A sprocket is a wheel with teeth or cogs that networks with a chain, track, or other penetrated or indented material. The term 'sprocket' applies to any wheel upon which radial projections engage a chain passing over it. Sprockets are used in bicycles, motorcycles, tracked vehicles, and other machinery, either to pass rotary motion between two shafts where gears are unsuitable or to impart linear motion to a track, tape etc. Sprockets comes in various designs and mostly do not have a rim. Some sprockets used with timing belts have flanges to keep the timing belt centered. Sprockets and chains are also used for power transmission from one shaft to another where slippage is not acceptable. They can be run at high speed and some forms of chain are designed to be noiseless even at high speed.
The rising adoption of sprockets due to increased sales of automobiles across the world is one of the major factors driving the market. Rising population worldwide and increased dependency on automobiles is expected to accelerate the growth of the sprockets market over the forecast period.
Furthermore, rising traffic congestion in developed and developing countries is expected to enhance the demand for production of motorcycles worldwide. This in turn will fuel the growth of the sprockets market. Rising demand for conveyor belts in various industries is expected to drive the demand for the product. Demand for conveyor systems in industries such as electronics and automotive is rising, which is anticipated to propel the growth of the sprockets market globally.
Manufacturers and producers work on improving their products to offer better quality and cater to more customers in the market. In 2021, UK based startup New Motion Labs disclosed its new sprocket design, named the Enduo Evolve, so as to increase drivetrain efficiency, ensure longer lifetime, and less friction. Such advancements help a standard roller chain to transfer power on both sides of the sprocket tooth for improved performance. The new sprocket design allows a conventional roller-chain to transfer power on both sides of the sprocket tooth by 'Dual Engagement' and it contains half the number of teeth of a normal sprocket to do so. These factors help in providing higher efficiency to sprockets and the advancements create opportunities for the product and helps to capture larger market share globally.
Increase in air contamination and tailpipe emission caused by automobiles is a factor hampering the growth of the sprockets market. Also, governments of developed and developing countries are aggressively endorsing electric vehicles for transportation, which in turn can hinder the demand for sprockets across the world. These factors acts as restraints of the market.
Asia Pacific is a leading consumer of sprockets, followed by Europe and North America. India and China are the key markets in Asia Pacific due to rising purchasing power of consumers for automobiles in the region. Asia Pacific is seeing continued urbanization owing to increase in population and growing automotive, transportation, and construction industries. This in turn is expected to fuel the sprockets market over the forecast period. The sprockets market in Middle East & Africa is projected to expand at a rapid pace, owing to increase in investments in automotive and construction sector in the region.
Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the sprockets market are:
Sprockets Market, by Type
Sprockets Market, by Application
Sprockets Market, by Industry
Sprockets Market, by Region
The report on the sprockets market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
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