and tooth profile to enhance system efficiency, reduce energy losses, improve performance, and extend equipment lifespan.
Get Free SampleMarket Dynamics
Driver:
- Rising demand of sprockets for industrial automation to enable the efficient transfer of rotational motion between different components is driving the market growth.
- Increasing demand of sprockets from the automotive industry for efficient vehicle transmission is propelling the market growth.
- The ability of sprockets to reduce downtime and provide greater efficiency in conveyor systems is accelerating the market growth.
Restraints:
- The emergence of gearless drives that eliminate the need for sprockets by directly connecting the motor to the driven load is restraining market growth.
- Regular maintenance and replacement of chain sprockets is hampering market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Pitch | Standard and Customized |
| By Material | Steel, Cast Iron, and Thermoplastics |
| By Bore | Taper Lock and Plain |
| By Strand | Simplex, Duplex, and Triplex |
| By Application | Conveyors, Rotor Roller, and Others |
| By End-User | Electronics, Automotive, Aerospace and Defense, Industrial Machinery, Metal Fabrication Industry, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such as ABL Products Inc., Allied-Locke Industries Inc., AB SKF, and B&B Manufacturing that have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, Material innovations, and business strategies. Thus, evolving research and developments in the sprockets market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- ABL Products Inc.
- Allied-Locke Industries Inc.
- AB SKF
- B&B Manufacturing
- G&G Manufacturing
- Industrias Dolz, S.A.
- Maurey Manufacturing Corporation
- Linn Gear Co.
- Martin Sprocket & Gear
- International Association for Measurement and Evaluation of Communication (AMEC)
