Sprockets Market: Introduction
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.
Key Drivers of the Sprockets Market
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.
Advanced sprockets creating opportunities in the market
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.
Surge in air contamination and tailpipe emission a restraint of the sprockets market
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 the dominant 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.
Key players operating in the global market
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:
- Linn gear
- Martin Sprocket & Gear
- Precision Gears
- Ravi Transmission
Sprockets Market: Research Scope
Sprockets Market, by Type
- Chain sprockets
- Duplex sprockets
- Industrial sprockets
- Drive sprockets
- Triplex sprockets
- Shaft sprockets
- Simplex sprockets
- Single pitch and double pitch sprocket
Sprockets Market, by Application
- Speed reducers for gearboxes
- Conveyor drives
- Fork lifts
Sprockets Market, by Industry
- Aerospace and defense
- Metal fabrication industry
- Industrial machinery
Sprockets Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.