June 26, 2023 05:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED
New York, June 26, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Sprockets Market” published by Consegic Business Intelligence, the market was worth USD 4,961.05 million in 2022 and is anticipated to reach over USD 8,167.91 million by the year 2030, growing at a CAGR of 6.7%. Motorcycle Sprocket And Chain
Sprockets are defined as mechanical devices employed in various systems including industrial machinery and equipment that involve the transmission of rotary motion. Sprockets are ultized in conjunction with chains, belts, and other toothed components to transmit power and motion between rotating shafts. In addition, sprockets are gaining application in a wide range of industrial machinery equipment including conveyors, escalators, motorcycles, automobiles, and manufacturing systems. Sprockets are employed to transmit power, control speed ratios, and facilitate the precise positioning of components.
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The rising demand for sprockets from the automotive industry to enhance the functioning of the transmission system serves as the key factor responsible for driving the growth of the sprockets market. Sprockets are deployed in conjunction with chains or belts to transfer power from the engine to the wheels in motorcycles and bicycles. Additionally, the presence of key players in the region that constantly apply strategic decisions including mergers and acquisitions to strengthen the market position of sprockets. For instance, in September 2022, U.S. Tsubaki acquired ATR Sales, Inc. to expand its portfolio in the North American semiconductor market. The acquisition is completed to promote the growth of a wide range of industrial equipment including sprockets, roller chains, dynamic cable & hose carrier systems, and conveyor chains.
The emergence of electric vehicles increases the demand of sprockets for power transmission and is expected to create potential opportunities for the growth of the market. However, the emergence of advanced technologies including gearless drive systems eliminate the need for sprockets by directly connecting the motor to the driven load, thus limiting the adoption of sprockets and restraining the market growth.
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Global Sprockets Market Segmentation Details:
Based on Pitch, the standard pitch segment contributed the largest shares to the market growth in 2022. Standard pitch sprockets adhere to widely accepted industry standards including American National Standards Institute (ANSI) and International Organization for Standardization (ISO). The standards ensure compatibility between sprockets and other components namely chains or belts enabling customers to buy standard pitch sprockets and integrate into the existing systems without compatibility issues.
Based on Material, the steel segment accounted for the maximum revenue share in the year 2022. Steel is suitable for a broad range of power transmission systems ranging from light-duty to heavy-duty machinery owing to its exceptional strength and durability. Additionally, steel withstands high loads, shocks, and continuous operation, thus becoming an ideal material for power transmission components and promoting the growth of the market.
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Based on Bore, the taper lock segment accounted for the maximum revenue share in the year 2022. The growth is attributed to the ability of taper lock bore sprockets to provide a secure and reliable connection between the sprocket and the shaft. Additionally, the taper lock design ensures a tight fit, minimizing the chances of slippage or misalignment during operation. The secure connection enhances the overall efficiency and performance of the power transmission system, reducing the risk of equipment damage and downtime.
Based on Strand, the simplex segment accounted for the maximum revenue share in the year 2022. Simplex sprockets offer a simple and cost-effective solution for power transmission in various automotive industries. Additionally, simplex sprockets have fewer teeth and require only one chain for operation, thus reducing the complexity of the system. Moreover, industry standards including ANSI (American National Standards Institute) and ISO (International Organization for Standardization), provide standardized dimensions and specifications for simplex sprockets, further driving the growth of the market.
Based on application, the conveyor segment accounted for the maximum revenue share in the year 2022 as conveyors are widely employed in various industries including manufacturing, logistics, warehousing, and distribution. Additionally, conveyor sprockets are versatile to handle a wide range of products from small packages to heavy loads to provide smooth and efficient movement of materials. Moreover, the ability of sprockets to reduce downtime, provide greater reliability, and increase savings for conveyor systems is also propelling the market growth.
Based on End-User, the automotive industry segment accounted for the maximum revenue share in the year 2022 as sprockets are deployed in the timing belt drive system of internal combustion engines. In addition, sprockets are also employed in the transmission systems of both manual and automatic vehicles. In manual transmissions, sprockets are a part of the gear mechanism, engaging with the chain or gear teeth to transmit power from the engine to the wheels. In automatic transmissions, sprockets are deployed in the torque converter to facilitate smooth power transfer between the engine and the transmission. Consequently, the increasing adoption of sprockets in the automotive industry serves as the key factor responsible for propelling the market growth.
Based on region, Asia Pacific accounted for the largest revenue share in the year 2022. The growth of the market is attributed to the expanding automotive industry in countries including China, Japan, and South Korea. Sprockets play a vital role in automotive applications namely timing belt drives, transmission systems, and power steering systems, driving the growth of the market in the region. Additionally, Asia Pacific encompasses a large manufacturing sector that requires sprockets for various applications, including conveyor systems, machinery drives, and material handling equipment. Consequently, the growing manufacturing and automotive sector serves as the major driver for the growth of the sprockets market in the region.
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• In June 2021, Industrias Dolz launched an advanced timing chain kit including a crank sprocket and cam sprocket made of steel to offer improved durability and longevity.
List of Major Global Sprockets Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
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Key Questions Covered in the Sprockets Market Report
- Sprockets are defined as mechanical devices employed in various systems including industrial machinery and equipment that involve the transmission of rotary motion.
- Sprockets are widely used in conjunction with chains or belts in the automotive industry to form the primary power transmission system, transferring power from the engine to the rear wheel in two-wheeler vehicles including motorcycles, scooters, and mopeds.
- Asia Pacific accounted for the largest revenue share in the year 2022. The growth of the market is credited to the expanding automotive and manufacturing sector in the region.
- Asia Pacific is anticipated to register the fastest CAGR growth during the forecast period.
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