The global automotive industry is witnessing drastic changes as result of technological advancements and introduction of electric vehicles. This will result in providing a boost to the sales of sprockets across regions. Furthermore, increasing demand from motorcycle OEMs will also complement demand growth over the forecast period.
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With a wide range of application in end-use industries, such as linear motion in two wheelers, power transmission in building and construction, and the agriculture industry, demand for sprockets, especially steel sprockets, is set to increase at a faster rate in future.
As per the report published by Fact.MR, the global sprocket market is anticipated to expand at a noteworthy CAGR of 7% through 2031.
Key Takeaways from Market Study
- The global sprocket market is expected to grow 2X in value over the next ten years.
- Plain bore sprockets are projected to hold a prominent market share in terms of value over the forecast period. However, taper lock bore sprockets are projected to resister a higher growth rate of 7.4% in terms of value.
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- Below ½ pitch sprockets are estimated to account for 30% revenue share of the market by 2021-end, but are expected to lose 39 BPS by 2031.
- The thermoplastic segment is expected to expand at a CAGR of more than 8% in terms of value, to be valued at US$ 410 Mn by 2031-end.
- Largest share is contributed by the building and construction segment in terms of sprocket demand, representing a CAGR of 7% across the forecast period.
- The market in the U.S. and U.K. is expected to expand at a CAGR of close to 5% each through 2031.
- Developing countries in Asia, such as China and India, will witness high growth, at expected CAGRs of 8.3% and 6.7%, respectively.
“Increasing industrialization and technological shift towards electric vehicles will facilitate marvellous growth opportunities for sprocket manufacturers during the 2021-2031 period,” says a Fact.MR analyst.
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North America and Europe are home to leading sprocket manufacturers such as Renold PLC, Rexnord Corp., Regal Beloit, SKF Group, Altra Industrial Motion, and others. East Asia, followed by South Asia, are emerging regions with potential market players such as Tsubakimoto Chain Group, Senqcia Corporation, and others. Latin America and MEA are steadily progressing on the back of improving manufacturing facilities across these regions.
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